Bharat Forge Ltd has posted a standalone net profit of Rs 166.16 crore for the quarter ended December 31, 2015 compared with Rs 196.34 crore in the same period last year, representing a decline of 15.37 per cent year-on-year.
Total income of the Pune-based company has decreased to Rs 1,052 crore from Rs 1,197.8 crore during Q315, showing a decline of 12 per cent.
In a meeting held today, the BFL board has declared an interim dividend of Rs 3 per share of face value Rs 2.
According to the BSE filing, while domestic revenues in the third quarter of the current fiscal remained flat at Rs 400 crore against Rs 408 crore, export revenue declined by 14.25 per cent to Rs 629 crore from Rs 733.5 crore.
A review of the export markets shows that sales to the Americas, which accounts for nearly 64 per cent of total export revenue, declined by 18.3 per cent year-on-year to Rs 402 crore against Rs 493 crore. Revenues from Europe declined by 6 per cent to Rs 200 crore (Rs 212 crore).
In an analyst update on the Q3 performance, Baba Kalyani, CMD, Bharat Forge, said, “Despite higher automotive sales, continued weakness in the industrial sector across both domestic and international market adversely impacted the overall top line.”
However, the EBITDA margin saw an expansion of 130 bps on favourable product mix coupled with cost control measures and low commodity prices, he added.
On the BSE, the BFL stock was trading with a gain of more than Rs 11 apiece (1.5%) to stand at Rs 781.30 per share. The overall benchmark index had shed 263 points (1.08%).