Auto components major Bharat Forge on Thursday posted a consolidated net profit of Rs 153 crore for the first quarter ended June 30.
The company had reported a consolidated net loss of Rs 127 crore in the April-June quarter of the 2020-21 fiscal.
Revenue from operations rose to Rs 2,108 crore in the June quarter as against Rs 1,154 crore in the year-ago period, Bharat Forge said in a regulatory filing.
"The company during the quarter managed to deliver a solid across the board performance despite challenges posed by the Covid lockdown and subsequent impact on economic activity in India," Bharat Forge Chairman Managing Director BN Kalyani said.
During the quarter, the company completed the acquisition of Sanghvi Forgings at a cost of Rs 77.06 crore, he added.
"This facility, although currently small in scale, will play a very meaningful role in expanding our product portfolio to address significant opportunities in the Indian Industrial space over the medium term," Kalyani noted.
He further said: "As part of our growth strategy, we continue to look at enhancing our presence in the Indian manufacturing ecosystem through organic and more importantly inorganic avenues in our core business and newer verticals." Looking ahead into the second quarter of the financial year 2021-22, the company expects the overall growth to continue supported by a recovery in the domestic MHCV market and sustained improvement in demand levels in the export market, Kalyani said.
Potential impact on end demand because of supply issues pertaining to semiconductors and the sustained increase of input costs are factors to keep track of in the coming months, he added.
Bharat Forge shares on Thursday ended 6.58 per cent up at Rs 835 apiece on the BSE.
