Auto components major 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.
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.
KPTL houses all of the electric vehicle initiatives of the Bharat Forge.