Bharat Forge Q2 Results: Revenue increases 29%, but profit declines 67.28% year over year to Rs. 141.55 crore
- ByStartupStory | November 15, 2022
Bharat Forge, an automobile forging business situated in Pune, reported on Monday a 67.28% reduction in its consolidated net profit for the third quarter of FY23, falling to Rs. 124.79 crore from Rs. 381.41 crore in the same period of FY22.
However, from Q2 FY22‘s 2,385.61 crore to Q2 FY23’s 3,076.38 crore, a 28.95% rise in operating revenue was made. However, the company’s total expenses rose by 39.2% to Rs 2,885.07 crore in the second quarter of fiscal year 23 from Rs 2,072.60 crore in the same period last year.
Additionally, the company’s earnings per share (EPS) decreased to Rs 3.13 from Rs 5.82 in Q2 FY22. The corporation announced a 75% interim dividend or Rs 1.50 per equity share.
“The interim dividend shall be paid on or before Tuesday, December 13, 2022, to the equity shareholders of the company whose names appear in the register of members of the company or the records of the depositories as beneficial owners of the shares as of Friday, November 25, 2022, which is the record date fixed for the purpose,” the business declared in a BSE filing.
Following the release of the earnings report, the price of a share of Bharat Forge decreased by over 5% to Rs. 842.90 from the previous day’s closing price of Rs. 886.70.
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