Bharat Forge net profit declines 15.4%
Net profit stood at Rs166.16 crore in the three months ended 31 December from Rs196.34 crore a year ago
Mumbai: Bharat Forge Ltd on Tuesday said its net profit for the December quarter fell 15.4% from a year ago on lower sales.
Net profit stood at ₹ 166.16 crore in the three months ended 31 December from ₹ 196.34 crore a year ago.
Net sales fell 9.87% to ₹ 1,029.35 crore from ₹ 1,142.09 crore a year ago.
According to a Bloomberg poll of 20 analysts, the company expected to post a net profit of ₹ 180 crore on net sales of ₹ 1,127.80 crore.
“During the quarter, despite higher automotive sales continued weakness in the industrial sector across both domestic and international markets adversely impacted the overall topline," B.N. Kalyani, chairman and managing director of Bharat Forge, said.
The company posted a one-time loss of ₹ 4.22 crore in the quarter. “Exceptional item during the quarter represents certain statutory employee costs that have become applicable retrospectively from the financial year 2014-15," the company said in a notice to BSE.
The board approved an interim dividend of 3 a share.
The company’s operating margin widened to 31.4% in the December quarter from 30.1% a year ago.
Bharat Forge shares closed at ₹ 780.00, up 1.33% on the BSE on Tuesday, while the benchmark Sensex fell 1.10% to close at 24,020.98 points.
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