Bharat Forge decline after Q3 PAT falls 14% YoY

Bharat Forge slipped 3.10% to Rs 861.75 after the company reported 14.3% drop in standalone net profit to Rs 289.2 crore in Q3 FY23 from Rs 337.4 crore in Q3 FY22.

Total revenue rose by 21.8% YoY to Rs 1,952.1 crore during the quarter. Shipment Tonnage rose by 17.6% YoY, Domestic revenue was higher by 5.1% YoY and Export revenue jumped by 35.3% YoY.

Total expenses increased by 23% YoY to Rs 1,609.78 crore in Q3 FY23, due to higher raw material costs (up 18.9% YoY), higher other expenses (up 5.7% YoY) and higher employee expenses (up 6.3% YoY).

EBITDA improved by 22.2% to Rs 492.9 crore in Q3 FY23 from Rs 403.3 crore in Q3 FY22. EBITDA margin remained stable at 25.2% in the third quarter.

Profit before tax in Q3 FY23 stood at Rs 384.4 crore, down by _ % from Rs 424.6 crore in Q3 FY22.

B.N. Kalyani, chairman & managing director, Bharat Forge, said: "In Q3 FY23, BFL along with Kalyani Strategic Systems (KSSL), has secured contracts worth Rs 600 crore, taking the orderbook to Rs 1,950 crore as of Q3 FY22 The fulfilment of these orders along with the export of Artillery Gun system will commence from beginning of FY24.

As we look ahead in to Q4 FY23, we expect growth momentum to continue across both the domestic and export markets."

Bharat Forge (BFL) manufactures an extensive array of critical and safety components for several sectors including automobiles (across commercial & passenger vehicle), oil & gas, aerospace, locomotives, marine, energy (across renewable and non-renewable sources), construction, mining and general engineering.

Powered by Capital Market - Live News