Mumbai: Bharat Gears, a prominent name in the automotive industry, faced a notable downturn in its fourth-quarter performance, as reported in its recent financial statements. The company recorded a loss of Rs 1.75 crore, a stark contrast to the profit of Rs 0.83 crore reported in the corresponding period last fiscal year.
While there was a positive uptick in revenue compared to the previous quarter, with a 19.6 percent increase, the overall revenue witnessed a decline of 4.86 percent year-on-year, the statement showed.
Despite efforts to curtail expenses, with a reduction of 1.24 percent in Selling, General & Administrative (SG&A) expenses quarter-on-quarter and 2.17 percent year-on-year, the operational front still showed signs of strain. The operating income saw an increase of 133.75 percent quarter-on-quarter but experienced a decline of 64.51 percent year-on-year.
The company's Earnings Per Share (EPS) for Q4 stood at Rs -1.13, marking a substantial 307.95 percent decrease year-on-year. Market performance reflected the company's struggles, with negative returns of -3.48 percent in the last week, -8.18 percent in the last six months, and a year-to-date decrease of -7.7percent.
As of the latest update, Bharat Gears holds a market capitalization of Rs 163.84 crore, with a 52-week high/low of Rs 136.35 and Rs 99.45, respectively.
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