 "Bharat Forge Q2FY24 result: Net profit jumps 51% YoY to Rs 214 crore")
Bharat Forge reported a 51.78 per cent jump in its consolidated net profit in the quarter that ended on September 30 to Rs 214.87 crore, as compared to Rs 141.56 crore in the same quarter last year. However, as compared to Rs 213.73 crore in the previous quarter, the net profit was up 0.53 per cent.
The company's revenue from operations was up 22.68 per cent to Rs 3,774.2 crore during the quarter under review against Rs 3,076.4 crore last year. In the previous quarter, it had reported revenue from operations of Rs 3,877.3 crore. This is a fall of 2.65 per cent.
The total income for Q2FY24 came in at Rs 3,826.7 crore, compared to Rs 3,122.3 crore year-on-year (y-o-y), registering a rise of 22.56 per cent. On a quarter-on-quarter (q-o-q) basis, the total income was down 2.90 per cent. It was Rs 3,941.4 crore in Q1FY24.
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B N Kalyani, chairman and managing director of Bharat Forge, said, "During the quarter, the company registered a strong performance across segments and geographies, with robust y-o-y growth of 20.7 per cent in revenues and 29.3 per cent in profitability... Passenger vehicles have been a standout sector for the company over the past few quarters and it continues to rise driven by market share gains, increasing value addition and order wins from newer geographies & customers. Today, this sector accounts for almost 25 per cent of our exports and will continue to be a key contributor to the growth of the group..."
As of 12:45 pm, the shares of Bharat Forge were trading at Rs 1,067.85.