Mumbai, Aug 11 (Agency) Bharat Forge on Thursday reported 46 per cent year-on-year rise in profit after tax (PAT) to Rs 243.6 crore for the quarter ending June 30, 2022, against PAT of Rs 166.8 crore posted during the same period last fiscal. The company’s total revenue stood at Rs 1759.4 crore, up 28.3 per cent compared to Rs 1371.8 crore reported during the same period last year. Commenting on results, B N Kalyani, Chairman and Managing Director, Bharat Forge, said, “The company’s performance in Ql FY23 was steady with revenue and EBITDA witnessing growth on a sequential basis.
Topline grew by 5.1% to Rs 17,594 million while EBITDA grew by 6.8% to Rs 4,600 million. Export revenues at Rs10,475 million and PV export revenues at Rs 1,942 million are at an all time high.” ”We have completed the acquisition of JS Autocast Pvt Limited, at an Enterprise Value of Rs 489.63 Crores. This acquisition significantly enhances our capabilities to address segments in Industrial and energy sector in both domestic and exports markets and also opens up new products, we hitherto were not making. This will also enhance the AtmaNirbharta focus on the company in line with the vision of our Prime Minister,” he said. ”During the quarter, the Indian operations secured new business worth Rs 350 crores across automotive and industrial applications. At a consolidated level, the European operations have delivered a stable performance as per plan, in-spite of high input prices and weak market conditions. The new Greenfield Aluminium Forging facility in North America is still in a ramp-up phase and operating at low utilization levels which has adversely impacted the overall quarterly profitability. We expect this business to turn around in the second half of the fiscal,” Kalyani said. ”Looking ahead into Q2 FY23, we expect stable performance across both the domestic and export markets despite uncertainty arising from the macro economic headwinds caused by monetary tightening,” he said.