You are here: Home » PTI Stories » National » News
Business Standard

Bharat Forge Q2 net down 26 pc to Rs 126.89 cr

Press Trust of India  |  New Delhi 

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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, November 08 2016. 19:32 IST
RECOMMENDED FOR YOU