 "Bharat Forge declines post Q4 results")
Shares of Bharat Forge dipped nearly 5% to Rs 1,228, declining 8% from its intra-day high on the NSE, after the company said that demand in the current quarter (April-June) was slightly muted compared to previous quarter.
“Looking ahead into Q1 FY16 we anticipate demand to be higher compared to Q1FY15 but slightly muted compared to Q4FY15, primarily due to lower than anticipated recovery in the Indian medium and heavy commercial vehicles (MHCV) market and decline in the oil & gas business,” said B.N.Kalyani, chairman and managing director of Bharat Forge.
Meanwhile, the company reported a 71% year-on-year (yoy) jump in net profit at Rs 203 crore for the fourth quarter ended March 31, 2015 (Q4) as against Rs 119 crore in the year-ago quarter. Total revenue grew 31% at Rs 1,224 crore on a y-o-y basis.
Analyst on an average had expected profits of Rs 210 crore on net sales of Rs 1,353 crore.
EBITDA or operating margins at 30% in Q4FY15 saw an improvement of 520 basis points compared to Q4FY14, primarily driven by increased capacity utilisation and favourable product mix, Bharat Forge said in a statement.
The stock opened at Rs 1,303 and touched a high of Rs 1,332 on the NSE before the announcement of Q4 results. A combined 4.05 million shares have changed hands on the counter on the NSE and BSE so far.
At 1416 hours, the stock was down 3.4% at Rs 1,245 on the NSE.
“Looking ahead into Q1 FY16 we anticipate demand to be higher compared to Q1FY15 but slightly muted compared to Q4FY15, primarily due to lower than anticipated recovery in the Indian medium and heavy commercial vehicles (MHCV) market and decline in the oil & gas business,” said B.N.Kalyani, chairman and managing director of Bharat Forge.
Meanwhile, the company reported a 71% year-on-year (yoy) jump in net profit at Rs 203 crore for the fourth quarter ended March 31, 2015 (Q4) as against Rs 119 crore in the year-ago quarter. Total revenue grew 31% at Rs 1,224 crore on a y-o-y basis.
Analyst on an average had expected profits of Rs 210 crore on net sales of Rs 1,353 crore.
EBITDA or operating margins at 30% in Q4FY15 saw an improvement of 520 basis points compared to Q4FY14, primarily driven by increased capacity utilisation and favourable product mix, Bharat Forge said in a statement.
The stock opened at Rs 1,303 and touched a high of Rs 1,332 on the NSE before the announcement of Q4 results. A combined 4.05 million shares have changed hands on the counter on the NSE and BSE so far.
At 1416 hours, the stock was down 3.4% at Rs 1,245 on the NSE.
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