Bharat Forge shares jumped late Wednesday after the company announced a 34% surge in its consolidated net profit for the June quarter, reaching ₹213 crore.
Bharat Forge Q1 Performance: Producing critical components for various sectors, including automobiles, the company saw a 36% rise in revenue, hitting ₹3,877 crore. This was a boost from the previous ₹ crore recorded last year.
Exports played a significant role in this growth, with the Americas leading as the top buyer, trailed by Europe and Asia. The company’s EBITDA rose by 41% to ₹617 crore, indicating efficient use of its resources.
In India, their automobile-related business showed strength due to persistent local demand. The company remains hopeful, even though its passenger vehicle segment faced challenges this quarter.
Additionally, their subsidiary, KSSL, began delivering artillery systems from an order secured last year. Bharat Forge also bagged defence orders worth ₹277 crore in Q1 FY24, planning to complete these within the next 18 months.
Lastly, the board decided to convert ₹111.3 crore deposits to Kalyani Powertrain Limited into shares, aiming to lessen KPTL’s debt, as Bharat Forge disclosed to the exchanges.
Price Action: Bharat Forge Ltd. shares were trading 4.58% at ₹947.25 at market close on Wednesday.
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