Bharat Forge Q1 results: Net profit rises to ₹213.73 crore
1 min read 09 Aug 2023, 01:48 PM ISTBharat Forge reports a 34% YoY increase in Q1 net profit at ₹213.73 crore, with consolidated revenue at ₹3,877.27 crore
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Business News/ Companies / Company Results/ Bharat Forge Q1 results: Net profit rises to ₹213.73 crore
Pune-based leading forging firm, Bharat Forge Limited has reported a 34 percent year-on-year increase in consolidated net profit at 213.73 crore in the June quarter, the company said in an exchange filing on Wednesday.
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Pune-based leading forging firm, Bharat Forge Limited has reported a 34 percent year-on-year increase in consolidated net profit at 213.73 crore in the June quarter, the company said in an exchange filing on Wednesday.
The company had posted a consolidated net profit of ₹160.37 crore in the same quarter last fiscal, Bharat Forge said in a regulatory filing.
The company had posted a consolidated net profit of ₹160.37 crore in the same quarter last fiscal, Bharat Forge said in a regulatory filing.
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Consolidated revenue from operations was at ₹3,877.27 crore as against ₹2,851.46 crore in the year-ago period, it added.
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Bharat Forge: Standalone Financial Highlights Q1FY24
-Revenues at ₹21,273 million in Q1FY24 grew by 21% YoY driven by 12.5% growth in export and 33.6% growth in domestic revenue. Domestic revenues in Q1 FY24 also include the supply of artillery system to KSSL for the defence export order won last year.
-EBITDA margin at 26.0% in Q1 FY24 was relatively flat compared to Q1 FY23.
-PBT before Exchange gain/ (loss) was ₹4,211 million in Q1 FY24 as against ₹3,532 million in Q1 FY23 driven by higher volumes in core business and defence business
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Bharat Forge said its board at its meeting held on Wednesday also approved the conversion of existing inter-corporate deposits given by it to Kalyani Powertrain Ltd (KPTL), a wholly-owned arm, along with interest amounting to ₹111.3 crore into equity shares, to reduce the overall borrowings at KPTL.
The board also approved a further investment of an amount not exceeding ₹150 crore in KPTL from time to time in one or more tranches.
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Updated: 09 Aug 2023, 02:01 PM IST