Pune
Auto components
major Bharat Forge reported a consolidated net profit of Rs 2.12 billion in Q4
ending March 31, 2021. This net profit was contributed by the robust increase
in sales.
According to Baba
Kalyani, Chairman, and Managing Director, BFL, the year has ended on a good
note as the company can see a sharp recovery in all its end markets. The Q4 of
2021 has seen a growth of 26.2% in sales because of 43% growth in exports.
Also, exports are now witnessing growth in all the key segments.
The earnings
presentation showed that the industry had to face tough times because of the
deteriorating economy and changes in regulations. Other factors that the
industry had to encounter were GST, changes in emission norms, enhancement of
safety norms, and an increase of axle load norms. It also said that near term
outlook might seem negative due to lockdown but the medium and long-term
outlook seems encouraging for the M&HCV sector.
In a regulatory filing, Bharat Forge Ltd said that the company faced a net loss of Rs 0.68 billion in the same quarter last year and the consolidated revenue from the operations during the same period was Rs 17.41 billion. The company also announced a consolidated net loss of Rs 1.26 billion for the fiscal year ending March 31, 2021.
Source – The Economic Times
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