Bharat Forge skids on non-auto exports
Management is, however, confident of growth coming back in the second half
A sharp fall in non-automobile exports, down about 30 per cent over a year, led to muted growth in revenue for Bharat Forge in the September quarter. Standalone revenue was down by about two per cent to Rs 1,116 crore. Operating profit was down 6.3 per cent to Rs 336 crore on a sequential basis and was one per cent up, year on year. The Bloomberg consensus estimate was for revenue at Rs 1,223 crore, operating profit at Rs 355 crore and net profit at Rs 203 crore. With the company reporting a net profit of Rs 175 crore, it fell short of expectations on all three.
The performance was also in sharp contrast to the June quarter numbers, wherein revenues and operating profit were up 14 per cent and 23 per cent over year before. Realisations for the September quarter were also down sequentially, given falling commodity prices and a poorer product mix. While the margins were down 188 basis points sequentially to 28.8 per cent (up 30 bps over a year), the company has maintained that these will be maintained within 29-31 per cent.
For more visit: Business Standard
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