Auto components major Bharat Forge today reported a 26.34 per cent decline in net profit at Rs 126.89 crore for the second quarter ended September 30, 2016 due to lower sales.
The company had posted a net profit of Rs 172.27 crore in the corresponding quarter last fiscal, Bharat Forge said in a BSE filing.
Total income from operations stood at Rs 935.91 crore as against Rs 1,170.97 crore in the same quarter last fiscal, down 20 per cent.
Bharat Forge said its board of directors has approved divestment of the company's entire shareholding in ALSTOM Bharat Forge Power Pvt Ltd for a consideration of USD 35 million (Rs 233 crore). The investment value is Rs 173 crore, it added.
The JV, incorporated in Delhi with its manufacturing facility based in Sanand in Gujarat, was formed in 2009 to address expansion in the Indian power sector, it added.
The transaction is subject to regulatory and other approvals, the company said.
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