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Bharat Forge shares jump 7.53% post June quarter earnings

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New Delhi: Shares of auto components major Bharat Forge Ltd on Wednesday jumped 7.53 per cent after the company reported a 33.27 per cent increase in consolidated net profit in the June quarter.

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The stock climbed 6.87 per cent to settle at Rs 967.10 apiece on the BSE. During the day, it rallied 7.74 per cent to its 52-week high of Rs 975.

On the NSE, it gained 7.53 per cent to end at Rs 974 per share.

Bharat Forge Ltd on Wednesday reported a 33.27 per cent increase in consolidated net profit at Rs 213.73 crore in the first quarter ended June 30, 2023.

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The company had posted a consolidated net profit of Rs 160.37 crore in the same quarter last fiscal, Bharat Forge said in a regulatory filing.

Consolidated revenue from operations was at Rs 3,877.27 crore as against Rs 2,851.46 crore in the year-ago period, it added.

Total expenses were higher at Rs 3,602.48 crore as compared to Rs 2,643.95 crore in the same period a year ago.

Bharat Forge said its board at its meeting held on Wednesday also approved conversion of existing inter corporate deposits given by it to Kalyani Powertrain Ltd (KPTL), a wholly-owned arm, along with interest amounting to Rs 111.3 crore into equity shares, to reduce the overall borrowings at KPTL.

The board also approved a further investment of an amount not exceeding Rs 150 crore in KPTL from time-to-time in one or more tranches.

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