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Bharat Forge reports loss of Rs 127.32 crore in Q1; revenue plunges 50%

Date: 13-08-2020
Subject: Bharat Forge reports loss of Rs 127.32 crore in Q1; revenue plunges 50%
Bharat Forge on August 12 reported a consolidated loss of Rs 127.32 crore for the June quarter of FY21, against a profit of Rs 171.92 crore in the corresponding quarter a year ago.

Sequentially, the company's loss grew as in the March quarter of FY20, the company's loss was Rs 68.6 crore.

The company's Q1FY21 revenue from operations declined 50.42 percent to Rs 1,154.2 crore, against Rs 2,327.86 crore in Q1FY20.

EBITDA (earnings before interest, taxes, depreciation, and amortization) loss came at Rs 14.1 crore in the quarter under review, against EBITDA profit of Rs 410.4 crore in the year-ago period.

"The quarter gone by was impacted by the COVID-19 pandemic and the stringent measures adopted by countries to control the spread," said B.N. Kalyani, Chairman & Managing Director, Bharat Forge.

"Despite being operational for only one month in the quarter and running at nearly 20 percent capacity utilisation, we were able to reduce breakeven levels through continued focus on cost reduction and improve productivity."

"In these uncertain times and working within guidelines set by local authorities, we continue our steadfast focus on 4C’s: meeting customer demand, ensuring the safety and wellbeing of our colleagues, control on costs and working on the cost reduction initiatives already mapped out," said Kalyani.

"Looking ahead into demand for the coming quarter, we are witnessing marginal improvement in demand across both domestic and export markets. We expect our domestic revenues to be flat as compared to Q2 FY20 while the exports will be lower than the levels witnessed in Q2 FY20. The sustainability in the recovery in underlying demand is a key factor to track in the coming months," he added.

Source:- moneycontrol.com

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