Bharat Forge declines 4 pc after Q2 net loss

Shares of auto components major Bharat Forge on Wednesday declined 4 per cent after the firm reported a consolidated net loss of Rs 1.32 crore in the second quarter ended September 30.

Shares of auto components major Bharat Forge on Wednesday declined 4 per cent after the firm reported a consolidated net loss of Rs 1.32 crore in the second quarter ended September 30. The company's stock was down 3.74 per cent to close at Rs 499.80 on the BSE. During the trade, it tanked 4.71 per cent to Rs 494.70.

On the NSE, it declined 3.98 per cent to close the day at Rs 499. In traded volume terms, 3.24 lakh shares were traded at the BSE and over 60 lakh units on the NSE during the day.

Bharat Forge on Wednesday reported a consolidated net loss of Rs 1.32 crore in the second quarter ended September 30 hit by the coronavirus pandemic induced disruptions. The company had posted a consolidated net profit of Rs 205.49 crore in the same quarter last fiscal, Bharat Forge said in a regulatory filing.

Consolidated revenue from operations during the period under review stood at Rs 1,376.09 crore as against Rs 2,155.20 crore in the year-ago period, it added. Commenting on the performance, Bharat Forge Chairman and Managing Director BN Kalyani said: "The consolidated quarterly weak financials reflect the full impact of COVID-19 lockdown on our overseas manufacturing operations in Europe and North America during the April-June period. Despite governmental assistance, they recorded an EBITDA loss of Rs 334 million." He further said the company's restructuring of both the Indian and international operations to enhance sustainability continues.