Bharat Forge gains after subsidiary bags artillery guns supply order worth $155.5 mn

Bharat Forge rose 1.02% to Rs 884.55 after the company's wholly-owned subsidiary bagged an order for supply of artillery guns.

Kalyani Strategic Systems, a wholly-owned subsidiary of the company, has been awarded an export order for a 155mm artillery gun platform.

The order is to be executed over a 3-year timeframe. The total value of the order is $155.50 million.

"This order, to a non-conflict zone, is a great testament to the Government of India's AatmaNirbhar Bharat agenda and its sustained push to promote exports of indigenously designed developed and manufactured (IDDM) advanced defence platforms from India, Bharat Forge said in a statement.

Bharat Forge manufactures an extensive array of critical and safety components for several sectors including automobiles (across commercial & passenger vehicle), oil & gas, aerospace, locomotives, marine, energy (across renewable and non-renewable sources), construction, mining and general engineering.

The company reported 46% rise in standalone net profit to Rs 243.6 crore on a 28.3% increase in total revenue to Rs 1,759.4 crore in Q1 FY23 over Q1 FY22.

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