On a consolidated basis, the company reported net profit of Rs 421.19 crore in Q3 December 2021 as against net loss of Rs 209.20 crore in Q3 December 2020.
Net sales jumped 38.97% to Rs 2,394.68 crore in Q3 December 2021 over Q3 December 2020.EBITDA climbed 59.96% year-on-year to Rs 498.10 crore in Q3 December 2021. EBITDA margin stood at 20.8% in Q3 December 2021, higher than 18.1% in Q3 December 2020.
Total expenses rose 28.12% to Rs 2,093.39 crore with cost of raw materials consumed rising 61.86% to Rs 1,082.45 crore during the period under review.
Long term debt stood at Rs 2435.5 crore as on 31 December 2021 as against Rs 2632.8 crore as on 31 March 2021.
B.N. Kalyani, chairman & managing director, said: "Q3 FY22 performance was on expected lines. Total sales were flat as compared to the previous quarter with exports revenues declining by around 10% while the domestic revenues grew by 16.5%. The drop in exports revenues were primarily on account of curtailment of production of Class 8 trucks due to semi conductor chip shortage.
The Capex for AI forgings facility in North Carolina has been completed and commercial production is expected to commence soon. We expect this facility along with European AI forgings facility to drive meaningful topline and profitability growth in the overseas operations in the coming 3-4 years.
For 9M FY22, the Indian operations has secured new orders worth around US$ 100 million including around US$ 50 million for EV Platforms across export and domestic customers.
Looking ahead into Q4 FY22 for the standalone operations, while Demand continues to remain robust, supply chain issues persists and is creating a big hangover especially in the export markets. We expect both the domestic and export markets to witness positive sales development across all major sectors barring the Agri equipment sector in India.
For the international operations, While demand is robust, severe and unprecedented inflationary cost pressures across all variable cost elements (RM, logistics and Energy) are expected to take a toll on the profitability of our companies in Europe in the initial quarters of CY22 and we are actively engaged with customers in recovery of these cost increases."
Bharat Forge 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.
Shares of Bharat Forge were down 2.53% at Rs 729.05.
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