Bharat Forge surges 16% post June quarter nos; here’s what brokerages say
Bharat Forge shares ended nearly 16 per cent higher at Rs 502.80 on the BSE on Thursday even after the company reported a consolidated loss of Rs 127.3 crore for the quarter ended June 30. The company had posted a consolidated profit of Rs 171.9 crore in the April-June period of the previous fiscal.
Revenue from operations came in at Rs 1,154.2 crore against Rs 2,327.8 crore in the year-ago period while its income during the April-June period declined to Rs 1,199.2 crore from Rs 2,372.7 crore in the year-ago period.
“The quarter gone by was impacted by the Covid-19 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,” said BN Kalyani, Chairman & Managing Director.
