Bharat Forge Q1 net profit at Rs.1220.60 mn

Defence and auto products manufacturer Bharat Forge's first quarter (April-June) earnings disappointed the street on Friday with profit falling 37.8 percent year-on-year to Rs 122 crore, impacted by exports business. 

However, the stock rallied more than 3 percent because it already priced in bad results by falling 44 percent in the last one year and even the company expects the demand in July-September quarter to be slightly higher on sequential basis. 

Revenue for the quarter declined 19.3 percent to Rs 957 crore on yearly basis as exports plunged 40 percent to Rs 407.9 crore. Shipment tonnage slipped 5.6 percent YoY.

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