Business

Bharat Forge shares jump as profits rise in Q1

Published on August 9, 2023

Bharat Forge shares: the firm reported a 27.8 per cent year-on-year (YoY) increase in net profit at Rs 311.50 crore compared with Rs 243.66 crore in a similar quarter last year.

After its June quarter results, Bharat Forge shares rose 3 per cent in Wednesday’s trade.

The share was even up as the firm said it had agreed on the conversion of existing intercorporate deposits given by the business to Kalyani Powertrain Limited (KPTL), a wholly owned subsidiary, along with interest later, amounting to Rs. 111.30 crore, into equity shares, to lower the overall borrowings at KPTL. The subsidiary boards all of the electronic vehicle initiatives of the firm.

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Income for the quarter increased 20.9 per cent to Rs 2,127.29 crore from Rs 1,759.39 crore.

Bharat Forge declared a 27.8 per cent year-on-year (YoY) increase in net profit at Rs 311.50 crore compared with Rs 243.66 crore in a similar quarter last year. Earnings for the quarter climbed 20.91 per cent to Rs 2,127.29 crore from Rs 1,759.39 crore. Ebitda for the quarter increased 26.1 per cent YoY to Rs 548.70 crore, while its Ebitda margin raised to 25.8 per cent against 24.7 per cent YoY.

The board of Bharat Forge even backed “further investment of an amount not exceeding Rs 150 crore in KPTL from time-to-time, in one or more tranches. The company board has delegated authority to its sub-committee to determine the interval and quantum of investment within the limits.”