Bharat Forge reports consolidated loss of Rs 127.3 crore in Apr-Jun qtr

Bharat Forge on Wednesday reported a consoldiated loss of 127.3 crore for the quarter ended June 30.

The company had posted a consolidated profit of Rs 171.9 crore in April-June period of the previous fiscal, Bharat Forge said in a filing to the BSE.

The company's income during April-June period declined to Rs 1,199.2 crore from Rs 2,372.7 crore in the year-ago period.

The spread of Covid-19 has severely impacted business in many countries, including India, and there has been severe disruption to regular business operations due to lockdown and other emergency measures, Bharat Forge said.

The group has made assessment of liquidity, recoverable values of its financial and non-financial assets, including carrying value of its subsidiaries, and has concluded that there are no material adjustments required in the interim financial results.

However, the impact assessment of Covid-19 is a continuous process, given the uncertainties associated with its nature and duration, it said.

"The impact of global health pandemic might be different from that estimated as at the date of approval of these financial results. The group will continue to closely monitor any material changes to future economic conditions," the filing said.