A sharp fall in non-automobile exports, down about 30 per cent over a year, led to muted growth in revenue for Bharat Forge in the September quarter. Standalone revenue was down by about two per cent to Rs 1,116 crore.
Low sales especially from its exports market and decline in revenue from industrial segment impacted Bharat Forge' second quarter results for FY16. The company's stock dipped 6% at Rs 814.9. The company reported a flat profit after tax for the quarter
Bharat Forge has dipped 6% to Rs 815, its lowest level since November 2014 on the NSE, after the company reported a lower-than-expected net profit and revenues for the quarter ended September 30, 2015 (Q2FY16).
Shares of Pune-based Indian multinational company, Bharat Forge have dropped nearly 4% at Rs 899 on the BSE after foreign brokerage CLSA downgraded the stock to “Sell&" from “Buy&" citing weak operational outlook.
The Bharat Forge stock has shed 25 per cent over the past month, to its lowest levels this year, on worries of a slowdown in heavy-commercial-vehicle sales in the North American market, as well as non-automobile segment demand.
The stock has crossed and closed above immediate hurdle of 1260 zones and looks strong to head towards 1315 and 1350 levels. It has seen huge buying interest in last couple of trading sessions and holding well above its 50 DMA.
Bharat Forge (BFL) today recorded a jump of 34.73% in net profit at Rs 195 for the first quarter ended as on June 30, 2015, the company said in a filing to BSE. The company's net profit stood at Rs 144.97 crore in the same quarter of the previous fiscal.
Bharat Forge appears to be on course to become a Rs 7,000-crore company by FY18. Even as standalone net sales are marginally below the Street's estimates, the company remains optimistic about FY16, as it expects demand to be robust across its key markets.
Shares of Bharat Forge have dipped nearly 5% to Rs 1,228, falling 8% from intra-day high on the NSE, after the company said demand in the current quarter (April-June) slightly muted compared to previous quarter.