Bharat Forge rose 2.03% to Rs 852.25 after the company signed a MoU with Paramount Group for development and production of composite rotor blades, mission systems and stores management systems for medium lift helicopters at Aero India 2023.
Guru Biswal, CEO-Aerospace Division at Bharat Forge said, This Memorandum of Understanding (MoU) with Paramount is a testimony of our commitment to work for an Atmanirbhar Bharat, to create technologies that are niche and shall support Indian and Global requirements. This collaboration will focus on creating the 'Centre of Excellence' for design, development and manufacture of Composite Rotor Blades, Mission Systems and Stores Management systems for Rotary Wing platforms, in India. This design and manufacturing hub shall support all future programs for both India and across the globe."
Clifford Dewell, Senior Vice President (SVP), Paramount Group said, We have confidence that this initiative will leverage the unique synergies of our joint capabilities to meet the requirements for these systems for Medium Lift Helicopters in India and across the globe. Our collaboration would present a unique opportunity for all parties to speed up qualification processes and jointly support National and International customers. This MOU will help in achieving the Atmanirbhar Bharat initiative.
Bharat Forge (BFL) manufactures an extensive array of critical and safety components for several sectors including automobiles (across commercial & passenger vehicle), oil & gas, aerospace, locomotives, marine, energy (across renewable and non-renewable sources), construction, mining and general engineering.
The company reported 14.3% drop in standalone net profit to Rs 289.2 crore in Q3 FY23 from Rs 337.4 crore in Q3 FY22. Total revenue rose by 21.8% YoY to Rs 1,952.1 crore during the quarter.
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