Bharat Forge Stock Declines More Than 4% After Q3 Results

Shares of auto components major Bharat Forge  fell over 4 per cent in late morning trade on Wednesday after the company reported a decline in profit for the third quarter ended December 31, 2022.

In the late morning session, the scrip of the company declined by 4.38 per cent to Rs 835.55 apiece on the BSE.

The stock witnessed a similar movement on the NSE, where it slumped by 4.22 per cent to Rs 836.65 per share.

Meanwhile, the 30-share BSE Sensex was trading 37.93 points or 0.06 per cent higher at 61,070.19 in the late morning trade.

On Tuesday, Bharat Forge Ltd (BFL) reported an 81.35 per cent decline in consolidated net profit at Rs 78.72 crore in the third quarter ended December 2022, hit by higher expenses.

It had posted a consolidated net profit of Rs 422 crore in the same period last fiscal, the firm said in a regulatory filing.

Its consolidated revenue from operations in the quarter under review was at Rs 3,353.36 crore, as against Rs 2,394.69 crore in the same period last fiscal.

Total expenses in the October-December period this fiscal was at Rs 3,178.9 crore, up from Rs 2,093.39 crore in the year-ago quarter, it added.