Auto components major Bharat Forge on Tuesday posted a 28 per cent decline in its consolidated net profit at Rs 171.92 crore for the first quarter ended June 30, 2019, on account of lower income.
The company had reported a net profit of Rs 238.74 crore in the same period of the previous fiscal.
Total income during the quarter under review stood at Rs 2,372.79 crore, down 3.31 per cent as against Rs 2,454.07 crore in the corresponding period a year ago period, Bharat Forge said in a BSE filing.
Bharat Forge Chairman and Managing Director B N Kalyani said, the first quarter of this fiscal was a challenging quarter with negative demand development in the domestic market across segments, with original equipment manufacturers (OEMs) focussing on correcting inventory levels across the value chain.
"Given the prevailing weak and uncertain demand environment, and especially the situation across the automotive value chain, the government has taken the issue seriously and is putting in place measures to improve demand and sentiments. We expect these measures to result in better off-take from second half of 2019-20," he added.
Shares of Bharat Forge were trading 4.30 per cent down at Rs 408.50 apiece on the BSE.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today