Bharat Forge Q1 Profit Plunges 28% to Rs 171.9 Crores
Total revenues in Q1 FY20 at Rs 13,466 million declined by 9.0% as compared to the same period last year caused by a weak demand environment in the domestic market and inventory de-stocking in Oil & Gas.
EBITDA at Rs. 3,519 million de-grew by 17.9% as compared to Q1 FY19.
PBT before Exchange gain/ (loss) de-grew by 25.5% on a Y-o-Y basis to Rs 2,646 million in Q1 FY20.
PAT stood at Rs 1,741 million, a decline of 25.8% as compared to Rs 2,345 million in Q1 FY19.
“Q1 FY20 was a challenging quarter with negative demand development in the domestic market across segments, with OEM’s focussed on correcting inventory levels across the value chain. This coupled with the inventory destocking in the export Oil & Gas business, had an adverse impact on our performance. Total sales for the quarter at Rs 13,466 million declined by 9.0% compared to Q1 FY19. PAT was down 25.8% at Rs 1,741 million compared to Q1 FY19." The Company said in a statement.
