Bharat Forge reported a -5.9% fall in gross revenues for the Dec-20 quarter on consolidated basis at Rs1,723.11cr. In the core forgings segment that accounts for bulk of the revenues of Bharat Forge, the revenues were down about 5% on a yoy basis.
The other segment also saw a fall of around 10% in the revenues resulting in overall fall in revenues. While the auto industry has picked, some of the key markets including the US truck market are yet to pick up in a significant manner for Bharat Forge.
For the Dec-20 quarter, the consolidated operating profits were up 33.52% at Rs122.85cr. The operating profits were helped by better working capital management and lower employee benefits costs. As a result, OPM improved from 5.03% in Dec-19 quarter to 7.13% in Dec-20 quarter.
The Dec-20 quarter saw Bharat Forge dip into a net loss of Rs-209.21cr due to an extraordinary loss write off in the quarter. During the quarter, Bharat Forge provided Rs299cr as an exceptional item in the P&L account. This was on account of the German Federal Cartel Office concluding the settlement with the German subsidiary of Bharat Forge worth Rs274cr.
This amount has to be paid over 5 years but the entire amount was written off in the current quarter itself, leading to a deep net loss as compared to net profit of Rs41.79cr in the Dec-19 quarter.
Financial highlights for Dec-20 compared yoy and sequentially
|
|
Bharat Forge |
|
|
|
|
|
Rs in Crore |
Dec-20 |
Dec-19 |
YOY |
Sep-20 |
QOQ |
|
Total Income (Rs cr) |
₹ 1,723.11 |
₹ 1,830.86 |
-5.89% |
₹ 1,376.09 |
25.22% |
|
Operating Profit (Rs cr) |
₹ 122.85 |
₹ 92.01 |
33.52% |
₹ 14.23 |
763.32% |
|
Net Profit (Rs cr) |
₹ -209.21 |
₹ 41.79 |
N.A. |
₹ 0.03 |
N.A. |
|
|
|
|
|
|
|
|
Diluted EPS (Rs) |
₹ -4.49 |
₹ 0.90 |
|
₹ 0.00 |
|
|
OPM |
7.13% |
5.03% |
|
1.03% |
|
|
Net Margins |
-12.14% |
2.28% |
|
0.00% |
|
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