Bharat Forge Q2 revenue dips by 4.7 per cent

Standalone EBITDA got reduced by 5.1 per cent to Rs 207 crore while PBT before exchange gain and loss and exceptional item decreased by 6.9 percent to Rs 136.9 crore. PAT for the quarter marginally reduced by 3.4 per cent to Rs 102 crore compared to the corresponding quarter of the previous year.

Commenting on the results of the company B N Kalyani,chairman and and managing director, said,“The quarterly performance continues to be impacted by sluggish demand in the domestic market across automotive and industrial sectors. In an already weak global economic environment,further weakening of demand has become increasingly evident around the globe across both automotive and industrial sectors. All global original equipment manufacturers (OEM’s ) are adjusting their production level to correct inventory levels leading to destocking of inventory across the pipeline. We expect to witness downward pressure due to decline in demand across auto and non-auto globally coupled with a sluggish domestic market in the coming 2 -3 quarters.”