Categories: बिजनेस

Homegrown forged components maker posts over 100% jump in net profit in first quarter


Image Source : FILE PHOTO A worker working in a plant

With the rise in automobile sales in the last few months, the forging industry is witnessing a sharp uptick in demand, which has resulted in a substantial increase in production. Moreover, the rise in steel prices has further boosted the forging industry’s income.

The domestic forging industry primarily caters to the automotive industry, which accounts for 60–70 per cent of the forging production, according to a PTI report. Taking a queue from the rise in demand, Balu Forge Shares, a leading forging company in the country, has said that it posted a massive jump in sales in the first quarter of the current financial year.

In an exchange filing, the company said that its revenue from operations increased by a whopping 112 per cent to Rs 112 crore on a YoY basis. It had clocked a total revenue of Rs 52 crore in the April-June period last year, the company said in a regulatory filing.

The company’s total income went up to Rs 112.4 crore in the first quarter from Rs 55.8 crore in the year-ago period. The net profit in the April-June quarter stood at Rs 16.6 crore, which is 125 per cent up from the same period of the last financial year.

The key growth drivers in the quarter were orders from the defence industry, railways, and an increase in agricultural activities.

The year 2023 had a successful start with strong product demand and improved profitability. The robust performance was driven by its established product range, new product introductions, and operational efficiency.

The company expects that the rebound in the passenger and commercial vehicle markets in the post-pandemic years, driven by consumer sentiment, will lead to great profitability in the industry.

The small-cap stock, which is mainly engaged in the manufacturing of industrial products, has given multi-bagger returns of 180 per cent in just one year, whereas the benchmark BSE Sensex has climbed 10 per cent, according to exchange data.

Latest Business News



News India24

Share
Published by
News India24

Recent Posts

श्याम बेनेगल का निधन: एक दूरदर्शी व्यक्ति जिसने कई उत्कृष्ट कृतियों के साथ भारतीय नई लहर फिल्म आंदोलन को आकार दिया

श्याम बेनेगल का निधन: भारतीय समानांतर सिनेमा के सबसे प्रभावशाली अग्रदूतों में से एक, अनुभवी…

38 minutes ago

आर अश्विन ने सेवानिवृत्ति के बाद भारत के करियर पर विचार किया: रोओ मत क्योंकि यह खत्म हो गया है

भारत के पूर्व क्रिकेटर रविचंद्रन अश्विन ने अंतरराष्ट्रीय क्रिकेट से संन्यास की घोषणा के कुछ…

49 minutes ago

सीएम हिमंत ने कहा, असम में 22 बांग्लादेशी घुसपैठियों को पकड़ा गया, पीछे धकेला गया

असम के मुख्यमंत्री हिमंत बिस्वा सरमा ने सोमवार को कहा कि राज्य पुलिस ने अवैध…

55 minutes ago

निर्देशक श्याम बेनेगल का निधन, 90 साल की उम्र में दुनिया को कहा अलविदा – इंडिया टीवी हिंदी

छवि स्रोत: फ़ाइल फ़ोटो श्यान बेनेगल। मशहूर फिल्म निर्देशक श्याम बेनेगल ने अपनी फिल्मों से…

1 hour ago

'हमारी ओर से कोई चूक नहीं, मकर द्वार की घटना अभूतपूर्व': संसद में झड़प पर सीआईएसएफ – News18

आखरी अपडेट:23 दिसंबर, 2024, 18:32 ISTसीआईएसएफ ने कहा कि जब सांसद इस तरह के आरोप…

3 hours ago

क्या क्रिसमस और नये साल पर भारतीय शेयर बाजार बंद है? यहां जांचें

छवि स्रोत: इंडिया टीवी भारत का शेयर बाज़ार. शेयर बाज़ार: क्रिसमस की छुट्टी और नियमित…

3 hours ago