Mumbai: Auto component maker Bharat Forge today reported a consolidated net loss of Rs36.56 crore in the third quarter of this fiscal, while it had a net profit of Rs70.96 crore in the same period last fiscal.
The consolidated total income declined to Rs974.23 crore for the quarter under review, from Rs1,099.16 crore in the year-ago period, Bharat Forge said in a filing to the Bombay Stock Exchange.
During the quarter the company has created a reserve of Rs29.81 crore for guarding against hedging losses arising out of fluctuation in foreign currency rates.
The company said the “hedging reserve” of Rs29.81 crore would be settled when the underlying transaction arises. Hence, the figures of the quarter are not comparable with that of the previous period.
On a standalone basis, Bharat Forge reported a net profit of Rs4.35 crore for the December quarter, while it had a net profit of Rs58.18 crore in the same period a year ago.
The firm’s total income dipped to Rs464.28 crore during the Q3, from Rs572.02 crore.
Further, the board would also explore opportunities for buying back of Foreign Currency Convertible Bonds subject to regulatory approvals.
Shares of the Bharat Forge were trading at Rs73.30, down 6.51% on the BSE.