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Leading Pune-based forging company Bharat Forge Ltd. reported a growth in consolidated net profit of over 220% for the December quarter of 2023, mostly attributable to greater revenues. The quarter's combined net profit was ₹254.45 crore, up 223% from ₹78.71 crore in the previous year. Revenue jumped by 15.7% to ₹3922.96 crore from ₹3389.95 crore in the previous year.
The defence business significantly boosted revenues, while the Oil & Gas and Agri sectors experienced a decline compared to a year ago. The stock at 2.51pm, was trading at ₹1161 on BSE, down 11.7% from its previous close while India's benchmark Sensex fell 0.6% to 71,168 points.
The firm declared an interim dividend of ₹2.5 a share. It also approved raising funds of ₹500 crore via term loans, debentures or any other debt instrument. The board also approved re-appointment of Dipak Mane as the Non-Executive Independent Director for the next five years.
EBITDA surged 30.9% to Rs 645 crore, with EBITDA margins expanding to 28.5%, a 330 bps increase fueled by a favorable product mix and cost optimization focus. The balance sheet remains robust, boasting a cash reserve of ₹1,000 crore. In Q3 FY24, exports from Indian manufacturing operations in components, defense, and industrial sectors reached $ 200 million, marking a 36% growth over Q3 FY23.
The company anticipates further growth in this figure as new verticals expand and its presence in the industrial sector strengthens. During the quarter, the company secured new business worth ₹550 crore across various sectors.
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