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Net profit for the standalone Bharat forge during the September quarter of fiscal 16, 2015 has remained completely flat at Rs 175 crore. The Pune-based forgings major had registered a net profit of Rs 174.5 in the same period of fiscal 15.
The company’s total income in the two quarters being compared stood at Rs 1,117 crore and Rs 1,138 crore respectively, translating into a decline of around 1.9 per cent year on year. Export revenue took a bigger hit than domestic revenues and stood at Rs 638 crore against Rs 698 crore, a decline of 8.5% year on year. Domestic revenues improved by 10.3% YoY to Rs 454 crore (Rs 411 crore).
The EBITDA saw an improvement to 30.1% against 29.1% in Q2 15.
In a press release, Baba Kalyani, Chairman & Managing Director said, “The sales development during the quarter was lower than initially anticipated due to high volatility across multiple sectors and geographies, particularly all industrial sectors. As a result, sales during the quarter were marginally lower.”
He added, “The Passenger vehicle components business continues to progress well as evident from more than doubling of export sales in that segment. Entering into H2 FY16, we anticipate demand trend to be similar to H1 FY16.”
The results had a negative impact on the BFL scrip which lost nearly 5.33% and was quoting at Rs 821.15 per share.
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