Bharat Forge shares jump 7.53% post June quarter earnings

New Delhi: Shares of auto components major Bharat Forge Ltd on Wednesday jumped 7.53 per cent after the company reported a 33.27 per cent increase in consolidated net profit in the June quarter.

The stock climbed 6.87 per cent to settle at Rs 967.10 apiece on the BSE. During the day, it rallied 7.74 per cent to its 52-week high of Rs 975.

On the NSE, it gained 7.53 per cent to end at Rs 974 per share.

Bharat Forge Ltd on Wednesday reported a 33.27 per cent increase in consolidated net profit at Rs 213.73 crore in the first quarter ended June 30, 2023.

The company had posted a consolidated net profit of Rs 160.37 crore in the same quarter last fiscal, Bharat Forge said in a regulatory filing.

Consolidated revenue from operations was at Rs 3,877.27 crore as against Rs 2,851.46 crore in the year-ago period, it added.

Total expenses were higher at Rs 3,602.48 crore as compared to Rs 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 Rs 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 Rs 150 crore in KPTL from time-to-time in one or more tranches.