Bharat Forge announced its Q1 results on August 8 afternoon.
What Happened: Bharat Forge’s consolidated net profit went down almost 9% to ₹202.8 crore in the June quarter. The company’s revenue from operations gained 6% to ₹4106.1 crore. Its EBITDA increased 22.88% year on year to ₹759.2 crore.
Profit was affected by a one-time exceptional loss of ₹151.7 crore, which was booked as a provision for impairment by the company to Kalyani Powetrain Limited, a wholly owned subsidiary of the company.
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In the corresponding quarter of the previous year, the company reported a net profit of ₹223.4 crore, revenue of ₹3877.2 crore and EBITDA of ₹617.8 crore.
Forgings revenue fell 3.25% from the previous year to ₹3377.9 crore in the quarter, while defence revenue more than doubled to ₹641.7 crore.
Price Action: Shares of Bharat Forge surged 4.41% to ₹1,626.10 on Thursday afternoon after it posted its results.
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