Bharat Forge reports loss of Rs 127.32 crore in Q1; revenue plunges 50%
Bharat Forge on August 12 reported a consolidated loss of Rs 127.32 crore for the June quarter of FY21, against a profit of Rs 171.92 crore in the corresponding quarter a year ago.
The company's Q1FY21 revenue from operations declined 50.42 percent to Rs 1,154.2 crore, against Rs 2,327.86 crore in Q1FY20.
EBITDA (earnings before interest, taxes, depreciation, and amortization) loss came at Rs 14.1 crore in the quarter under review, against EBITDA profit of Rs 410.4 crore in the year-ago period.
Total expenses for the quarter stood at Rs 1,343.62 crore, against Rs 2,101.17 crore in the same quarter in FY20.
In a BSE filing, the company said the group has made an assessment of liquidity, recoverable values of its financial and non-financial assets, including carrying value of its subsidiaries, and has concluded that there is no material adjustments required in the interim financial results.
However, the impact assessment of COVID-19 is a continuous process, given the uncertainties associated with its nature and duration, the company said.
"The impact of global health pandemic might be different from that estimated as at the date of approval of these financial results. The group will continue to closely monitor any material changes to future economic conditions," said the company.