Balu Forge Industries Limited (BFIL) has released its quarterly results for the January-March period of financial year 2022-23. The company has reported a net profit of ₹11.52 crore which is an increase of more than 40 per cent on quarter-on-quarter basis.
For the whole financial year, the company clocked a net profit of ₹32 crore as against ₹30.4 crore that it had posted in the preceding fiscal.
The total income during the reporting quarter grew to ₹83.6 crore. The company has a total non-current liabilities of ₹67 crore and total current assets of ₹351 crore.
Meanwhile, the company has appointed Tabassum Begum as company secretary and Amit Todkari as chief financial officer.
The Mumbai-based company is primarily engaged in precision engineering. Its key growth drivers during FY23 were orders from the several sectors including defence and railways.
The company with a market valuation of ₹900 crore recently secured order to supply Powertrain Sub-assemblies to a tractor manufacturer based out of the Middle East. The company will supply a variety of powertrain sub-assemblies under the contract.
Initially, the company will supply 10,000 sets of sub-assemblies and aims to boost it to more than 50,000 yearly. The order also marks the company's entry into the powertrain sub assembly manufacturing and supply market.
Balu Forge shares have yielded a positive return of 12 per cent in the last one year and 70 per cent in the last six months.
