Bharat Forge's stock down by ~5% as Q3 net profit declines 81% y-o-y

15 Feb 2023 , 02:22 AM

Bharat Forge stock fell as much as 5% in Wednesday’s intraday session as the company posted a sharp decline in its net profit during the quarter ended December 2022.

The company posted an 81.35% decline in its net profit for Q3FY23 at Rs78.70 crore as compared to Rs422 crore in the previous corresponding quarter, mainly on account of higher expenses.

Company’s consolidated revenue from operations jumped 40% y-o-y at Rs 3,353.36 crore in Q3FY23, as against a revenue of Rs 2,394.69 crore in Q3FY22.

Total expenses in the quarter under review increased by 51.85% yoy at Rs3,178.90 crore, compared to Rs2,093.39 crore in Q3FY22.

Furthermore, Bharat Forge’s EBITDA loss from overseas subsidiaries increased to Rs62 crore in Q3FY23, up from Rs34.1 crore in the previous quarter.

At around 2.18 PM, Bharat Forge was trading 4.62% lower at Rs833.15, against the previous close of Rs873.50 on NSE. The counter touched an intraday high and low of Rs857 and Rs811.65 respectively.

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