Bharat Forge PAT slips 51 per cent on one-time impairment loss

Bharat Forge reported its results for the quarter ended March 31, 2018. The company’s standalone revenue for the quarter came in at Rs. 1,466.61 crore, registering 24 per cent yoy increase.

EBITDA for the quarter rose by 30.6 per cent yoy to Rs. 417.7 crore with a corresponding margin expansion of 144 bps. EBITDA margin for the quarter stood at 28.5 per cent.

The unadjusted profit for the quarter came in at Rs. 100.33 crore, yoy decline of 51.6 per cent. This includes one-time loss of Rs. 133.2 crore on impairment of investment.

Looking at the full year numbers, we see that revenue jumped by 32 per cent to reach Rs. 5,372.95 crore while EBITDA rose by 43 per cent to Rs. 1,536.78 crore. The company reported net profit of Rs. 707.3 crore, up 21 per cent yoy.

The Board of Directors has recommended a final dividend of Rs. 2.50 per equity share of Rs. 2 each.

On Tuesday, the stock opened at Rs. 696 per share and touched an intraday high of Rs. 771.60 in early trade. With the announcement of the result, the stock slipped and made an intra-day low of Rs. 658.50, on the BSE.