Industrial Machinery company Balu Forge Industries announced Q1FY24 results: Revenue from Operations increased by 112.86% and stood at Rs 1,123.85 million in Q1FY24 from Rs 527.97 million in Q1FY23 led by an increase in demand for our products in our operating markets and the introduction of heavier crankshafts. EBITDA increased to Rs 218.97 million in Q1FY24 from Rs 78.13 million in Q1FY23, margins increased from 14.80% in Q1FY23 to 19.48% in Q1FY24 due to better operational efficiency, increased scale of operations, and better product mix. PAT increased by 125.35% and stood at Rs 166.70 million in Q1FY24, compared to Rs 73.97 million in Q1FY23, margins increased from 14.01% in Q1FY23 to 14.83% in Q1FY24. Raised capital of ~Rs 193 crore through preferential issue of equity shares and warrants to scale up operations through capacity augmentation. Commenting on the performance of Q1FY24, the management team of Balu Forge Industries stated, “We are delighted to share our business performance for Q1FY24. 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, an 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 as 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.” Result PDF