PNN

Mumbai (Maharashtra) [India], November 16: Maiden Forgings Limited (BSE - 543874), manufactures wide range of Bright Steel bars and wires from past 35 years has announced its Unaudited Financial Results for the H1 FY24.

Key Financials at a Glance:

H1 FY24:

* Total Income Rs 116.29 Cr vs Rs 108.64 Cr in H1 FY23,YoY Growth of 7.04%

* EBITDA Rs 11.29 Cr vs Rs 10.10 Cr in H1 FY23, YoY Growth of 11.72%

* EBITDA Margin stood at 9.71%

* PAT Rs 4.18 Cr vs Rs 4.13 Cr in H1 FY23, YoY Growth of 1.19%

* PAT Margin stood at 3.59%

* EPS stood at Rs 0.29

Commenting on the performance, Nishant Garg, Managing Director of Maiden Forgings Limited said, "I am pleased to share that the first half of FY24 has kicked off on a positive note for Maiden Forgings Limited, despite the IPO costs being into play. We've witnessed commendable growth in our financial performance, and I'm thrilled to report that the strategic and marketing initiatives we've implemented have now started to bear fruits in the second half of the Financial Year, and I see even better growth in the near future. The opportunities are endless, and we are working hard to leverage those opportunities, in order to maximize the value delivery."

The good news is that we don't foresee any significant uptick in new strategic and marketing expenses moving forward. Instead, we anticipate a boost in profitability, thanks to an increasing contribution from our value-added products.

Looking ahead, we are extremely optimistic about the remainder of FY24 and beyond. Our optimism is fueled by a combination of factors, including the success of our IPO funding, the positive outcomes from our strategic initiatives, and the wealth of experience within our team. We see a bright future on the horizon for Maiden Forgings Limited"

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