Bharat Forge has received board approval to raise up to Rs 2,000 crore through the issuance of shares and debt, as the company reports mixed results for the first quarter of FY25.
In Q1, Bharat Forge experienced a 13.5% decline in net profit, dropping to Rs 269.4 crore from Rs 312 crore in the same period last year. Despite the fall in profit, the company’s revenue saw a 10% increase, rising to Rs 2,338 crore from Rs 2,127.2 crore year-on-year.
The company’s EBITDA also decreased by 18.7%, amounting to Rs 651.3 crore compared to Rs 548.5 crore the previous year. However, the EBITDA margin improved to 28% from 26%. Additionally, the firm reported a one-time loss of Rs 146 crore during the quarter.
Following the announcement of the Rs 2,000 crore fundraising plan, Bharat Forge’s shares surged by 4% on the NSE, trading at Rs 1,619.65 each.
Baba Kalyani, Managing Director of Bharat Forge, expressed optimism for the upcoming quarter, stating, “We anticipate continued positive momentum and reaffirm that all our business segments will see improvements in operational parameters.”
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Source: Moneycontrol
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