Bharat Forge Ltd.'s share price declined to the lowest level in over one year as the company disappointed the street with weaker than expected performance during October-December. Its third-quarter consolidated net profit fell 16.14% on the year to Rs 213 crore compared to Rs 303 crore estimated by analysts in a Bloomberg's consensus estimates.
Bharat Forge also reported 10.12% on the year decline in revenue. Its revenue for the quarter stands at Rs 3,475 crore compared to Rs 3,866 crore. Operating profit declined 10.6% year on year to Rs 624 crore from Rs 698 crore. Bharat Forge reported that its Ebitda margin fell 10 basis points to 17.95% from 18.05%.
Softness in commercial vehicle demand, lower revenue from defence, and operations weighed on Bharat Forge's third-quarter numbers. Order momentum also declined during last quarter, Emkay Global Research said in a note Thursday.
Bharat Forge share price declined 5.43% to Rs 1,044.70 apiece, the lowest level since Nov 15, 2023. It pared losses to trade at 3.57% lower at Rs 1,067.60 apiece as of 9:37 a.m., as compared to 0.27% advance in the NSE Nifty 50 index.
The stock declined for four days in a row. It fell 2.21% in 12 months. Total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 27.63.
Out of 25 analysts tracking the company, 15 maintain a 'buy' rating, three recommend a 'hold,' and seven suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 20.8%
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