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Bharat Forge Ltd Interim / Quarterly Report 2021
61415_rns_2021-08-12_1c946ab1-9e67-4d8a-8db8-eb80ffa039be.pdf
Interim / Quarterly Report
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August 12, 2021
To,
BSE Limited, 1st Floor, New Trading Ring, Rotunda Building, P.J. Towers, Dalal Street, Fort, Mumbai - 400 001 BSE SCRIP CODE - 500493
National Stock Exchange of India Ltd., 'Exchange Plaza', Bandra-Kurla Complex, Sandra (East) Mumbai- 400 051 Symbol: BHARATFORG Series: EQ
Sub: Outcome of Board Meeting
Ref: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Dear Sir/Madam,
This is to inform you that the Board of Directors of the Company in its Meeting held on Thursday, August 12, 2021 have considered, approved and took on record, the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter ended on June 30, 2021 along with Limited Review Report by the Statutory Auditors of the Company.
A copy of the same is enclosed herewith.
| 12: 4511: 0 0 AM·and concluded at | P-M· |
|---|---|
We request you to kindly take the same on record.
Thanking you,
Encl: As above
BHARAT FORGE LIMITED, MUNDHWA, PUNE 411 036, MAHARASHTRA, INDIA. PHONE: +91 20 6704 2777 FAX: +91 20 2682 0699 (Export), 2682 2387 (Sales/Mktg) 2682 2163 (Materials) Website : www.bharatforge.com CIN No. l25209PN 1961 PlC0l 2046
BHARAT FORGE LIMITED
Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036,
Maharashtra, India.
CIN:L25209PN1961PLC012046
Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163
Email: [email protected]; Website: www.bharatforge.com
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021
| (tin Million) | |||||
|---|---|---|---|---|---|
| Quarter ended | |||||
| June 30, | March 31, | June 30, | March 31, | ||
| Sr. No. | Particulars | 2021 | 2021 | 2020 | 2021 |
| (Unaudited) | (Audited) | (Unaudited) | (Audited) | ||
| ( See note 4) | |||||
| 1 | Income | ||||
| a) Revenue from operations | 13,718.45 | 13,073.46 | 4,269.70 | 36,515.12 | |
| b) Other income | 332.92 | 319.61 | 419.61 | 1,404.57 | |
| Total income | 14,051.37 | 13,393.07 | 4,689.31 | 37,919.69 | |
| 2 | Expenses | ||||
| a) Cost of raw materials and components consumed | 5,379.78 | 5,559.43 | 1,334.09 | 14,958.69 | |
| b) Changes in inventories of finished goods, | |||||
| work-in-progress, dies and scrap | (168.85) | (293.69) | 510.27 | (814.15) | |
| c) Employee benefits expense | 1,216.38 | 1,134.31 | 1,137.81 | 4,482.37 | |
| d) Depreciation and amortisation expense | 1,019.03 | 1,006.20 | 808.35 | 3,660.75 | |
| e) Finance costs | 405.68 | 136.55 | 299.01 | 779.15 | |
| f] Other expenses (see note 5) | 3,377.36 | 3,082.53 | 1,315.83 | 10,611.98 | |
| Total expenses (a to f) | 11,229.38 | 10,625.33 | 5,405.36 | 33,678.79 | |
| 3 | Profit/(loss) before exceptional items and tax (1-2) | 2,821.99 | 2,767.74 | (716.05) | 4,240.90 |
| 4 | Exceptional items (expenses) (see note 3) | (616.47) | (8.03) | - | (91.83) |
| 5 | Profit/(loss) before tax (3+4) | 2,205.52 | 2,759.71 | (716.05) | 4,149.07 |
| 6 | Income tax expense / (credit) | ||||
| a) Current tax | 586.32 | 540.26 | - | 882.21 | |
| b) Deferred tax | (47.69) | 164.97 | (152.96) | 145.92 | |
| Income tax expense / (credit) | 538.63 | 705.23 | (152.96) | 1,028.13 | |
| 7 | Profit/ (loss) for the quarter/year (5-6) | 1,666.89 | 2,054.48 | (563.09) | 3,120.94 |
| 8 | Other comprehensive income | ||||
| a) Other comprehensive income/(loss) not to be reclassified | |||||
| to profit and loss in subsequent period | 135.47 | 18.94 | 13.01 | 213.01 | |
| Tax effect- | 1.19 | (8.29) | 5.40 | (15.17) | |
| b) Other comprehensive (loss) /income to be reclassified | |||||
| to profit and loss in subsequent period | (386.34) | 993.38 | 627.19 | 3,490.90 | |
| Tax effect- | 128.49 | (280.92) | (156.47) | (874.04) | |
| Other comprehensive (loss) /income (Net of tax) | (121.19) | 723.11 | 489.13 | 2,814.70 | |
| 9 | Total comprehensive income/(loss) (7+8) | 1,545.70 | 2,777.59 | (73.96) | 5,935.64 |
| 10 | Earnings per share | ||||
| Basic and diluted (int') (not annualised for quarters)- | 3.58 | 4.41 | (1.21) | 6.70 | |
| 11 | Equity share capital (Face Value t 2/- each) | 931.27 | 931.27 | 931.27 | 931.27 |
| 12 | Other equity | 58,555.00 | |||
| Additional Information: | |||||
| Profit before tax and before other income, depreciation and | 3,909.67 | 3,337.87 | 17.29 | 7,347.81 | |
| amortisation expense, finance costs, exchange gain/(loss) included | |||||
| in other expenses (see note 5) and exceptional items | |||||
| Profit/(loss) before tax, before exchange gain/(loss) included in | 2,817.88 | 2,514.73 | (670.46) | 4,312.48 | |
| other expenses (see note 5) and exceptional items |
BHARAT FORGE LIMITED
Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036,
Maharashtra, India.
CIN:l25209PN1961PLC012046
Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163
Email : [email protected]; Website : www.bharatforge.com STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021
| {'{in MIiiion) | |||||
|---|---|---|---|---|---|
| Quarter ended | |||||
| June 30, | March 31, | June 30, | March 31, | ||
| No. | Sr. Particulars | 2021 | 2021 | 2020 | 2021 |
| (Unaudited) | (Audited) | (Unaudited) | (Audited) | ||
| (See note 4) | |||||
| 1 | Income | ||||
| a) Revenue from operations | 21,076.77 | 20,828.49 | 11,542.11 | 63,362.61 | |
| b) Other income | 407.16 | 523.79 | 450.34 | 1,688.98 | |
| Total income | 21,483.93 | 21,352.28 | 11,992.45 | 65,051.59 | |
| 2 | Expenses | ||||
| a) Cost of raw materials and components consumed | 9,214.33 | 9,163.03 | 4,237.39 | 24,800.94 | |
| b) Purchase of traded goods | 294.51 | 532.80 | 205.64 | 1,737.16 | |
| c) Changes in inventories of finished goods, traded goods | |||||
| work-in-progress, dies and scrap | (2,050.43) | (1,261.82) | 1,016.97 | (196.54) | |
| d) Employee benefits expense | 3,288.70 | 2,725.62 | 2,971.88 | 10,710.60 | |
| e) Depreciation, amortisation and impairment expense | 1,667.75 | 1,606.34 | 1,385.46 | 6,121.59 | |
| f) Finance costs | 500.67 | 229.30 | 367.69 | 1,077.29 | |
| g) Other expenses (see note 5 ) | 5,826.87 | 5,411.04 | 3,251.17 | 17,693.07 | |
| Total expenses (a to g) | 18,742.40 | 18,406.31 | 13,436.20 | 61,944.11 | |
| 3 | Profit/ (loss) before share of (loss) of associates, | ||||
| Joint ventures, exceptional items and tax (1-2) | 2,741.53 | 2,945.97 | (1,443.75) | 3,107.48 | |
| 4 | Share of (loss) of associates and joint ventures | (90.78) | (250.30) | (19.00) | (304.09) |
| Income tax expense | 0.30 | (5.01) | (4.35) | ||
| Share of (loss) of associates and joint ventures after tax | (91.08) | (245.29) | (19.00) | (299.74) | |
| 5 | Profit/(loss) before exceptional items and tax (3+4) | 2,650.45 | 2,700.68 | (1,462.75) | 2,807.74 |
| 6 | Exceptional items (expenses) (see note 3 ) | (616.47) | (8.03) | (3,062.28) | |
| 7 | Profit/(loss) before tax (5+6) | 2,033.98 | 2,692.65 | (1,462.75) | (254.54) |
| 8 | Income tax expense/ (credit) | ||||
| a) Current tax | 587.16 | 542.93 | 2.02 | 906.56 | |
| b) Deferred tax | (80.66) | 28.49 | (191.55) | 108.56 | |
| Income tax expense/ (credit) | 506.50 | 571.42 | (189.53) | 1,015.12 | |
| 9 | Profit/(loss) for the quarter/year (7-8) | 1,527.48 | 2,121.23 | (1,273.22) | (1,269.66) |
| 10 Other comprehensive income | |||||
| a) Other comprehensive income/(loss) not to be reclassified | |||||
| to profit and loss in subsequent period | 136.75 | (113.50) | 12.66 | 123.22 | |
| Tax effect- | 1.19 | 24.94 | 5.40 | 4.54 | |
| b) Other comprehensive (loss)/ income to be reclassified | |||||
| to profit and loss In subsequent period | (560.94) | 1,129.20 | 820.76 | 3,970.68 | |
| - Tax effect | 128.49 | (280.92) | (157.47) | (875.54) | |
| Other comprehensive income/(loss) (Net of tax) | (294.51) | 759.72 | 681.35 | 3,222.90 | |
| 11 Total comprehensive lncome/(loss) (9+10) | 1,232.97 | 2,880.95 | (591.87) | 1,953.24 | |
| 12 Total comprehensive income/(loss) above attributable to: | |||||
| Owners of the parent- | 1,241.88 | 2,845.78 | (578.69) | 1,956.18 | |
| Non-controlling interest- | (8.91) | 35.17 | (13.18) | (2.94) | |
| 13 Of the total comprehensive income/(loss) above, | |||||
| profit/(Loss) for the period/year attributable to: | |||||
| Owners of the parent- | 1,536.49 | 2,086.06 | (1,258.11) | (1,263.81) | |
| Non-controlling interest- | (9.01) | 35.17 | (15.11) | (5.85) |
BHARAT FORGE LIMITED Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036, Maharashtra, India. CIN:l25209PN1961PLC012046
Ph. No.: 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163
Email : [email protected]; Website : www.bharatforge.com
| STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021 | |||||
|---|---|---|---|---|---|
| (( in Million | |||||
| Quarter ended | |||||
| Sr. | June 30, | March 31, | June 30, | March 31, | |
| No. Particulars | 2021 | 2021 | 2020 | 2021 | |
| (Unaudited) | (Audited) | (Unaudited) | (Audited) | ||
| (See note 4) | |||||
| 14 Of the total comprehensive income above, | |||||
| Other comprehensive income/(loss) for the year attributable to: | |||||
| - Owners of the parent | (294.61) | 759.72- | 679.42 | 3,219.99 | |
| - Non-controlling interest | 0.10 | 1.93 | 2.91 | ||
| 15 Earnings per share | |||||
| Basic and diluted (not annualized for quarters) (in() | 3.30 | 4.48 | (2.70) | (2.71) | |
| 16 Equity share capital (Face Value ( 2/- each) | 931.27 | 931.27 | 931.27 | 931.27 | |
| 17 Other equity | 53,219.92 | ||||
| Additional Information : | |||||
| Profit before share of profit /(loss) of associates, joint ventures, tax | 4,546.41 | 3,767.85 | 83.26 | 8,633.55 | |
| and before other income, depreciation, amortization and | |||||
| impairment expense, finance costs, exchange gain/(loss) included | |||||
| in other expenses (see note 5 ) and exceptional items | |||||
| Profit/(loss) before share of profit/(loss) of associates, joint | 2,785.15 | 2,456.00 | (1,219.55) | 3,123.65 | |
| ventures, tax, before exchange gain/(loss) included in other | |||||
| expenses (see note 5 I and exceptional items |
BHARAT FORGE LIMITED Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036,
Maharashtra, India.
CIN:L25209PN1961PLC012046
Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163
Email : [email protected], Website : www.bharatforge.com
STATEMENT OF STANDALONE AND CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021
NOTES TO FINANCIAL RESULTS
1 Consolidated segment wise revenue, results and capital employed for the quarter ended June 30, 2021.
The Group's business is divided into two reporting segments which comprises of "Forgings" and "Others" which represents the Group's businesses not covered in Forgings segment. The Chief Operating Decision Maker monitors the operating results of the business units separately for the purpose of making decisions about resource allocation and performance assessment based on an analysis of various performance indicators.
The "Forgings" segment produces and sells forged products comprising of forgings and machined components for automotive and industrial sectors. "Others " primarily includes various new initiatives which the Group is carrying out other than forging related activities.
| Consolidated statement of orofit and lossltin Million! | ||||||
|---|---|---|---|---|---|---|
| Quarter ended | Year ended | |||||
| June 30, | March 31, | June 30, | March 31, | |||
| Sr. | Particulars | 2021 | 2021 | 2020 | 2021 | |
| No. | (Unaudited) | (Audited) | (Unaudited) | (Audited) | ||
| ( See note 4) | ||||||
| 1 | Segment revenue | |||||
| Revenues from external customers | ||||||
| a | Forgings | 20,684.87 | 19,933.91 | 11,140.25 | 61,116.83 | |
| b | Others | 608.09 | 1,149.13 | 587.20 | 3,057.77 | |
| 21,292.96 | 21,083.04 | 11,727.45 | 64,174.60 | |||
| Less: Inter-segment revenue | 4.31 | 3.06 | - | 4.37 | ||
| Total | 21,288.65 | 21,079.98 | 11,727.45 | 64,170.23 | ||
| Adjustments and eliminations II | (211.88) | (251.49) | {185.34) | {807.62) | ||
| Revenue from operations | 21,076.77 | 20,828.49 | 11,542.11 | 63,362.61 | ||
| 2 | Segment results | |||||
| a | Forgings | 3,263.87 | 3,197.75 | (1,106.90) | 4,307.27 | |
| b | Others | (77.48) | {40.99) | (112.46) | (217.01) | |
| Total segment profit/{loss) before interest, tax and exceptional | 3,186.39 | 3,156.76 | (1,219.36) | 4,090.26 | ||
| items from each reportable segment | ||||||
| Less: Finance cost | 500.67 | 229.30 | 367.69 | 1,077.29 | ||
| Less: Unallocable (income)/expenditure {net ) | 35.27 | 226.78 | {124.30) | 205.23 | ||
| Total profit/(loss) before tax and exceptional items | 2,650.45 | 2,700.68 | (1,462.75) | 2,807.74 | ||
| Add: Exceptional items (loss) | ||||||
| Forgings | (616.47) | (8.03) | - | (3,062.28) | ||
| Others | - | - | - | - | ||
| (616.47) | (8.03) | {3,062.28) | ||||
| Profit/(loss) before tax | 2,033.98 | 2,692.65 | (1,462.75) | (254.54) | ||
| Consolidated Balance Sheet(tin Million) |
| Sr. | Particulars | June 30, | June 30, | March 31, |
|---|---|---|---|---|
| No. | 2021 | 2020 | 2021 | |
| (Unaudited) | (Unaudited) | (Audited! | ||
| 3 | Segment assets | |||
| a | Forgings | 1,00,826.01 | 83,230.73 | 94,605.93 |
| b | Others | 5,666.40 | 4,664.53 | 5,559.03 |
| C | Unallocable assets including unutilised fund | 33,048.25 | 26,397.16 | 32,008.07 |
| Total | 1,39,540.66 | 1,14,292.42 | 1,32,173.03 | |
| Adjustments and eliminations II | (454.31) | (400.34) | (394.65) | |
| Total assets | 1,39,086.35 | 1,13,892.08 | 1,31, 778.38 | |
| 4 | Segment liabilities | |||
| a | Forgings | 23,473.46 | 14,201.95 | 20,637.38 |
| b | Others | 1,141.92 | 767.13 | 1,046.21 |
| C | Unallocable | 3,383.25 | 2,119.21 | 3,142.47 |
| Total | 27,998.63 | 17,088.29 | 24,826.06 | |
| Adjustments and eliminations II | (543.44) | (310.18) | (483.70) | |
| Total Liabilities | 27,455.19 | 16,778.11 | 24,342.36 | |
| Net capital employed | 1,11,631.16 | 97,113.97 | 1,07,436.02 | |
II Adjustment and eliminations include elimination on revenue, assets and liabilities of joint ventures and associates which have been accounted under equity method.
BHARAT FORGE LIMITED Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036, Maharashtra, India. CIN:L25209PN1961PLC012046 Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163
Email : [email protected]; Website : www.bharatforge.com
STATEMENT OF STANDALONE AND CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021
NOTES TO FINANCIAL RESULTS (Contd.):
- 2 The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on August 12, 2021.
- 3 Pursuant to the Voluntary Retirement Scheme (VRS) declared by the Company for its employees at Chakan Plant in June 2021, expenses of ,616.47 million are provided for the quarter ended June 30, 2021 in the standalone and consolidated financial results.
- 4 The figures pertaining to the quarter ended March 31, 2021 are the derived figures between the audited amounts for the year ended March 31, 2021 and unaudited amounts published for nine months period ended December 31, 2020.
- 5 "Other expenses" includes impact of exchange fluctuations on foreign currency transactions including revaluation of foreign currency assets and liabilities.
| (Zin MIiiion) | ||||
|---|---|---|---|---|
| Quarter ended | Year ended | |||
| Particulars | June 30,2021 | March 31,2021 | June 30,2020 | March 31,2021 |
| (unaudited) | (Audited) | {unaudited) | (Audited) | |
| (See note 4) | ||||
| Standalone | ||||
| Exchange gain/(loss) | 4.11 | 253.01 | (45.59) | (71.58) |
| Consolidated | ||||
| Exchange gain/(loss) | {43.62) | 489.97 | (224.20) | {16.17) |
- 6 The code on Social Security, 2020 ('Code') relating to employees benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Group will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
- 7 The Company through its wholly owned subsidiary BF Industrial Solutions Limited (BFISL) acquired Sanghvi Forging & Engineering Limited (SFEL) along with its wholly owned subsidiary Sanghvi Europe B.V. on June 28, 2021 for a consideration of, 770.60 million. SFEL is engaged in the manufacture of heavy forging for industrial applications. SFEL was admitted under Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 of India. The National Company Law Tribunal (NCLT) vide its order dated April 26, 2021, approved the resolution plan for acquiring controlling stake in SFEL, pursuant to which, the Company acquired SFEL through BFISL.
The Company has calculated the fair value of the acquired assets and liabilities on a provisional basis in accordance with Ind AS 103 Business Combinations and allocated the purchase consideration of, 770.60 million.
8 The spread of COVID-19 has severely impacted business in many countries including India and there have been severe disruption to regular business operations due to lockdown and other emergency measures. This may impact the Group's operations in certain geographies. The Group has made assessment of liquidity, recoverable values of its financial and non-financial assets, financial and non-financial liabilities, carrying value of its subsidiaries including possible obligations arising from any ongoing negotiations with customers, vendors and regulatory exposures across businesses and geographies and has concluded that there are no material adjustments required in the interim financial results. The management believes that it has assessed and taken all the possible impacts known from these events wherever possible outcome is known. However, given the effect of these on the overall economic activity and in particular in the industry in which Group operates, the impact assessment of COVID-19 is a continuous process, given the significant estimation and uncertainties associated with its nature, duration and outcome of any negotiations. 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 and its consequential impact on its financial results.
BHARAT FORGE LIMITED Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036, Maharashtra, India.
CIN:L25209PN1961PLC012046
Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163
Email : [email protected], Website: www.bharatforge.com
STATEMENT OF STANDALONE AND CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021
NOTES TO FINANCIAL RESULTS (Contd.):
9 The consolidated financial results include results of all the subsidiaries, associates and joint ventures of Bharat Forge Limited and their step down subsidiaries, joint ventures and associates. The names, country of incorporation or residence and proportion of ownership interests are as under:
| Name of the company | Country ofincorporation | Parent's ultimateholding as onJune 30, 2021 | Financial yearends on | |
|---|---|---|---|---|
| A | Subsidiaries | |||
| - Bharat Forge Global Holding GmbH and its wholly owned subsidiaries • | Germany | 100% | 31-Dec-21 | |
| i. Bharat Forge CDP GmbH and its wholly owned subsidiaries | Germany | 100%@ | 31-Dec-21 | |
| - Bharat Forge Daun GmbH | Germany | 100%@ | 31-Dec-21 | |
| - Bharat Forge CDP Trading ~ | Russia | NA | 31-Dec-21 | |
| ii. Bharat Forge Holding GmbH and its wholly owned subsidiary | Germany | 100%@ | 31-Dec-21 | |
| - Bharat Forge Aluminiumtechnik GmbH | Germany | 100%@ | 31-Dec-21 | |
| iii. Mecanique Generale Langroise | France | 100%@ | 31-Dec-21 | |
| iv. Bharat Forge Kilsta AB | Sweden | 100%@ | 31-Dec-21 | |
| - Bharat Forge International Limited | U.K. | 100% | 31-Mar-22 | |
| - Bharat Forge America Inc. and its wholly owned subsidiaries• | U.S.A. | 100% | 31-Dec-21 | |
| i. Bharat Forge PMT Technologie LLC | U.S.A. | 100%@ | 31-Dec-21 | |
| ii. Bharat Forge Tennessee INC. | U.S.A. | 100%@ | 31-Dec-21 | |
| iii. Bharat Forge Aluminium USA, INC. | U.S.A. | 100%@ | 31-Dec-21 | |
| iv. Kalyani Mobility INC (formerly Kalyani Precision Machining INC.) | U.S.A. | 100%@ | 31-Dec-21 | |
| - Indigenous IL Limited (not consolidated) | Israel | NA | 31-Dec-21 | |
| - BF Infrastructure Limited and its subsidiary | India | 100% | 31-Mar-22 | |
| i. BFIL-CEC JV | India | 74%@ | 31-Mar-22 | |
| - Kalyani Strategic Systems Limited and its subsidiary | India | 51% | 31-Mar-22 | |
| i. Kalyani Rafael Advanced Systems Private Limited | India | 50%@ | 31-Mar-22 | |
| - BF El bit Advanced Systems Private Limited | India | 51% | 31-Mar-22 | |
| - Analogic Controls India Limited | India | 100% | 31-Mar-22 | |
| - Eternus Performance Materials Private Limited | India | 51% | 31-Mar-22 | |
| - Kalyani Centre for Precision Technology Limited | India | 100% | 31-Mar-22 | |
| - Kalyani Powertrain Limited | India | 100% | 31-Mar-22 | |
| - BF Industrial Solutions Limited ( formerly Nouveau Power and | India | 100% | 31-Mar-22 | |
| lnfrastructre Private Limited) - and its wholly owned subsidiary** | ||||
| - Sanghvi Forging and Engineering Limited and its wholly owned $$ | ||||
| subsidiary | India | 100%@ | 31-Mar-22 | |
| i. Sanghvi Europe B.V. $$ * | Netherlands | 100%@ | 31-Dec-21 | |
| B | Associates: | |||
| - Talbahn GmbH (not consolidated) | Germany | 35%@ | 31-Dec-21 | |
| - Ferrovia Transrail Solutions Private Limited | India | 49%@ | 31-Mar-22 | |
| -Tork Motors Private Limited | India | 48.86% | 31-Mar-22 | |
| i. Lycan Electric Private Limited $ | India | 48.86%@ | 31-Mar-22 | |
| -Tewa Motors (Jersey ) Ltd.* | U.K. | 36.51% | 31-Dec-21 | |
| i. Tevva Motors Limited | U.K. | 15.11%@ | 31-Dec-21 | |
| - Aeron Systems Private Limited | India | 37.14% | 31-Mar-22 |
BHARAT FORGE LIMITED
Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036,
Maharashtra, India.
CIN:L25209PN1961PLC012046
Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163
Email : [email protected], Website: www.bharatforge.com
STATEMENT OF STANDALONE AND CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021
NOTES TO FINANCIAL RESULTS (Contd.):
9 (contd.):
| Name of the company | Country of | Parent's ultimate | F inancial year | ||||
|---|---|---|---|---|---|---|---|
| incorporation | holding as on | ends on | |||||
| June 30, 2021 | |||||||
| C | Joint Venture Companies: | ||||||
| - BF-NTPC Energy Systems Limited (not consolidated)"" | India | 51% | 31-Mar-22 | ||||
| - BF Premier Energy systems Private Limited | India | 50%@ | 31-Mar-22 | ||||
| - Refu Drive GmbH • | Germany | 50% | 31-Dec-21 | ||||
| i. Refu Drive India Pvt. Ltd.$ | India | 50%@ | 31-Dec-21 | ||||
@ held through subsidiary, associate and Joint venture
$ 100% subsidiary of associates / joint venture
• Non-coterminous period consolidated as per policy followed for annual accounts
•• w.e.f. May 06, 2021
$$ w.e.f. June 28, 2021
~ Deregistered w.e.f. January 14, 2021
""Under liquidation
Place: Pune D ated : A ugus t 12, 2021
CHAIRMAN AND MANAGING DIRECTOR DIN:00089380
Ground Floor Panchshil Tech Park, Yerwada (Near Don Bosco School) Pune - 411 006, India Tel : +91 20 6603 6000
Independent Auditor's Review Report on the Quarterly and Yea1· to Date Unaudited Standalone Incl AS Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
Review Report to The Board of Directors Bharat Forge Limited
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- We have reviewed the accompanying statement of unaudited standalone Ind AS financial results of Bharat Forge Limited (the "Company") for the quai1er ended June 30, 2021 and year to date f rom April O I, 2021 to June 30, 2021 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
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- This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Repo1ting" prescribed under Section I 33 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
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- We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chaitered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we ·would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
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- Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (' Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
For SR B C & CO LLP Chartered Accountants !CAI Firm registration number: 324982E/E300003
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per Huzefa Ginwala Partner Membership No.: 111757 UDIN:2.lll1751Afr�A DZ. 778 \
Place: Pune Date: August 12, 202 I
SR BC & COLP Ground Floor (Near Don Bosco School) Chartered Accountants Pune - 411 006, India
Panchshil Tech Park, Yerwada
Tel : +91 20 6603 6000
Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Ind AS Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
Review Report to The Board of Directors Bharat Forge Limited
- l. We have reviewed the accompanying Statement of Unaudited Consolidated Ind AS Financial Results of Bharat Forge Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), its associates and joint ventures for the quarter ended June 30, 2021 and year to date from April I, 2021 to June 30, 2021 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
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- This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Incl AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
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- We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Infonnation Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of lnclia. This standard requires that we plan and perfonn the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial infonnation consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
We also performed procedures in accordance with the Circular No. CIR/CFD/CMD l /44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.
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- The Statement includes the results of the entities as mentioned in Annexure I.
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- Based on our review conducted and procedures perfonnecl as stated in paragraph 3 above and based on the consideration of the review repotts of other auditors refetTecl to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid clown in the aforesaid Indian Accounting Standards (' Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the infom1ation required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be clisclosecl, or that it contains any material misstatement.
"This space is intentionally left blank"
SR BC & CO LLP
Chartered Accountants
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- The accompanying Statement includes the unaudited interim Incl AS financial results and other financial information, in respect of:
- eight subsidiaries, whose unaudited interim Incl AS financial results include total revenues of INR 2,597.93 million, total net loss after tax of INR 185.22 million, total comprehensive loss of INR 185.22 million, for the quarter ended June 30, 2021, as considered in the Statement which have been reviewed by their respective independent auditors.
- five associates, whose unaudited interim Incl AS financial results include Group's share of net loss of INR 78.38 million and Group's share of total comprehensive loss of INR 78.43 million for the quarter ended June 30, 2021, as considered in the Statement which have been reviewed by their respective independent auditors.
The independent auditor's repo1ts on interim Incl AS financial results of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries and associates is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above.
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- The accompanying Statement includes unaudited interim Incl AS financial results and other unaudited financial infonnation in respect of:
- eleven subsidiaries, whose interim Incl AS financial results and other financial infonnation reflect total revenues of INR 8 I .90 million, total net loss after tax of INR 26.89 million, total comprehensive loss of INR 26.96 million, for the quarter ended June 30, 2021, as considered in the statement whose interim lnd AS financial results and other financial infonnation have not been reviewed by any auditors.
- one associate and three joint venhires, whose interim Incl AS financial results include the Group's share of net loss of!NR 12.69 million and Group's share of total comprehensive loss of!NR 13.17 million for the qumter ended June 30, 2021, as considered in the statement whose interim Ind AS financial results and other financial information have not been reviewed by any auditors.
The unaudited interim Incl AS financial results and other unaudited financial information of these subsidiaries, joint ventures and associates have not been reviewed by any auditors and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries, joint ventures and associates, is based solely on such unaudited interim Incl AS financial results and other unaudited financial information. According to the infonnation and explanations given to us by the Management, these interim Incl AS financial results are not material to the Group.
Our conclusion on the Statement in respect of matters stated in para 6 and 7 above is not modified with respect to our reliance on the work done and the reports of the other auditors and the financial results ce1tified by the Management.
For S RB C & CO LLP Chmterecl Accountants ICAI Firm registration number: 324982E/E300003
\�
per Huzefa Ginwala Pmtner Membership No.: 111757 UDIN::Z\111151/o.ft.MD'/q
Pune August 12, 2021
SR BC & CO LLP
Chartered Accountants
Annexure - I
I. List of subsidiaries:
| Sr.No. | Name of the Company | Country ofincorporation | 1,, Holding as0at the quarterend | Year ending on |
|---|---|---|---|---|
| I. | Bharat Forge Global Holding GmbH (BFGH)and its wholly owned subsidiaries | Germany | 100% | December 31, 2021 |
| 2. | Bharat Forge Holding GmbH and its vvhollyowned subsidiaries | Germany | 100%* | December 3 I, 2021 |
| ,.,.). | Bharat Forge Aluminiumtechnik GmbH (BFAT) | Germany | 100%* | December 31, 2021 |
| 4. | Bharat Forge Kilsta AB | Sweden | 100%* | December 31, 2021 |
| 5. | Bharat Forge CDP GmbH and its wholly ownedsubsidiaries | Germany | 100%* | December 3 I, 2021 |
| 6. | Bharat Forge Daun GmbH | Germany | 100%* | December 31, 2021 |
| 7. | Bharat Forge CDP Trading** | Russia | NA | December 3 I, 2021 |
| 8. | Mecanique Generale Langroise | France | 100%* | December 31, 2021 |
| 9. | Bharat Forge International Limited | U.K. | 100% | March 31, 2022 |
| 10. | Bharat Forge America Inc. and its wholly ownedsubsidiaries | U.S.A. | 100% | December 31, 2021 |
| I I. | Bharat Forge PMT Technologie LLC | U.S.A. | 100%* | December 3 I, 2021 |
| 12. | Bharat For_ge Tennessee Inc. | U.S.A. | 100%* | December 31, 2021 |
| 13. | Bharat Forge Aluminum USA, Inc. | U.S.A. | 100%* | December 31, 2021 |
| 14. | Kalyani Mobility Inc (Fo1111erly KalyaniPrecision Machining, Inc.) | U.S.A. | 100%* | December 31, 2021 |
| 15. | BF Infrastructure Limited | India | 100% | March 3 I, 2022 |
| 16. | BHL-CEC | India | 74%* | March 3 I, 2022 |
| 17. | Kalyani Strategic Systems Limited | India | 51% | March 3 I, 2022 |
| 18. | Kalyani Rafael Advanced Systems PrivateLimited | India | 50%* | March 3 I, 2022 |
| 19. | Analogic Controls India Limited | India | 100% | March 31, 2022 |
| 20. | BF Elbit Advanced Systems Private Limited | India | 51% | March 3 I, 2022 |
| 21. | Eternus Performance Materials Private Limited | lndia | 51% | March 3 I, 2022 |
| 22. | Kalyani Centre for Precision Technology Limited | India | 100% | March 3 I, 2022 |
| 23. | Kalvani Powertrain Limited | India | 100% | March 3 I, 2022 |
| 24. | BF Industrial Solutions Limited (BFIS) (FormerlyNouveauPowerandInfrastructurePrivateLimited) and its wholly owned subsidiaries | India | 100% | March 31, 2022 |
| 25. | Sanghvi Forging and Engineering Limited(SFEL) and its wholly owned subsidiaries*** | India | 100%* | March 31, 2022 |
| 26. | Sanghvi Europe B.V. **** | Netherland | 100%* | December 3 I, 2021 |
* held through subsidiaries
** Deregistered with effect f r om January 14, 2021
*** w.e.f. May 06.2021
**** w.e.f. June 28, 2021
SR BC & CO LLP
Chartered Accountants
II. List of associates:
| Sr.No. | Name of the Company | Country ofincorporation | % Holding as attheperiod/quarterend | Year ending on |
|---|---|---|---|---|
| I. | Ferrovia Transrail Solutions PrivateLimited | India | 49%* | March 3 I, 2022 |
| 2. | Tork Motors Private Limited (includingits wholly owned subsidiary) | India | 48.86% | March 3 I, 2022 |
| 3. | Lycan Electric Private Limited(Subsidiarv ofan associate) | India | 48.86% | March 3 I, 2022 |
| 4. | Tevva Motors (Jersey) Limited **(including its equitv accounted investee) | U.K. | 36.51% | December 3 I, 202 I |
| 5. | Tevva Motors Limited (equity accountedinvestee of an associate) | U.K. | 15.11% | December 31, 2021 |
| 6. | Aeron Systems Private Limited | India | 37.14% | March 3 I, 2021 |
* held through subsidiaries
** including shares held through subsidiary
Ill. List of joint ventures:
| Sr.No. | Name of the Company | Country ofincorporation | % Holding as attheperiod/quarterend | Year ending on |
|---|---|---|---|---|
| I. | BF Premier Energy Systems PrivateLimited | India | 50%* | March 3 I, 2022 |
| 2. | Refu Drive GmbH | Germany | 50% | December 31, 2021 |
| 3. | Refu Drive India (Subsidiary of Jointventure) | India | 50% | December 31, 2021 |
* held through subsidiaries
