Bharat Forge fell 5.58% to Rs 403.05 at 12:49 IST on BSE consolidated net profit declined 28% to Rs 171.9 crore on a 3.55% fall in net sales to Rs 2327.8 crore in Q1 June 2019 over Q1 June 2018.
The company faced heavy selling pressure after the result was announced during market hours today, 13 August 2019.
Meanwhile, the S&P BSE Sensex was down 197 points or 0.52% to 37385.04.
On the BSE, 2.07 lakh shares were traded in the counter so far compared with average daily volumes of 46000 shares in the past two weeks. The stock hit a high of Rs 432 and a low of Rs 401.25 so far during the day. The stock hit a 52-week high of Rs 692.5 on 10 Sep 2018 and a hit a 52-week low of Rs 398.4 on 06 Aug 2019.
The stock has underperformed the market over the past one month, declining 6.01% compared with 2.97% fall in the BSE Sensex.
Consolidated EBITDA declined nearly 15.4% to Rs 414.80 crore in Q1 June 2019 over Q1 June 2018. The EBITDA margin also declined from 20.3% in Q1 June 2018 to 17.8% in Q1 June 2019. The company's long term debt stood at Rs 1975.5 crore in Q1 June 2019.
On standalone basis, the company's net profit declined 25.72% to Rs 174.1 crore on a 9% decline in net sales to Rs 1346.5 crore in Q1 June 2019 over Q1 June 2018.
Bharat Forge, the Pune based Indian multinational, is a global provider of high performance, innovative, safety & critical components and solutions to various industrial sectors including Automotive, Railways, Power, Defence, Construction & Mining, Aerospace, Marine and Oil & Gas.
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