Govt extends PLI scheme for automobile, auto components for 1 year
Under the amended scheme, the incentive will be applicable for a total of five consecutive financial years, starting from the financial year 2023-24.
Auto components major Bharat Forge on Wednesday reported a 60.5 per cent jump in its standalone net profit to Rs 203.72 crore for the quarter ended September 30, as compared to Rs 126.89 crore in the year-ago period.
Its total revenue during the quarter under review stood at Rs 1,258 crore, up by 41.2 per cent from Rs 890.9 crore in the year-ago period.
“The company’s performance in Q2 FY18 has been strong with all round growth across domestic and export business. Total revenue grew by 41.2 per cent driven by 26 per cent growth in domestic revenues and 56 per cent growth in export revenues,” said its Chairman & Managing Director B.N. Kalyani.
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He said despite continued inflationary pressures, EBITDA margins at 30.3 per cent expanded by 190 bps as compared to the same quarter previous year driven by better product mix, enhanced productivity & favorable exchange realisation.
“As we look ahead in to third quarter of FY 18, we expect to see continued improvement in underlying demand across geographies and businesses. Demand in Q3 is expected to witness improvement compared to Q3 FY17,” he added.
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