Bharat Forge registers 59% yoy decline in profit in Q3; stock drops 3%

               
Bharat Forge registers 59% yoy decline in profit in Q3; stock drops 3%
 

Bharat Forge registered a net profit declined by 59% at Rs127.8cr in Q3FY20 as against Rs310cr in the same period last year. The company’s consolidated revenue was down 36.4% yoy to Rs1,076.7cr in the quarter ended December 2019.

The stock is currently trading at Rs499.15, down by Rs19 or 3.67% from its previous closing of Rs518.15 on the BSE.

B.N. Kalyani, Chairman & Managing Director said that the quarter gone by was a repeat of the previous quarter in terms of weak end-market demand and financial performance. Domestic and export revenues were down more than 30% in Q3FY20 compared to the same quarter previous year.”

“Looking ahead, over the next 3-6months, we expect demand to remain soft given the uncertainties in India due to the transition to BS VI and continuation of weakness in North America & Europe. However, we believe that the phase of a sequential decline in the financial performance for the company is nearing an end and the new phase of growth will commence in FY21. The convergence of our cost reduction initiatives and business development will enable BFL to come out stronger from this current downturn.”




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