Bharat Forge Q1 results: Net profit rises to ₹213.73 crore

livemint.com:

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.

Consolidated revenue from operations was at ₹3,877.27 crore as against ₹2,851.46 crore in the year-ago period, it added. -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 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.