New Delhi: In the quarter ending June 2024, Bharat Forge reported a decrease of 18 percent in its consolidated net profit, amounting to Rs 175 crore. The varied company announced earnings of Rs 214 crore in the first quarter of the previous financial year. In a regulatory filing, Bharat Forge stated that the company's total income increased to Rs 4,158 crore from Rs 3,941 crore in the previous year's quarter.
The company has also received approval from its board to raise up to Rs 2,000 crore through the issuance of securities. Bharat Forge Chairman & Managing Director BN Kalyani stated that consistent implementation of defense export orders and improvement in the Oil & Gas sector maintained the operational performance. He mentioned that the group successfully obtained new orders totaling Rs 980 crore in defense, ferrous and aluminum castings, and core forging business.
Kalyani mentioned that with the company starting different productivity and cost improvement initiatives, they anticipate the operating profitability to increase in the next 24-36 months due to strong organic sales growth. He mentioned that the stable quarter for overseas operations was disrupted by the low demand for CVs in Europe.
Kalyani stated that they anticipate ongoing positive momentum in Indian operations in forging, castings, and defense in Q2 FY25, while also expecting improvements in operational parameters for overseas operations, leading to reduced losses in FY25. The company's shares were being traded at Rs 1,608 each on the BSE, with an increase of 3.18 per cent.
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