India Forge’s fourth quarter results: Net profit rises 9.3 percent to Rs 232 crore; Institution

Bharat Forge Q4 Results 2022: Bharat Forge Ltd, head of auto components, reported a 9.3 per cent increase in its consolidated net profit for the fourth quarter ended March 2022, driven by higher revenue. Results are announced during market hours.

The company posted a consolidated net profit of Rs 212.12 crore in the same period last fiscal, India Forge said in a regulatory filing.

Revenue from activities during the quarter under review stood at Rs 3,573.09 crore as against Rs 2,082.85 crore in the year-ago period, it added.

The total expenditure for the fourth quarter was Rs 3,295.61 crore, up from Rs 1,840.63 crore in the year-ago period.

For the full financial year ended March 31, 2022, the company had a consolidated net profit of Rs 1,077.06 crore. It posted a combined net loss of Rs 126.97 crore on FY21.

For FY22, the revenue from operations was Rs 10,461.08 crore as against Rs 6,336.26 crore, it added.

Bharat Forge said its board, in a meeting held on Monday, had recommended a final dividend of Rs 5.50 per equity share of Rs 2 per share for the financial year ending March 31, 2022 at 275 per cent.

BN Kalyani, Chairman and Managing Director, Bharat Forge, in an investor presentation, said, “In FY22, Indian operations secured new orders of around Rs 1,000 crore in automotive and industrial applications. “

In international operations, he said, new orders worth USD 150 million have been secured across steel and aluminum forging operations in North America.

“These orders from Marquee OEMs (Original Equipment Manufacturers) provide visibility of huge growth in the medium to long term.

This is the first order from an Indian OEM for the supply of OEM and DC-DC converters for the supply of aluminum castings, ”said Kalyani.

Regarding the outlook, he said, “At the consolidated level, we expect FY23 to be a strong year featuring top-line growth and strong cash flows, ramp-ups of US aluminum operations, revenue contributions from new verticals and more diversification. Revenue mix.”

For individual businesses, Kalyani Company expects continued growth in the core market across all sectors. Reducing cost pressures and supply chain tightness will meet the ultimate demand across geographies.

Shares of Bharat Forge traded at Rs 652.95 on the NSE at 1:50 pm on Monday, up nearly 4 per cent from Friday’s close.

Input from PTI

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