Bharat Forge Reports 18% Drop in Q1 Net Profit, Anticipates Recovery

Bharat Forge announced a consolidated net profit decline of 18% to Rs 175 crore in Q1 June 2024, compared to Rs 214 crore in the same quarter last fiscal. The company's total income rose to Rs 4,158 crore. New orders worth Rs 980 crore were secured. The company aims to improve profitability through various measures.

Bharat Forge reported an 18% decline in consolidated net profit, amounting to Rs 175 crore for the June 2024 quarter, compared to Rs 214 crore in the corresponding period last year.

The firm's total income for the quarter stood at Rs 4,158 crore, a rise from Rs 3,941 crore in the year-ago quarter, according to a regulatory filing. The board has approved raising up to Rs 2,000 crore through issuing securities.

Chairman and Managing Director BN Kalyani highlighted the steady execution of defence export orders and recovery in the Oil & Gas sector as key performance drivers. The group secured new orders totaling Rs 980 crore across various categories. Despite challenges like weak CV demand in Europe, the company expects positive momentum and improved operational parameters in the upcoming quarters.

(With inputs from agencies.)