Bharat Forge, One Of World's Largest Forging Companies

Bharat Forge, one of world's largest forging companies, started off year on a weak note by reporting a massive 28 percent degrowth in June quarter profit, dragged by subdued demand in domestic market and inventory destocking in export oil & gas business.

Profit declined to Rs 171.92 crore in June quarter, from Rs 238.75 crore in same period last year. Revenue fell 3.55 percent year-on-year to Rs 23,278.56 crore in quarter ended June 2019.

"Q1 FY20 was a challenging quarter with negative demand development in the domestic market across segments, with OEM's focussed on correcting inventory levels across the value chain. 

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