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Maiden Forgings Achieved Rs 237 Cr of Total Income in FY24

Mumbai (Maharashtra) [India], June 1: Maiden Forgings Limited (BSE – 543874), one of the leading manufacturers of wide range of Bright Steel bars and wires from past 35 years has announced its Audited Financial Results for the FY24. FY24 Key Financial Highlights Commenting on the performance, Mr. Nishant Garg, Managing Director of Maiden Forgings Limited said, “FY24 begun on a [...]

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Jun 1, 2024 • 2:48 PM

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“Maiden Forgings Achieved Rs 237 Cr of Total Income in FY24”

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1 Jun 2024

Maiden Forgings Achieved Rs 237 Cr of Total Income in FY24

Mumbai (Maharashtra) [India], June 1: Maiden Forgings Limited (BSE – 543874), one of the leading manufacturers of wide range of Bright Steel bars and wires from past 35 years has announced its Audited Financial Results for the FY24.

FY24 Key Financial Highlights

Total Income of ₹ 237.31 Cr, YoY growth of 7.30%
EBITDA of ₹ 24.07 Cr, YoY growth of 7.90%
EBITDA Margin of 10.14%, YoY growth of 6 Bps
PAT of ₹ 9.72 Cr, YoY growth of 1.19%
PAT (%) of 4.10%
EPS of ₹ 6.84

Commenting on the performance, Mr. Nishant Garg, Managing Director of Maiden Forgings Limited said, “FY24 begun on a highly positive note for us. Our listing on the BSE SME has provided a significant capital boost, enabling us to consolidate, expand, and increase our working capital.

We have witnessed impressive growth in our financial performance, driven by strategic initiatives, IPO funding, new customer addition and rising demand for our products. Although low steel prices have posed some challenges, our strong volume growth reflects our resilience and market strength.

Looking ahead, we are excited about the prospects for robust growth and enhanced operational efficiency. Our strong order book, increasing demand for our products, a growing share of value-added products in our revenue, and our strategic initiatives, consolidation, and expansion efforts position us very well for the future.”

Key Operational Highlights

FY24 Sales Volume Growth	Increased total annual sales volumes from 29,131 MT in FY23 to 34,451 MT in FY24. This represents a remarkable increase of over 18%.
High Profit/High Value Items Growth	Significant growth in high profit and high value items, including SS bright bars and nails. Annual volume increased from 1,793 MT in FY23 to 2,348 MT in FY24. This reflects an approximate increase of 31%.
Customer Expansion and Retention	Added over 40 new customers in the financial year. Retained nearly all previous customers. Increased volumes with existing customers.
Credit Rating by CARE Limited	Assigned a credit rating of CARE BBB- (Stable) for long-term bank facilities. Valid for one year from January 31, 2024.

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