Comments
On a standalone basis, Bharat Forge has reported a 60 per cent rise year-on-year in its first quarter net profit on account of good earnings from exports and higher revenues from the non-auto segment.
The Pune-based forgings company has posted a net profit of ₹145 crore in the April to June quarter against ₹90.6 crore in the corresponding quarter of last year.
Revenue grew by 25 per cent in the quarter to ₹988 crore, compared with ₹791.5 crore a year earlier. EBITDA margins in April-June stood at 29.4 per cent against 24.8 per cent in the year-ago period.
The major part of its earnings came from exports, which at ₹552 crore accounted for nearly 56 per cent of total revenue, and grew 39 per cent. On the export front, the June quarter earnings from the Americas rose 76 per cent to ₹330 crore.
Earnings from Europe grew by a marginal 3.3 per cent to ₹189 crore (₹183 crore last year), while the Asia Pacific region saw 21 per cent growth.
“The June quarter saw sequential growth across major product segments and geographies in line with expectation with industrial segment revenue contribution staying at 46 per cent for the quarter,” said Baba Kalyani, CMD.
Bharat Forge sees a strong order pipeline across product segments, especially with global customers, and has a medium-term target of doubling sales by FY-18, he said.
During intra-day trading, the scrip touched a high of ₹727 and closed at ₹720.50, up 1.4 per cent from the previous close.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.