Bharat Forge hit an all-time high of Rs 764, up 8% on BSE after the company reported a strong 77% growth in its standalone net profit at Rs 2.3 billion for the quarter ending December 2017 (Q3FY18), on back of healthy revenue growth.
Total revenue during the quarter grew 47% at Rs 13.90 billion over the previous year quarter. EBITDA (earnings before interest, tax, depreciation and amortization) margins improved 80 bps to 29.6% from 28.8% in year ago quarter driven by better product mix and enhanced productivity. The company said demand in Q4 (January-March) is expected to be stronger compared to Q3 driven by continued growth in domestic commercial vehicle cyle Bharat Forge has announced strategic investment of up to Rs 300 million for eventual stake of 45% in an Electrical Vehicles (EV) startup, Tork Motorcycles. This strategic investment will enable Bharat Forge to develop components and sub systems to address the huge potential in the Indian personal mobility space driven by rising economic variability of EVs, it added.