Source : PTI | Shares of auto components major Bharat Forge Ltd on Wednesday jumped 7.53% after the company reported a 33.27% increase in consolidated net profit in the June quarter. The stock climbed 6.87% to settle at INR 967.10 apiece on the BSE. During the day, it rallied 7.74% to its 52-week high of INR 975.
On the NSE, it gained 7.53% to end at INR 974 per share.
Bharat Forge Ltd on Wednesday reported a 33.27% increase in consolidated net profit at INR 213.73 crore in the first quarter ended June 30, 2023.
The company had posted a consolidated net profit of INR 160.37 crore in the same quarter last fiscal, Bharat Forge said in a regulatory filing.
Consolidated revenue from operations was at INR 3,877.27 crore as against INR 2,851.46 crore in the year-ago period, it added.
Total expenses were higher at INR 3,602.48 crore as compared to INR 2,643.95 crore in the same period a year ago.
Bharat Forge said its board at its meeting held on Wednesday also approved conversion of existing inter corporate deposits given by it to Kalyani Powertrain Ltd (KPTL), a wholly-owned arm, along with interest amounting to INR 111.3 crore into equity shares, to reduce the overall borrowings at KPTL.
The board also approved a further investment of an amount not exceeding INR 150 crore in KPTL from time-to-time in one or more tranches.
