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Bharat Forge
State-owned HAL and Bharat Forge Limited have signed an agreement for development and production of aerospace grade steel alloys. The Memorandum of Understanding (MoU) was signed at the ongoing Aero India show in Bengaluru on Thursday, the two entities said in a joint statement. "Hindustan Aeronautics Limited (HAL), Foundry & Forge (F&F) Division, Saarloha Advanced Materials Pvt Ltd (Saarloha) and Bharat Forge Limited (BFL), signed an MoU for collaboration in development and production of aerospace grade steel alloys," it said. "Manufacturing of specialty steel would play a significant role in realising the success of national aerospace & defense programmes under 'Atmanirbhar Bharat' initiative," R K Goyal, Director at Saarloha, said. There are very limited approved/qualified domestic suppliers for various types of aerospace grade steel alloys used in aircraft applications. Due to this, such alloys are getting imported, creating dependency on foreign steel manufacturers, ..
Auto components major Bharat Forge Ltd on Tuesday reported an 81.35 per cent decline in consolidated net profit at Rs 78.72 crore in the third quarter ended December 2022, hit by higher expenses. The company had posted a consolidated net profit of Rs 422 crore in the same period last fiscal, Bharat Forge Ltd (BFL) said in a regulatory filing. Consolidated revenue from operations during the quarter under review was at Rs 3,353.36 crore as against Rs 2,394.69 crore in the same period last fiscal, it added. Total expenses in the October-December period this fiscal was at Rs 3,178.9 crore, up from Rs 2,093.39 crore in the year-ago quarter. Cost of raw materials and components consumed stood at Rs 1,543 crore in the third quarter as against Rs 1,082.45 crore in the same period a year ago, the company said. BFL Chairman & Managing Director BN Kalyani said in the third quarter, the company's Indian operations secured new business worth Rs 265 crore across automotive and industrial ...
Auto components maker Bharat Forge Ltd on Monday said its step-down subsidiary JS Auto Cast Foundry India will acquire the SEZ unit of Indo Shell Mould Ltd located at SIPCOT, Erode in Tamil Nadu for an undisclosed sum. JS Auto Cast Foundry India has entered into a business transfer agreement with Indo Shell Mould Ltd for the purpose, Bharat Forge said in a statement. "This acquisition strengthens JS Auto's presence in the castings sector, expands the product offering and client base, and enhances its footprint in the Indian manufacturing landscape," it added. The SEZ Unit with a capacity of 42,000 MTPA, supplies fully machined critical castings to marquee customers in the automotive industry and will operate as the third manufacturing unit of JS Auto, taking its total capacity to 1,42,000 MTPA, the company said, adding that the acquisition will be EPS accretive from the first year itself.
Bharat Forge on Monday reported a 48 per cent decline in its consolidated net profit to Rs 141 crore for the second quarter that ended September 30, 2022. The company had posted a net profit of Rs 270 crore in the July-September period of last year. Revenue from operations rose to Rs 3,076 crore in the period under review from Rs 2,386 crore in the September quarter last year, Bharat Forge said in a regulatory filing. The performance of the European operations has been adversely impacted mainly by lower than anticipated sales volumes for the aluminium forging business. The new greenfield aluminium forging facility in North America is still in a ramp-up phase and operating at utilisation levels below EBITDA breakeven levels, Bharat Forge, Chairman & Managing Director B N Kalyani stated. The company expects this business to turn around in the second half of the fiscal, he added. Looking ahead into Q3 FY23, we expect stable performance across both the domestic and export markets ...