Bharat Forge announced that the 62th Annual General Meeting (AGM) of the company will be held on 10 August 2023.

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Bharat Forge announced that the Board of Directors of the Company at its meeting held on 5 May 2023, has recommended a Final dividend of Rs.5.50 per share (i.e.275%), subject to the approval of the shareholders.

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Revenue from operations jumped 19.31% year on year to Rs 1,997.28 crore during the quarter. Shipment Tonnage rose by 12.3% YoY, Domestic revenue was higher by 10% YoY and Export revenue surged 25.7% YoY.

Profit before exceptional items and tax rose marginally to Rs 356.19 crore in the fourth quarter of FY23 from Rs 352.38 crore posted in Q4 FY22. Exceptional loss stood at Rs 40.84 crore in Q4 FY23. During the quarter, exceptional items were allocated to expenses related to the Voluntary Retirement Scheme (VRS) declared by the company for its employees in April 2022, July 2022 and January 2023 and employee separation costs for certain overseas subsidiaries.

EBITDA in Q4 FY23 stood at Rs 522.8 crore, registering a growth of 21.4% YoY. EBITDA margin improved to 26.2% in the fourth quarter as compared to 25.7% recorded in the corresponding quarter previous year.

Total expenses increased by 21.06% YoY to Rs 1,680.17 crore in Q4 FY23. Cost of raw materials and components consumed was at Rs 836.35 crore (up 14.74% YoY) while employee expenses stood at Rs 135.73 crore (up 5.83% YoY).

In the financial year ended March 2023, the company's net profit fell 3% to Rs 1045.47 crore on 21.07% rise in revenue to Rs 7,572.71 crore.

B.N. Kalyani, chairman & managing director, “For the year FY23, we registered record revenues of Rs 75,727 million, crossed an important milestone of $0.5 billion in Export revenues and EBITDA of Rs 19,280 million. The year gone by was also marked by record order wins of ~Rs 4,000 crore across Defence, castings and the standalone business. These order wins provide strong visibility of revenue growth for the coming 2-3 years.

FY23 was a tough year for the overseas subsidiaries which recorded an EBITDA loss of 96 crore due to ramp up challenges on the new the Aluminium forging facilities coupled with cost under recoveries which continue to impact profitability. FY24 marks the beginning of the company's pivot from Components to Products and the full potential benefits of this shift will be visible in the coming 2-3 years.

As we look ahead in to FY24, we expect strong growth across revenues, profitability and Return Ratios, driven by the core forging business and amply supported by all other platform businesses (Defence, Industrial & E-Mobility). We believe that many of the troubles ailing the overseas Aluminum business is behind us and expect them to be contribute to improvement in Return Ratios for the consolidated entity. For the standalone business, FY24 looks to be another good driven by growth in the end markets globally and ramp up of new orders won over the past 2-3 years.”

Meanwhile, the company's board has recommended a final dividend of Rs 5.50 per equity share for FY23, subject to approval of the members of the company at the ensuing AGM. The dividend, if approved, will be paid on or after 18 August 2023.

Bharat Forge (BFL) manufactures an extensive array of critical and safety components for several sectors including automobiles (across commercial & passenger vehicle), oil & gas, aerospace, locomotives, marine, energy (across renewable and non-renewable sources), construction, mining and general engineering.

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Net profit of Bharat Forge declined 42.52% to Rs 135.50 crore in the quarter ended March 2023 as against Rs 235.72 crore during the previous quarter ended March 2022. Sales rose 1.57% to Rs 3629.05 crore in the quarter ended March 2023 as against Rs 3573.09 crore during the previous quarter ended March 2022.

For the full year,net profit declined 51.16% to Rs 528.36 crore in the year ended March 2023 as against Rs 1081.76 crore during the previous year ended March 2022. Sales rose 23.41% to Rs 12910.26 crore in the year ended March 2023 as against Rs 10461.08 crore during the previous year ended March 2022.

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