Bharat Forge share price dropped over 11% intraday after the company reported a loss in Q4 FY20, due to lower sales and one-time exceptional loss
Bharat Forge reported a consolidated net loss of Rs 68.59 crore for the quarter ended March 2020 against net profit of Rs 324 crore in the year-ago quarter.
Following the result update, shares of Bharat Forge touched an intraday low of Rs 311.55, falling 11.65% against the previous close of Rs 352.65.
Earlier, the stock opened at Rs 353 and touched an intraday high of Rs 353.40 on BSE.
Bharat Forge stock price has lost 15% in one week, 3% in one month and 34% since the beginning of the year. Market capitalisation of the firm stood at Rs 16,196.00 crore as of today's closing session.
Bharat Forge shares trade higher than 50-day moving averages but lower than 5, 20, 100 and 200-day moving averages.
For the quarter ended March 2020, consolidated net sales were down 34.78% to Rs 1741.92 crore in Q4 FY20 from Rs 2670.78 crore in Q4 FY19.
"We are hopeful that sequentially things will start to improve from H2 FY21, as economies open up and stabilise. Although the current scenario is very different from what we have ever seen before, we are very confident that the company will come out from these difficult times stronger than before," company's management said in the regulatory filing.
Company's EBITDA stood at Rs 148.11 crore in Q4FY20, registering a fall of 75.08% YoY as against posted EBITDA of Rs 594.45 crore in Q4FY19. EBITDA margins came in at 8.5% as of Q4FY20, down 13.76% YoY against the same quarter last year.
For the financial year FY20, company reported a net loss of Rs 73.3 crore in FY20 against a profit of Rs 299.5 crore in FY19. Its revenue fell 47.2% at Rs 881.1 crore against Rs 1,668.6 crore YoY.
Shares of Bharat Forge closed 10.25% lower at Rs 316.50 apiece on BSE today.