Bharat Forge yesterday announced a 5% (YoY) growth in consolidated net profit for Q1FY23 at Rs.160 crore on a 35% rise in revenue from operations at Rs.2851 crore.

EBITDA grew by 6.8% to Rs 4,60 crore. Export revenues at Rs 1047 crore and PV export revenues at Rs 194 crore were at an all-time high. EBITDA margins at 26.1% is a marginal improvement of 40 bps despite a sharp increase in energy cost.

The company completed the acquisition of JS Autocast Pvt Limited, at an Enterprise Value of Rs 490 crore. Enhancing its capabilities to address segments in Industrial and energy sector in both domestic and exports markets and also opens up new products, which hitherto it was not making.

During the quarter, the Indian operations secured new business worth Rs 350 crore across automotive & industrial application. At a consolidated level, the European operations have delivered a stable performance as per plan, in-spite of high input prices and weak market conditions. The new Greenfield Aluminium Forging facility in North America is still in a ramp-up phase and operating at low utilization levels which has adversely impacted the overall quarterly profitability; this is expected to turnaround in second half of the fiscal.

The company said that looking ahead in to Q2FY23, it expects stable performance across both the domestic and export markets despite uncertainty arising from the macro economic headwinds caused by monetary tightening.

The market was happy with the performance yesterday and today too, the momentum on the counter continues; among the top five gainers on the BSE, it opened 1.5% higher at Rs.747.50 and rose to an intraday high at Rs.797.60, up 8.5%.