Bharat Forge – Q1 FY 20-21 results

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“The quarter gone by was impacted by the Covid19 pandemic and the
stringent measures adopted by countries to control the spread. The
government imposed economic lockdown coupled with lower underlying
demand had an adverse impact on Sales. This has resulted in the company
posting a loss of Rs 563 million for the quarter.
Despite being operational for only one month in the quarter and running at ~
20% capacity utilization, we were able to reduce breakeven levels through
continued focus on cost reduction and improve productivity.
In these uncertain times and working within guidelines set by local
authorities, we continue our steadfast focus on 4C’s: meeting customer
demand, ensuring the safety & wellbeing of our colleagues, control on costs
and working on the cost reduction initiatives already mapped out.
“Looking ahead in to demand for the coming quarter, we are witnessing
marginal improvement in demand across both domestic & export markets.
We expect our domestic revenues to be flat as compared to Q2 FY20 while
the exports will be lower than levels witnessed in Q2 FY20. The sustainability
in the recovery in underlying demand is a key factor to track in the coming
months”

STANDALONE FINANCIAL HIGHLIGHTS Q1 FY21
TABLE 1 Rs. Million
Particulars Q1 FY21 Q4 FY20 QoQ % Q1 FY20 YoY %
Shipment Tonnage 17,840 40,173 -55.6% 60,874 -70.7%
Domestic Revenue
Export Revenue
Other Operating Income
1,541
2,592
137
3,703
4,896
213
-58.4%
-47.1%
5,556
7,528
381
-72.3%
-65.6%
Total Revenue 4,270 8,812 -51.5% 13,465 -68.3%
EBIDTA 17 1,482 -98.9% 3,517 -99.5%
EBIDTA % 0.4% 16.8% 26.1%
Other Income 420 315 401
PBT (670) 535 – 2,645 –
PBT % – 6.1% 19.6%
Exchange Gain/ (loss) (46) (379) (24)
PBT after Exchange Gain/
(loss)
(716) 156 – 2,621 –
Exceptional Item – (939) –
Profit After Tax (563) (732) – 1,740 –