Bharat Forge & Essar Oil Q1 Result

Bharat Forge’s net up in June quarter

Bharat Forge Ltd had a net profit of Rs 59.4 crore during the April-June quarter compared to profit of Rs 96 lakh last year in the same quarter, the company said in a filing to the Bombay Stock Exchange (BSE).

This jump in the profit is mainly due to the strong performances of the company’s subsidiaries, orders from non-auto businesses and increased demands from the European auto sector. Revenues rose to Rs 640 crore, an increase of 76 per cent over the Rs 358.6 crore in the same period of the last financial year.

Essar Oil posts Rs 70-crore loss

Ruias-promoted Essar Oil today posted a loss of Rs 70 crore for the first quarter, against a net profit of Rs 169 crore in the year-ago quarter, led by contraction in refining margins.

The company’s gross refining margin (GRM) — realisation on turning every barrel of crude oil into fuel — dropped 16.76 per cent to $5.61 a barrel from $6.74 a barrel in the corresponding quarter last year. The company’s shares today fell 1.80 per cent to Rs 130.60 on the Bombay Stock Exchange.