Bharat Forge Q2 Results: Net Profit Up 13.6% Despite Revenue Dip

Bharat Forge Ltd. reported a 13.6% year-on-year growth in net profit for the second quarter of this financial year.

The auto equipment manufacturer recorded a net profit of Rs 243 crore for the quarter ended Sept. 30, 2024, compared to Rs 214 crore in the same quarter of the previous fiscal, according to its stock exchange notification.

Revenue fell by 2.3% year-on-year for the three months ended September, reaching Rs 3,689 crore.

Operating income, or earnings before interest, taxes, depreciation, and amortisation, rose 4.2% year-on-year to Rs 647 crore. The Ebitda margin expanded to 17.5% from 16.5% in the same period the previous year.

• Revenue down 2.3% at Rs 3,689 crore versus Rs 3,774 crore.

• Ebitda up 4.2% at Rs 647 crore versus Rs 621 crore.

• Margin at 17.5% versus 16.5%.

• Net profit up 13.6% at Rs 243 crore versus Rs 214 crore.

In the exchange filing, the company also notified that the group secured new orders worth Rs 1,207 crore, across its defence, castings (ferrous and aluminium) and the core forging business during the quarter. The order wins for the first half of the fiscal amounts to Rs 2,216 crore.

The company also announced changes in its senior management personnels, effective from November. Krishnan Iyer, currently the president and chief operating officer of the Closed Die Forging Division, has been designated as an SMP.

Additionally, Srinivasu Malladi, vice president of human resources, will also assume the SMP designation. Meanwhile, Atul Jagtap will resign as vice president of materials, effective Nov. 24.

Bharat Forge is the flagship company of the Kalyani Group and it is a global provider of components and solutions to various sectors, including automotive, railways, defence, construction and mining, aerospace, marine and oil and gas.

Bharat Forge stock rose as much as 1.65% during the day to Rs 1,343.25 apiece on the NSE. It has risen 24.73% in the last 12 months and 6.89% on a year-to-date basis.