With both domestic sales and exports declining, Bharat Forge (BFL) has reported a 26.34% y-o-y drop in net profit to R126.98 crore during Q2FY17. Sales outside India fell steeply by 30% to R451 crore while there was also a 6.46 % fall in domestic sales to R465 crore during the second quarter of FY17. Bharat Forge has also announced its exit from the power equipment business venture with Alstom, with the sale of its remaining stake in Alstom Bharat Forge Power Private Ltd.
BFL’s total Q2FY17 sales was down 19.95% to R917 crore from R1,146 crore same period last year. Total income from operation fell by 20% to R935.91 crore. BFL’s operating profit was down 26.6% to R187 crore. Chairman B N Kalyani had hinted at a difficult FY17.