Shares of Bharat Forge climbed 3 per cent in Wednesday's trade following its June quarter results. The stock was also up as the company said it has approved conversion of existing intercorporate deposits given by company to Kalyani Powertrain Limited (KPTL), a wholly owned subsidiary, along with interest thereon, amounting to Rs. 111.30 crore, into equity shares, to reduce the overall borrowings at KPTL. The subsidiary houses all of the electronic vehicle initiatives of the company.
Revenue for the quarter rose 20.9 per cent to Rs 2,127.29 crore from Rs 1,759.39 crore.
Bharat Forge reported a 27.8 per cent year-on-year (YoY) rise in net profit at Rs Rs 311.50 crore compared with Rs 243.66 crore in the same quarter last year. Revenue for the quarter rose 20.91 per cent to Rs 2,127.29 crore from Rs 1,759.39 crore. Ebitda for the quarter rose 26.1 per cent YoY to Rs 548.70 crore while its Ebitda margin expanded to 25.8 per cent against 24.7 per cent YoY.
The board of Bharat Forge also approved "further investment of an amount not exceeding Rs 150 crore in KPTL from time-to-time, in one or more tranches. The company board has delegated authority to its sub-committee to determine the interval and quantum of investment within the limits.
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