Bharat Forge Limited, a Pune based Indian multinational company’s Q1 net profit slipped 28 per cent to ₹171.92 crore. The company deals with automotives, power, gas, oil, construction and mining.
The company had recorded a net profit of ₹238.74 crore in the previous fiscal year.
The gross income during this quarter is ₹2372.79 crore down 3.31 per cent as against ₹2454.07 crore in the previous year.
The Chairman and Managing Director of the company BN Kalyani said the first quarter is quite challenging with negative demand developments taking place in the domestic market across segments.
The government has taken the issue seriously and is taking actions to improve the prevailing weak and uncertain demand environment.”We expect these measures to result in better off-take from second half of 2019-20,” Kalyani added.
The sales of automobile sector has also declined drastically in the recent year to 31 per cent as compared to the previous year.
At the time of writing this report, the shares of Bharat Forge were trading 4.30 per cent down at Rs 408.50 on the BSE.