Balu Forge Industries Limited (BFIL) on Wednesday saw its standalone net profit jump to Rs 10.90 crore for the March quarter, boosted by higher income.
The company had reported standalone net profit of Rs 4.78 crore in the year-ago period, the maker of finished and semi-finished forged crankshafts and forged components said in a regulatory filing.
Its standalone income during the January-March period also increased to Rs 87.49 crore, from Rs 48.57 crore a year ago.
“We have surpassed our growth expectations despite uncertain global environment,” Jaspal Singh Chandock, company’s Chairman and Managing Director, said in a statement.
The company’s key growth drivers were orders from the defence industry, railways in a middle eastern country and the robust growth in the agricultural demand of Africa, Chandock added.
Mumbai-based BFIL is also in the process of commissioning a precision machining line of the Mercedes Benz Truck Factory which was recently acquired from Mannheim, Germany.
Crankshafts find applications in sectors like marine and industrial, agricultural and automotive. PTI ABI SHW MR
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