Business News | Maiden Forgings Ltd. Reports Splendid Net Profit Growth of 338.23% for FY23

PNN

Mumbai (Maharashtra) [India], June 7: Maiden Forgings Limited (BSE - 543874), manufactures wide range of Bright Steel bars and wires from past 35 years has announced its audited Financial Results for the FY23.

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Key Financials at a Glance:

FY23:

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*Total Revenues at Rs 221.15 crore

*EBITDA at Rs 22.31 crore; up 80.16%

*EBITDA Margin at 10.09 % Vs 5.87 %

*PAT at Rs 9.61 crore; up 338.23%

*PAT Margin at 4.34 % Vs 1.04 %

Commenting on the performance, Nishant Garg, Managing Director of Maiden Forgings Limited said, "Sales from newer product lines, value added products and effective cost management enabled us to report substantial improvement in EBITDA as well as net profit. Our net profit grew over 4-fold and we expect the trend to continue in FY24.

We are optimistic on demand and our strategies to control cost will enable us to report strong profit growth going forward."

Maiden Forgings Limited (MFL) has been manufacturing wide range of Bright Steel bars and wires from past 35 years, along with increasing focus on value add & specialized products. The company is a manufacturing Industry having multiple production locations spread around Ghaziabad (National Capital Region), with total production area beyond 1,00,000 square feet.

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