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Balu Forge, a precision engineering company, has reported that its net profit in March quarter more than doubled to ₹11 crore against ₹5 crore logged in the same period last year.
Revenue increased 78 per cent to ₹87 crore against ₹49 crore recorded last year.
For the year ended March, net profit grew more than three times to ₹30 crore (₹8 crore) on revenue of ₹294 crore (₹147 crore).
Balu Forge Industries is in the process of commissioning the precision machining line of the Mercedes Benz Truck Factory which was recently acquired from Mannheim, Germany.
New production line
This will enable the company to further extend the expanse of the product portfolio and capability to a much larger customer base. It aims to commission the new production line and initiate commercial orders to the Class 7 and Class 8 commercial vehicle industry from October
The company’s in-house capability and modern precision engineering enables it to manufacture a large range of components for automotive, agricultural industrial, defense, railways, marine and the new energy sphere.
Balu Forge is the only company to have the capability to manufacture components conforming to the New Emission Regulations and the New Energy Vehicles.
Jaspal Singh Chandock, Chairman & Managing Director, said the company has surpassed growth expectations despite uncertain global environment and will continue on growth path with a strong order book.
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