Bharat Forge stock settles more than 4% lower after Q3 profit declines

(PTI) Shares of Bharat Forge ended more than 4 per cent lower on Wednesday after the auto components major reported a decline in profit in the third quarter ended December 31, 2022.

The scrip of the firm declined 4.41 per cent to close at ₹835.30 apiece on the BSE.

On the NSE, it plunged 4.40 per cent to settle at ₹835.10 per share.

In volume terms, 1.60 lakh shares of the firm were traded on the BSE and nearly 60 lakh shares were on the NSE, during the day.

On Tuesday, Bharat Forge Ltd (BFL) reported an 81.35 per cent decline in consolidated net profit at ₹78.72 crore in the third quarter ended December 2022, hit by higher expenses.

It had posted a consolidated net profit of ₹422 crore in the same period last fiscal, the firm said in a regulatory filing.

Its consolidated revenue from operations in the quarter under review was at ₹3,353.36 crore, as against ₹2,394.69 crore in the same period last fiscal.

Total expenses in the October-December period this fiscal was at ₹3,178.9 crore, up from ₹2,093.39 crore in the year-ago quarter, it added.

On Wednesday, the 30-share BSE Sensex benchmark advanced 242.83 points or 0.40 per cent higher to close at 61,275.09.