[ad_1]
Pune: Bharat Forge reported strong Q4 2020-21 revenues and profits, despite a weaker overall fiscal than the one prior, with the firm claiming a turnaround on the back of rebounding exports and a strong order book.
For the quarter ending March 2021, the city-based auto components giant reported a profit of around Rs 212 crore against a consolidated loss of Rs 68.6 crore in the corresponding quarter the previous fiscal. Its year-on-year (YoY) revenues also increased, standing at Rs 2083 crore, against Rs 1742 crore in Q4 2020.
Against a consolidated profit of Rs 349 crore in FY20, Bharat Forge reported a net loss of around Rs 127 crore in FY21. Its revenue declined from Rs 8,056 crore in FY20 to Rs 6,336 crore in FY21.
The firm said in an analyst’s note that it was confident of growth in India with gradual normalization, as well as optimism from robust exports and government orders.
“The year has ended on a strong note with sharp recovery visible in all our end markets. We recently secured an order from the Government of India for development & supply of components/products. As we enter FY22, we are seeing robust demand continue in major segments in the export business. The lockdown … has clearly had an impact on demand & production in the automotive sector. We are optimistic that this weakness is temporary,” Baba Kalyani, CMD of Bharat Forge, said.
FacebookTwitterLinkedinEMail
[ad_2]
Source link
