Bharat Forge Q2 Results: Net profit rises 29% YoY to ₹346 crore; share price surges 4%
Bharat Forge share price spiked 4% on Monday after the company announced strong September quarter results. Bharat Forge shares jumped as much as 4% to ₹1,071.85 apiece on the BSE.
Bharat Forge reported 29% year-on-year rise in its standalone net profit at ₹345.9 crore for the second quarter of FY24. The company had posted a net profit of ₹268.1 crore in the corresponding quarter of last fiscal year.
The automotive forging company reported standalone revenue of ₹2,249.4 crore in Q2FY24, registering a growth of 20.7% from ₹1,863.9 crore in the year-ago quarter. Also Read: Profit of Indian public sector banks jumps 31% to ₹33,643 crore in Q2; PNB tops list “Passenger Vehicles has been a standout sector for the company over the past few quarters and it continues to rise driven by market share gains, increasing value addition and order wins from newer geographies & customers.
Today this sector account for almost 25% of our exports and will continue to be a key contributor to the growth of the group," said BN Kalyani, Chairman & Managing Director, Bharat Forge. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) At the operational front, earnings before interest, tax, depreciation and amortization (EBITDA) during the quarter increased 34% to ₹606.8 crore from ₹453 crore, while EBITDA margin improved to 27% from 24.3%, YoY, driven by operating leverage and a sharp focus on cost control.
During the quarter, the company’s defence vertical, KSSL secured new business worth ₹1,100 crore taking the executable order book to ₹3,000 crore, over the coming 24 months. Also Read: Gujarat Gas share price decline more than 1% on near-term
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