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Business Economy

Bharat Forge Q1 profit down 28 PC to Rs 171.92 Cr

Bharat Forge Q1 profit down 28 PC to Rs 171.92 Cr

Hyderabad, Aug 13 (UNI) Bharat Forge Limited (BFL) has recorded a drop of 28 per cent in its net profit at Rs 171.92 crore for the quarter ended June 30,2019 , against Rs 238.75 crore during the corresponding period last year.

The company also witnessed a decline of 9.0 per cent in its revenue as compared to previous quarter caused by weak demand environment in domestic market and inventory de-stocking in oil and gas, the company said in a statement here on Tuesday.

"Q1 FY20 was a challenging quarter with negative demand development in the domestic market across segments, with OEM’s focussed on correcting inventory levels across the value chain. This coupled with the inventory de-stocking in the export Oil and Gas business, had an adverse impact on our performance, said Company Chairman and Managing Director, B N Kalyani.

During the quarter, the company secured new business worth US$ 30 million for automotive application across domestic and export markets, he said we look forward to the commencement of operations at CLWT Nellore in the coming quarter.

Given the prevailing weak and uncertain demand environment, and especially the situation across the automotive value chain, the government has taken the issue seriously and is putting in place measures to improve demand and sentiments.

We expect these measures to result in better off-take from H2 FY20, the CMD said.

While the sales development through the course of FY20 is dependent on end markets, our focus will be on aggressively cutting cost, accelerating new product development through our own R&D, free cash generation and strengthening the balance sheet, he added.


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