Balu Forge Industries Ltd (BFIL) is one of the leading manufacturers of finished and semi-finished forged crankshafts and components. BFIL in its board meeting held on 11 th August 2023 has approved the Unaudited Financial Results of the Company for the First Quarter Ended on 30 th June 2023 as one of its agenda.
Management Comments : Commenting on the performance of Q1 FY24, the management team of Balu Forge Industries Ltd. stated: “We are delighted to share our business performance for Q1 FY24. We continued to witness robust demand for our products in diverse industries. By effectively utilizing our established product range and successfully introducing new products like the enhanced crankshafts, we have not only bolstered our market standing but also enhanced profitability. Additionally, our margins have grown due to improved operational efficiency, expanded scale of activities, and an enhanced product mix.
We would also like to emphasize that our capex plan for enhancing our machining capacity by ~15,000 tonnes of the Mercedes Benz plant in Belgaum, Karnataka is on track. This enhancement will aid us in diversifying our components/products and will increase our efficiency and productivity while positioning us a comprehensive solution provider for our clients.
With a solid foundation and extensive precision engineering and manufacturing capabilities we are well-positioned to capitalize on emerging opportunities across commercial vehicles, power generation, defense and railway industries. Our ongoing commitment to innovation and customer centricity will continue to guide us on our path to sustainable revenue growth.
We would like to thank our employees for their efforts and our investors/stakeholders for their continued support and encouragement.”