Bharat Forge Q4FY23 PAT lower yoy at Rs128 crore due to operating losses in overseas subsidiaries

Bharat Forge reported 1.6% growth in total revenues for the March 2023 quarter on consolidated basis at Rs3,629cr. On a sequential basis, the revenues were higher by 8.22%. Most of the profit pressure in the quarter from the overseas extrusions segment, which dipped into operating losses resulting in a -25.3% fall in operating profits overall as well as a -45% fall in the net profits on a yoy basis. Sequential profits were higher.

On a standalone basis, Bharat Forge did put up a good show in tough times. The company also had record order wins of more than Rs4,000 crore across defence, castings and the standalone business. For FY23 overall, the overseas subsidiaries reported losses due to challenges in the aluminium forging facilities as well as cost under-recoveries. In Q4FY23, standalone EBITDA margins stood at 26.2% and problems started only when consolidated.

Financial highlights for Mar-23 compared yoy and sequentially

 Bharat Forge    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 3,629

₹ 3,573

1.57%

₹ 3,353

8.22%

Operating Profit (Rs cr)

₹ 313

₹ 419

-25.32%

₹ 318

-1.61%

Net Profit (Rs cr)

₹ 128

₹ 232

-44.91%

₹ 79

62.27%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 2.91

₹ 5.06

 

₹ 1.78

 

OPM

8.62%

11.73%

 

9.48%

 

Net Margins

3.52%

6.49%

 

2.35%

 

 

On a consolidated basis, the revenues for FY23 were up 23.4% at Rs12,910 crore while the EBITDA was down -10.3% at Rs1,777 crore. The FY23 ROCE (return on capital employed) came down yoy from 15.3% to 10.2%.

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