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Bharat Forge shares crack over 9 pc on Q2 earnings disappointment

Press Trust of India  |  New Delhi 

Shares of auto components major Bharat Forge on Friday tumbled over 9 per cent after the company reported an 18.72 per cent decline in consolidated net profit in the second quarter ended September 30.

The scrip plunged 8.88 per cent to close at Rs 427.65 on the BSE. During the day, it tanked 9.99 per cent to Rs 422.45.

On the National Stock Exchange (NSE), shares of the company cracked 9.12 per cent to close the trade at Rs 426.35 apiece.

The company's market valuation fell Rs 1,944.85 crore to Rs 19,907.15 crore on the BSE.

In terms of traded volume, 3.90 lakh shares of the company were traded on the BSE and over 70 lakh shares on the NSE during the day.

Bharat Forge on Friday reported an 18.72 per cent decline in consolidated net profit to Rs 205.48 crore in the second quarter ended September 30.

The company had posted a consolidated net profit of Rs 252.8 crore in the corresponding period of the previous financial year, Bharat Forge said in a regulatory filing.

Revenue from operations during the period stood at Rs 2,155.2 crore as against Rs 2,597.27 crore in the year-ago quarter, down 17 per cent.

Bharat Forge Chairman and Managing Director B N Kalyani said, "The quarter gone by has been the toughest period witnessed by the company in this decade.

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

First Published: Fri, November 08 2019. 16:25 IST
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