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Bharat Forge Ltd — Interim / Quarterly Report 2024
Feb 12, 2024
61415_rns_2024-02-12_a7693eb8-2c17-4ff3-9fa7-ae257142658a.pdf
Interim / Quarterly Report
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B H A R A T F O R G E
February 12, 2024
To,
BSE Limited, 1st Floor, New Trading Ring, ‘Exchange Plaza’, Rotunda Building, P.J. Towers, Dalal Street, Fort, Mumbai- 400 051 Mumbai - 400 001 Symbol: BSE SCRIP CODE – 500493 Series: EQ
National Stock Exchange of India Ltd., ‘Exchange Plaza’, Bandra-Kurla Complex, Bandra (East) Symbol: BHARATFORG Series: EQ
Sub: Outcome of Board Meeting
Ref: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”)
Dear Sir/Madam,
This is to inform you that the Board of Directors of the Company in its Meeting held on Monday, February 12, 2024 have discussed and approved the following:
- Approved and took on record Unaudited Standalone & Consolidated Financial Results for the quarter and nine months ended December 31, 2023 along with Limited Review Report by the Statutory Auditors of the Company.
A copy of the same is enclosed herewith as " Annexure A ".
- Declared an interim dividend of Rs. 2.50 per equity share of the face value of Rs. 2 each of the Company (at the rate of 125%).
The interim dividend shall be paid on or before Tuesday, March 12, 2024 to the equity shareholders of the Company, whose names appear in the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Friday, February 23, 2024 which is the Record Date fixed for the purpose.
-
Accorded in-principal approval for raising funds not exceeding Rs. 5,000,000,000/- (Rupees Five Thousand Million) through term loan, non-convertible debentures or any other debt instruments and delegated authority to Investment Committee – Strategic Business of the Company in this regard.
-
Upon recommendation of the Nomination & Remuneration Committee and subject to the approval of the shareholders, approved the re-appointment of Mr. Dipak Mane (DIN: 01215889) as the Non-Executive Independent Director of the Company for second term of five (5) consecutive years from June 21, 2024 up to June 20, 2029.
Further, in compliance with the circulars issued by National Stock Exchange of India Limited and BSE Limited (both circulars dated June 20, 2018) and based on affirmation given by Mr. Dipak Mane, we hereby confirm that he satisfies the criteria of independence as prescribed
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BHARAT FORGE LIMITED, MUNDHWA, PUNE 411 036, MAHARASHTRA, INDIA. PHONE: + 91 20 6704 2476 6704 2777 (Secretarial) Fax 020 2682 2163 CIN L25209PN1961PLC012046 Email: [email protected] WEBSITE: www.bharatforge.com
B H A R A T F O R G E
under the Companies Act, 2013 and Listing Regulations and he is not debarred from holding the office of Director by virtue of any order issued by Securities and Exchange Board of India (“SEBI”) or any other Authority.
The details as required under Regulation 30 of the Listing Regulations read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023 are attached as “ Annexure B ”.
The Board Meeting commenced at 11:30 a.m. IST and concluded at 1:30 p.m. IST.
We request you to kindly take the same on record.
Thanking you,
Yours faithfully, For Bharat Forge Limited,
CHAUDHARI Digitally signed by CHAUDHARI TEJASWINI TEJASWINI RAMKRISHNA Date: 2024.02.12 RAMKRISHNA 13:32:55 +05'30'
Tejaswini Chaudhari Company Secretary and Compliance Officer
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BHARAT FORGE LIMITED, MUNDHWA, PUNE 411 036, MAHARASHTRA, INDIA. PHONE: + 91 20 6704 2476 6704 2777 (Secretarial) Fax 020 2682 2163 CIN L25209PN1961PLC012046 Email: [email protected] WEBSITE: www.bharatforge.com
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� BHARAT FORGE LIMITED � Regd. Office : Mundhwa, Pune cantonment, Pune 411 036, Maharashtra, lndla. K.-.LYAHI CIN:L25209PN1961PLC012046 Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163 Email : [email protected]; Website : www.bharatforge.com
BHARAT FORGE
STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2023
| Sr.No.Pariculars 1 Income a) Revenue from operations b) Other income Totl Income 2 Epenses a) Cost of raw materials and component consumed b) Changes in inventories of finished goods, wor-in-progress, dies and scrap c) Employee benefits expense d) Finance costs e) Depreciation and amortisation expens fJ Other expenses (see note 6) fotel expenses (a to fJ 3 Profit before exceptional Items and tax (1-2) 4 Eceptional items (loss)/ gain (see note 5 and 7) 5 Profit before tax (3+4) 6 Income tax expense a) Current tax b J Deferred tx Incom tax expens ] Profit for the period/year (5-6) 8 other comprehensive Income a) Other comprehensive lncome/(loss) not to be reclassified to profit and loss In subsequent perod -Tax effect b) Othlr comprl�nsive income/(loss) to b rclassified to profit and loss In subsequent period - Tax effect oher comprehensive lncome/(loss) {Net of tax) 9 Total comprehensive income (7+8) 10 Earings per share - Basic and dllued (In "l (not annualised) 11 Equity share capital {Face value" 2/ each) 12 Other equity |
("in Million) Quarer ended Nine months ended Year ended December 31,September 30, December 31, December 31, December 31, March 31, 202 2023 2022 202 2022 2023 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 22,633.78 22,493.86 19,521.01 66,400.49 55,75.28 75,727.12 345.5 423.75 377.47 1,241.58 1,114.19 1,54.96 22,979.32 22,917.61 19,898.48 67,642.07 56,868.47 77,232.0 9,570.58 10,499.92 8,458.37 29,435.49 25,143.12 33,506.59 (79.95) (755.89) 143.13 (781.33) {987.99) (673.13) 1,50.91 1,506.37 1,364.93 4,510.10 4,072.75 5,430.0 808.85 726.30 88.51 2,240.33 1,469.31 2,126.89 1,124.19 1,128.45 1,079.07 3,341.36 3,208.93 4,259.57 5,01.67 5,175.49 4,203.77 15,050.01 13,294.69 18,352.50 17,935.25 18,280.64 16,097.78 53,795.96 46,200.81 63,002.48 5,044.07 4,636.97 3,800.70 13,846.11 10,667.66 14,229.60 - (20.97) 42.81 (20.97) 6.28 (402.13) 5,044.07 4,616.00 3,843.51 13,825.14 10,673.94 13,827.47 1,274.33 1,215.01 1,026.11 3,604.16 2,839.03 3,759.26 (8.37) (58.88) (74.39) (132.04) (174.62) (386.53) 1,265.96 1,15.13 951.72 3,47,12, 2,664.41 3,372,73, 3,778.11 3,459.87 2,891.79 10,353.02 8,00.53 10,454.74 382.80 134.81 55.72 689,17 23.13 304.38 (45.92) (18.19) (8.97) (58.89} (3.91) (27.04) (621.42) (47.45) (1,313.47) (260.85) (2,239.28) (2,098.99) 156.40 112.61 330.58 65.65 563.58 528.27 |
("in Million) Quarer ended Nine months ended Year ended December 31,September 30, December 31, December 31, December 31, March 31, 202 2023 2022 202 2022 2023 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 22,633.78 22,493.86 19,521.01 66,400.49 55,75.28 75,727.12 345.5 423.75 377.47 1,241.58 1,114.19 1,54.96 22,979.32 22,917.61 19,898.48 67,642.07 56,868.47 77,232.0 9,570.58 10,499.92 8,458.37 29,435.49 25,143.12 33,506.59 (79.95) (755.89) 143.13 (781.33) {987.99) (673.13) 1,50.91 1,506.37 1,364.93 4,510.10 4,072.75 5,430.0 808.85 726.30 88.51 2,240.33 1,469.31 2,126.89 1,124.19 1,128.45 1,079.07 3,341.36 3,208.93 4,259.57 5,01.67 5,175.49 4,203.77 15,050.01 13,294.69 18,352.50 17,935.25 18,280.64 16,097.78 53,795.96 46,200.81 63,002.48 5,044.07 4,636.97 3,800.70 13,846.11 10,667.66 14,229.60 - (20.97) 42.81 (20.97) 6.28 (402.13) 5,044.07 4,616.00 3,843.51 13,825.14 10,673.94 13,827.47 1,274.33 1,215.01 1,026.11 3,604.16 2,839.03 3,759.26 (8.37) (58.88) (74.39) (132.04) (174.62) (386.53) 1,265.96 1,15.13 951.72 3,47,12, 2,664.41 3,372,73, 3,778.11 3,459.87 2,891.79 10,353.02 8,00.53 10,454.74 382.80 134.81 55.72 689,17 23.13 304.38 (45.92) (18.19) (8.97) (58.89} (3.91) (27.04) (621.42) (47.45) (1,313.47) (260.85) (2,239.28) (2,098.99) 156.40 112.61 330.58 65.65 563.58 528.27 |
|---|---|---|
| (128.14) (218.22) (936.14) 435.08 (1,65.48) 3,649.97 3,241.65 1,955.65 10,788.10 6,353.05 |
(1,293.38) 9,161.36 |
|
| 8.11 7.43 6.21 22.23 17.20 22.45 931.27 931.27 931.27 931.27 931.27 931.27 76,068.72 |
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| � BHARAT FORGE LIMITED BHARAT FORGE � Regd. Office: Mundhwa, Pune Cantonment, Pune 411 036, Maharashtra, India. lALYIM I CIN:L25209PN1961PLC012046 Ph. No. : 91-20�704 2777 / 2476, Fax No.: 91-20-2682 2163 Email : [email protected]; Website : www.bhartforge.com STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 202 I" in Mlllfonl Quarer ended Nine monthsended Year ended Sr. December 31,September30,December 31, December31, December 31, March 31, No.Parlculnr 2023 2023 2022 2023 2022 2023 (Unaudited} (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Income a) Revenue from operations 38,664.09 37,741.87 33,533.60 1,15,178.65 92,812.09 1,29,102.59 b) Other income 559.53 524.85 365.90 1,725.94 1,150.56 1,728.57 Totalincome (a to b) 39,229.62 38,166.72 33,899.50 1,16,904.59 93,962.65 1,30,831.16 2 Expenses a) Cost of rw materials and components consumed 15,219.48 18,197.0 15,430.04 51,265.73 43,327.93 60,649.93 b) Purchase of traded goods 2,701.61 515.67 339.07 3,569.93 996.75 1,664.03 c) Changes in inventores of finished goods, trded goods work-in-progress, dies and scrp (117.90) (1,070.58) 246.52 (609,83) (2,223.33) (2,700.43) d) Employee benefits expense 4,498.03 4,627.2 3,709.93 13,851.21 11,429.85 15,631.0 e) Finance cost 1,368.17 1,243.31 1,092.30 3,756.47 2,013.33 2,986.20 fl Depreciation, amorisation and impainment expense 2,236.65 2,113.33 1,855.83 6,410.88 5,544.4 7,355.86 g) Other expenses (see note 6) 9,38.28 9,258.24 9,115.35 27,955.02 25,990.25 36,182.83 Totalexpenses (a to g) 35,290.32 34,884.26 31,789.04 1,06,199.41 87,079.22 1,21,769.42 3 Profitbefore share of profit/ (loss) of associates, joint ventures, exceptional items and tax (1-2) 3,933.30 3,382.46 2,110.46 10,705.18 6,883.43 9,061.74 4 Shareof profit/ (loss) of assciates and joint ventures 20.55 7.83 (302.53) 58.97 (329.2) (333.48) Income tax expense 3.44 2.77 (033) 11.41 0.11 0.90 Shareof profit/ (loss) of associates and joint ventures after tax 17.11 5.06 (302.20) 47.56 (329.40] (334.38) 5 Profit before exceptional items and tax (3+4) 3,950.41 3,387.52 1,808.26 10,752.74 6,554.03 8,727.36 6 Exceptonal items (loss)/ gain (see note 5 and 7) - (20.97) (0.18) (20.97) (52.33) (457.91) 7 Profitbefore tax (5+) 3,950.41 3,366.55 1,808.08 10,731,77 6,501.70 8,269.45 8 Income tax expense a) Curent tax 1,477.03 1,346.61 1,076.33 4,076.55 2,979.69 3,951.57 b) Deferd tax (71.10) (128.71) (55,44) (175.211 (284.44) (765.99) Income tax expense (a to b) 1,405.93 1,217.90 1,020.89 3,901.34 2,695.25 3,185.5 9 Profit for the period/year (7-8) 2,544.48 2,148.65 787.19 6,830.43 3,806.45 5,083.87 10Other comprehensive income a)Other comprehensive income/(loss) not to be reclassified to profit and loss In subsequent perod 34.46 566.65 161.95 1,025.65 347.93 600.34 - Tax effect (33.33) (27,85) (77.84) {37.60) (140.54) (121.04) b) Other comprehensive income/(loss) to be reclassified to profit and loss in subsequent period (665.68) (322.81) (1,597.68) {181.53) (2,619.2) (1,70.ll) -Tax effect 15.23 112.61 330.57 63.48 563.58 529.43 Other comprehensive income/(loss) (Net of tax) (20032) 328.60 (1,183.00) 870.0 (1,848.26) (697.38) 11 Totalcomprehensive income/ (loss) (9+10) 2,344.16 2,477.25 (395.81) 7,700.43 1,958.19 4,386.49 12 Total comprhensive Income/ (loss) above attribuable to: - Owners of the parent 2,45.19 2,60.88 (358.04} 8,021.88 2,080.35 4,586.5 - Non-ontrolllng interest (101.03) (123.63) (37.77) (321.45) (122.16) (200.05) 13Ofthe totl comprehensive lncome/(loss) above, profit for the period/year attribuable to: - Owners of the parent 2,645.46 2,272.25 825.00 7,151.75 3,928.66 5,283.64 - Non-controlling interest (100.98) (123.60) (37.81) (321.32) (122.21) (199.77) 14Of the total comprehensive income/(loss) above, Other comprehensive income/(loss) fr te perod/year atributble to: - Owner of the parent (200.27) 328.63 (1,183.04) 870.13 (1,848.31) (697.10} -Non-ontrolling Interest (0.05) (0.03) 0,04 (0.13) 0.05 (0.28) 15 Earings per share Basic and diluted (not annualised} (in ") 5.68 4.88 1.78 15.36 8.44 1135 16Equity shar capital (Face value" 2/- each) 931.27 931.27 931.27 931.27 931.27 931.27 17Other equit 66,12.99 |
� BHARAT FORGE LIMITED BHARAT FORGE � Regd. Office: Mundhwa, Pune Cantonment, Pune 411 036, Maharashtra, India. lALYIM I CIN:L25209PN1961PLC012046 Ph. No. : 91-20�704 2777 / 2476, Fax No.: 91-20-2682 2163 Email : [email protected]; Website : www.bhartforge.com STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 202 I" in Mlllfonl Quarer ended Nine monthsended Year ended Sr. December 31,September30,December 31, December31, December 31, March 31, No.Parlculnr 2023 2023 2022 2023 2022 2023 (Unaudited} (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Income a) Revenue from operations 38,664.09 37,741.87 33,533.60 1,15,178.65 92,812.09 1,29,102.59 b) Other income 559.53 524.85 365.90 1,725.94 1,150.56 1,728.57 Totalincome (a to b) 39,229.62 38,166.72 33,899.50 1,16,904.59 93,962.65 1,30,831.16 2 Expenses a) Cost of rw materials and components consumed 15,219.48 18,197.0 15,430.04 51,265.73 43,327.93 60,649.93 b) Purchase of traded goods 2,701.61 515.67 339.07 3,569.93 996.75 1,664.03 c) Changes in inventores of finished goods, trded goods work-in-progress, dies and scrp (117.90) (1,070.58) 246.52 (609,83) (2,223.33) (2,700.43) d) Employee benefits expense 4,498.03 4,627.2 3,709.93 13,851.21 11,429.85 15,631.0 e) Finance cost 1,368.17 1,243.31 1,092.30 3,756.47 2,013.33 2,986.20 fl Depreciation, amorisation and impainment expense 2,236.65 2,113.33 1,855.83 6,410.88 5,544.4 7,355.86 g) Other expenses (see note 6) 9,38.28 9,258.24 9,115.35 27,955.02 25,990.25 36,182.83 Totalexpenses (a to g) 35,290.32 34,884.26 31,789.04 1,06,199.41 87,079.22 1,21,769.42 3 Profitbefore share of profit/ (loss) of associates, joint ventures, exceptional items and tax (1-2) 3,933.30 3,382.46 2,110.46 10,705.18 6,883.43 9,061.74 4 Shareof profit/ (loss) of assciates and joint ventures 20.55 7.83 (302.53) 58.97 (329.2) (333.48) Income tax expense 3.44 2.77 (033) 11.41 0.11 0.90 Shareof profit/ (loss) of associates and joint ventures after tax 17.11 5.06 (302.20) 47.56 (329.40] (334.38) 5 Profit before exceptional items and tax (3+4) 3,950.41 3,387.52 1,808.26 10,752.74 6,554.03 8,727.36 6 Exceptonal items (loss)/ gain (see note 5 and 7) - (20.97) (0.18) (20.97) (52.33) (457.91) 7 Profitbefore tax (5+) 3,950.41 3,366.55 1,808.08 10,731,77 6,501.70 8,269.45 8 Income tax expense a) Curent tax 1,477.03 1,346.61 1,076.33 4,076.55 2,979.69 3,951.57 b) Deferd tax (71.10) (128.71) (55,44) (175.211 (284.44) (765.99) Income tax expense (a to b) 1,405.93 1,217.90 1,020.89 3,901.34 2,695.25 3,185.5 9 Profit for the period/year (7-8) 2,544.48 2,148.65 787.19 6,830.43 3,806.45 5,083.87 10Other comprehensive income a)Other comprehensive income/(loss) not to be reclassified to profit and loss In subsequent perod 34.46 566.65 161.95 1,025.65 347.93 600.34 - Tax effect (33.33) (27,85) (77.84) {37.60) (140.54) (121.04) b) Other comprehensive income/(loss) to be reclassified to profit and loss in subsequent period (665.68) (322.81) (1,597.68) {181.53) (2,619.2) (1,70.ll) -Tax effect 15.23 112.61 330.57 63.48 563.58 529.43 Other comprehensive income/(loss) (Net of tax) (20032) 328.60 (1,183.00) 870.0 (1,848.26) (697.38) 11 Totalcomprehensive income/ (loss) (9+10) 2,344.16 2,477.25 (395.81) 7,700.43 1,958.19 4,386.49 12 Total comprhensive Income/ (loss) above attribuable to: - Owners of the parent 2,45.19 2,60.88 (358.04} 8,021.88 2,080.35 4,586.5 - Non-ontrolllng interest (101.03) (123.63) (37.77) (321.45) (122.16) (200.05) 13Ofthe totl comprehensive lncome/(loss) above, profit for the period/year attribuable to: - Owners of the parent 2,645.46 2,272.25 825.00 7,151.75 3,928.66 5,283.64 - Non-controlling interest (100.98) (123.60) (37.81) (321.32) (122.21) (199.77) 14Of the total comprehensive income/(loss) above, Other comprehensive income/(loss) fr te perod/year atributble to: - Owner of the parent (200.27) 328.63 (1,183.04) 870.13 (1,848.31) (697.10} -Non-ontrolling Interest (0.05) (0.03) 0,04 (0.13) 0.05 (0.28) 15 Earings per share Basic and diluted (not annualised} (in ") 5.68 4.88 1.78 15.36 8.44 1135 16Equity shar capital (Face value" 2/- each) 931.27 931.27 931.27 931.27 931.27 931.27 17Other equit 66,12.99 |
� BHARAT FORGE LIMITED BHARAT FORGE � Regd. Office: Mundhwa, Pune Cantonment, Pune 411 036, Maharashtra, India. lALYIM I CIN:L25209PN1961PLC012046 Ph. No. : 91-20�704 2777 / 2476, Fax No.: 91-20-2682 2163 Email : [email protected]; Website : www.bhartforge.com STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 202 I" in Mlllfonl Quarer ended Nine monthsended Year ended Sr. December 31,September30,December 31, December31, December 31, March 31, No.Parlculnr 2023 2023 2022 2023 2022 2023 (Unaudited} (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Income a) Revenue from operations 38,664.09 37,741.87 33,533.60 1,15,178.65 92,812.09 1,29,102.59 b) Other income 559.53 524.85 365.90 1,725.94 1,150.56 1,728.57 Totalincome (a to b) 39,229.62 38,166.72 33,899.50 1,16,904.59 93,962.65 1,30,831.16 2 Expenses a) Cost of rw materials and components consumed 15,219.48 18,197.0 15,430.04 51,265.73 43,327.93 60,649.93 b) Purchase of traded goods 2,701.61 515.67 339.07 3,569.93 996.75 1,664.03 c) Changes in inventores of finished goods, trded goods work-in-progress, dies and scrp (117.90) (1,070.58) 246.52 (609,83) (2,223.33) (2,700.43) d) Employee benefits expense 4,498.03 4,627.2 3,709.93 13,851.21 11,429.85 15,631.0 e) Finance cost 1,368.17 1,243.31 1,092.30 3,756.47 2,013.33 2,986.20 fl Depreciation, amorisation and impainment expense 2,236.65 2,113.33 1,855.83 6,410.88 5,544.4 7,355.86 g) Other expenses (see note 6) 9,38.28 9,258.24 9,115.35 27,955.02 25,990.25 36,182.83 Totalexpenses (a to g) 35,290.32 34,884.26 31,789.04 1,06,199.41 87,079.22 1,21,769.42 3 Profitbefore share of profit/ (loss) of associates, joint ventures, exceptional items and tax (1-2) 3,933.30 3,382.46 2,110.46 10,705.18 6,883.43 9,061.74 4 Shareof profit/ (loss) of assciates and joint ventures 20.55 7.83 (302.53) 58.97 (329.2) (333.48) Income tax expense 3.44 2.77 (033) 11.41 0.11 0.90 Shareof profit/ (loss) of associates and joint ventures after tax 17.11 5.06 (302.20) 47.56 (329.40] (334.38) 5 Profit before exceptional items and tax (3+4) 3,950.41 3,387.52 1,808.26 10,752.74 6,554.03 8,727.36 6 Exceptonal items (loss)/ gain (see note 5 and 7) - (20.97) (0.18) (20.97) (52.33) (457.91) 7 Profitbefore tax (5+) 3,950.41 3,366.55 1,808.08 10,731,77 6,501.70 8,269.45 8 Income tax expense a) Curent tax 1,477.03 1,346.61 1,076.33 4,076.55 2,979.69 3,951.57 b) Deferd tax (71.10) (128.71) (55,44) (175.211 (284.44) (765.99) Income tax expense (a to b) 1,405.93 1,217.90 1,020.89 3,901.34 2,695.25 3,185.5 9 Profit for the period/year (7-8) 2,544.48 2,148.65 787.19 6,830.43 3,806.45 5,083.87 10Other comprehensive income a)Other comprehensive income/(loss) not to be reclassified to profit and loss In subsequent perod 34.46 566.65 161.95 1,025.65 347.93 600.34 - Tax effect (33.33) (27,85) (77.84) {37.60) (140.54) (121.04) b) Other comprehensive income/(loss) to be reclassified to profit and loss in subsequent period (665.68) (322.81) (1,597.68) {181.53) (2,619.2) (1,70.ll) -Tax effect 15.23 112.61 330.57 63.48 563.58 529.43 Other comprehensive income/(loss) (Net of tax) (20032) 328.60 (1,183.00) 870.0 (1,848.26) (697.38) 11 Totalcomprehensive income/ (loss) (9+10) 2,344.16 2,477.25 (395.81) 7,700.43 1,958.19 4,386.49 12 Total comprhensive Income/ (loss) above attribuable to: - Owners of the parent 2,45.19 2,60.88 (358.04} 8,021.88 2,080.35 4,586.5 - Non-ontrolllng interest (101.03) (123.63) (37.77) (321.45) (122.16) (200.05) 13Ofthe totl comprehensive lncome/(loss) above, profit for the period/year attribuable to: - Owners of the parent 2,645.46 2,272.25 825.00 7,151.75 3,928.66 5,283.64 - Non-controlling interest (100.98) (123.60) (37.81) (321.32) (122.21) (199.77) 14Of the total comprehensive income/(loss) above, Other comprehensive income/(loss) fr te perod/year atributble to: - Owner of the parent (200.27) 328.63 (1,183.04) 870.13 (1,848.31) (697.10} -Non-ontrolling Interest (0.05) (0.03) 0,04 (0.13) 0.05 (0.28) 15 Earings per share Basic and diluted (not annualised} (in ") 5.68 4.88 1.78 15.36 8.44 1135 16Equity shar capital (Face value" 2/- each) 931.27 931.27 931.27 931.27 931.27 931.27 17Other equit 66,12.99 |
|---|---|---|
| 15,219.48 18,197.0 15,430.04 51,265.73 43,327.93 2,701.61 515.67 339.07 3,569.93 996.75 (117.90) (1,070.58) 246.52 (609,83) (2,223.33) 4,498.03 4,627.2 3,709.93 13,851.21 11,429.85 1,368.17 1,243.31 1,092.30 3,756.47 2,013.33 2,236.65 2,113.33 1,855.83 6,410.88 5,544.4 9,38.28 9,258.24 9,115.35 27,955.02 25,990.25 35,290.32 34,884.26 31,789.04 1,06,199.41 87,079.22 3,933.30 3,382.46 2,110.46 10,705.18 6,883.43 20.55 7.83 (302.53) 58.97 (329.2) 3.44 2.77 (033) 11.41 0.11 17.11 5.06 (302.20) 47.56 (329.40] 3,950.41 3,387.52 1,808.26 10,752.74 6,554.03 - (20.97) (0.18) (20.97) (52.33) 3,950.41 3,366.55 1,808.08 10,731,77 6,501.70 1,477.03 1,346.61 1,076.33 4,076.55 2,979.69 (71.10) (128.71) (55,44) (175.211 (284.44) |
60,649.93 1,664.03 (2,700.43) 15,631.0 2,986.20 7,355.86 36,182.83 |
|
| 1,21,769.42 9,061.74 (333.48) 0.90 (334.38) 8,727.36 (457.91) 8,269.45 3,951.57 (765.99) |
||
| 1,405.93 1,217.90 1,020.89 3,901.34 2,695.25 2,544.48 2,148.65 787.19 6,830.43 3,806.45 34.46 566.65 161.95 1,025.65 347.93 (33.33) (27,85) (77.84) {37.60) (140.54) (665.68) (322.81) (1,597.68) {181.53) (2,619.2) 15.23 112.61 330.57 63.48 563.58 (20032) 328.60 (1,183.00) 870.0 (1,848.26) 2,344.16 2,477.25 (395.81) 7,700.43 1,958.19 2,45.19 2,60.88 (358.04} 8,021.88 2,080.35 (101.03) (123.63) (37.77) (321.45) (122.16) 2,645.46 2,272.25 825.00 7,151.75 3,928.66 (100.98) (123.60) (37.81) (321.32) (122.21) (200.27) 328.63 (1,183.04) 870.13 (1,848.31) (0.05) (0.03) 0,04 (0.13) 0.05 5.68 4.88 1.78 15.36 8.44 931.27 931.27 931.27 931.27 931.27 |
3,185.5 5,083.87 600.34 (121.04) (1,70.ll) 529.43 (697.38) 4,386.49 4,586.5 (200.05) 5,283.64 (199.77) (697.10} (0.28) 1135 931.27 66,12.99 |
� � KALYANI
BHARAT FORGE LIMITED Regd. Office: Mundhwa, Pune Cantonment. Pune 411 036, Maharashtra, India. CIN: 125209PN1961PLC012046 Ph. No. : 91-20-6704 2TT7 / 2476, Fax No. : 91-20-2682 2163 Emall : [email protected], Website : www.bharatforge.com
BHARAT FORGE
STATEMENT OF UNAUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31,2023
NOl"ES TO FINANCIAL RESULTS (Contd.):
3 Consolidated segment wise revenue, results and capital employed as at and for the period ended December 31, 2023
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 automotrve and industrial sectors. "Others" primarily includes various new ;nitiatives which the Group is carrying out other than forging related activities.
Consolidated 5eRment Revenue and Results
| Conslidated 5eRent Revenue and Result Sr. No. Parcular 1 Sgment rvenue �everlUI from external customers a fo1glng b Other less:Inter-segment revenue Tolal /fu51menls and eliminations f Revenue from operatons 2 Segment result a Forgings b Others Totlsgment profit before interest tax and exceptonal Itms fom each reporble segment Less: Finance cost |
Conslidated 5eRent Revenue and Result Sr. No. Parcular 1 Sgment rvenue �everlUI from external customers a fo1glng b Other less:Inter-segment revenue Tolal /fu51menls and eliminations f Revenue from operatons 2 Segment result a Forgings b Others Totlsgment profit before interest tax and exceptonal Itms fom each reporble segment Less: Finance cost |
Conslidated 5eRent Revenue and Result Sr. No. Parcular 1 Sgment rvenue �everlUI from external customers a fo1glng b Other less:Inter-segment revenue Tolal /fu51menls and eliminations f Revenue from operatons 2 Segment result a Forgings b Others Totlsgment profit before interest tax and exceptonal Itms fom each reporble segment Less: Finance cost |
("in Million! Quare•d Nine months ende Year ende Deembr 31, 5ptmbr 30, Decembr 31, December 31, D mber 31, March 31, 2023 202 2022 202 202 202 (Unaudite) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audit) 33,439.08 33,758.83 30,138.40 1,02,022.12 86,443.57 1,19,780.42 6,262.28 5,032.18 3,692.26 �.946,53 7,0n.70 10,414.2 39,701.36 38,791.01 33,830-66 1,17,968.65 93,516.27 1,30, 194,66 1,0:7.27 1,09.14 94.86 2.790.00 147.92 316.43 38,6.09 37,741.87 33,735.80 1,15,178.65 93,368.35 1,29,878.23 - /202.20) - /5S6.26! (775.6) 3,664.09 37,741.87 33,5:.60 l,1,178.6. 92,812.09 1,29,102.59 4,078.67 3,985.28 2,854.22 12,286.80 9,214.56 12,207.44 1-294.0 667.31 376.19 2,35.07 313.35 449.78 5,3n.11 4,652.59 3,180.41 14,591.87 9,7.91 1,657.22 1,368.17 1,243.31 1,092.30 3,756.47 2,013.33 2,986.20 |
("in Million! Quare•d Nine months ende Year ende Deembr 31, 5ptmbr 30, Decembr 31, December 31, D mber 31, March 31, 2023 202 2022 202 202 202 (Unaudite) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audit) 33,439.08 33,758.83 30,138.40 1,02,022.12 86,443.57 1,19,780.42 6,262.28 5,032.18 3,692.26 �.946,53 7,0n.70 10,414.2 39,701.36 38,791.01 33,830-66 1,17,968.65 93,516.27 1,30, 194,66 1,0:7.27 1,09.14 94.86 2.790.00 147.92 316.43 38,6.09 37,741.87 33,735.80 1,15,178.65 93,368.35 1,29,878.23 - /202.20) - /5S6.26! (775.6) 3,664.09 37,741.87 33,5:.60 l,1,178.6. 92,812.09 1,29,102.59 4,078.67 3,985.28 2,854.22 12,286.80 9,214.56 12,207.44 1-294.0 667.31 376.19 2,35.07 313.35 449.78 5,3n.11 4,652.59 3,180.41 14,591.87 9,7.91 1,657.22 1,368.17 1,243.31 1,092.30 3,756.47 2,013.33 2,986.20 |
("in Million! Quare•d Nine months ende Year ende Deembr 31, 5ptmbr 30, Decembr 31, December 31, D mber 31, March 31, 2023 202 2022 202 202 202 (Unaudite) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audit) 33,439.08 33,758.83 30,138.40 1,02,022.12 86,443.57 1,19,780.42 6,262.28 5,032.18 3,692.26 �.946,53 7,0n.70 10,414.2 39,701.36 38,791.01 33,830-66 1,17,968.65 93,516.27 1,30, 194,66 1,0:7.27 1,09.14 94.86 2.790.00 147.92 316.43 38,6.09 37,741.87 33,735.80 1,15,178.65 93,368.35 1,29,878.23 - /202.20) - /5S6.26! (775.6) 3,664.09 37,741.87 33,5:.60 l,1,178.6. 92,812.09 1,29,102.59 4,078.67 3,985.28 2,854.22 12,286.80 9,214.56 12,207.44 1-294.0 667.31 376.19 2,35.07 313.35 449.78 5,3n.11 4,652.59 3,180.41 14,591.87 9,7.91 1,657.22 1,368.17 1,243.31 1,092.30 3,756.47 2,013.33 2,986.20 |
("in Million! Quare•d Nine months ende Year ende Deembr 31, 5ptmbr 30, Decembr 31, December 31, D mber 31, March 31, 2023 202 2022 202 202 202 (Unaudite) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audit) 33,439.08 33,758.83 30,138.40 1,02,022.12 86,443.57 1,19,780.42 6,262.28 5,032.18 3,692.26 �.946,53 7,0n.70 10,414.2 39,701.36 38,791.01 33,830-66 1,17,968.65 93,516.27 1,30, 194,66 1,0:7.27 1,09.14 94.86 2.790.00 147.92 316.43 38,6.09 37,741.87 33,735.80 1,15,178.65 93,368.35 1,29,878.23 - /202.20) - /5S6.26! (775.6) 3,664.09 37,741.87 33,5:.60 l,1,178.6. 92,812.09 1,29,102.59 4,078.67 3,985.28 2,854.22 12,286.80 9,214.56 12,207.44 1-294.0 667.31 376.19 2,35.07 313.35 449.78 5,3n.11 4,652.59 3,180.41 14,591.87 9,7.91 1,657.22 1,368.17 1,243.31 1,092.30 3,756.47 2,013.33 2,986.20 |
("in Million! Quare•d Nine months ende Year ende Deembr 31, 5ptmbr 30, Decembr 31, December 31, D mber 31, March 31, 2023 202 2022 202 202 202 (Unaudite) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audit) 33,439.08 33,758.83 30,138.40 1,02,022.12 86,443.57 1,19,780.42 6,262.28 5,032.18 3,692.26 �.946,53 7,0n.70 10,414.2 39,701.36 38,791.01 33,830-66 1,17,968.65 93,516.27 1,30, 194,66 1,0:7.27 1,09.14 94.86 2.790.00 147.92 316.43 38,6.09 37,741.87 33,735.80 1,15,178.65 93,368.35 1,29,878.23 - /202.20) - /5S6.26! (775.6) 3,664.09 37,741.87 33,5:.60 l,1,178.6. 92,812.09 1,29,102.59 4,078.67 3,985.28 2,854.22 12,286.80 9,214.56 12,207.44 1-294.0 667.31 376.19 2,35.07 313.35 449.78 5,3n.11 4,652.59 3,180.41 14,591.87 9,7.91 1,657.22 1,368.17 1,243.31 1,092.30 3,756.47 2,013.33 2,986.20 |
("in Million! Quare•d Nine months ende Year ende Deembr 31, 5ptmbr 30, Decembr 31, December 31, D mber 31, March 31, 2023 202 2022 202 202 202 (Unaudite) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audit) 33,439.08 33,758.83 30,138.40 1,02,022.12 86,443.57 1,19,780.42 6,262.28 5,032.18 3,692.26 �.946,53 7,0n.70 10,414.2 39,701.36 38,791.01 33,830-66 1,17,968.65 93,516.27 1,30, 194,66 1,0:7.27 1,09.14 94.86 2.790.00 147.92 316.43 38,6.09 37,741.87 33,735.80 1,15,178.65 93,368.35 1,29,878.23 - /202.20) - /5S6.26! (775.6) 3,664.09 37,741.87 33,5:.60 l,1,178.6. 92,812.09 1,29,102.59 4,078.67 3,985.28 2,854.22 12,286.80 9,214.56 12,207.44 1-294.0 667.31 376.19 2,35.07 313.35 449.78 5,3n.11 4,652.59 3,180.41 14,591.87 9,7.91 1,657.22 1,368.17 1,243.31 1,092.30 3,756.47 2,013.33 2,986.20 |
|---|---|---|---|---|---|---|---|---|
| Less: Unallocable expenditure (net) Totlproft befre tax and exceptional Items Add:Exceptional items (loss)/ gain Folgil' Pro lt bfre tx |
5.1 Jl.76 l79.85 82.66 96,55 9-3.66 |
|||||||
3,950.41 3,387.52 1,808.26 10,752.74 6,554.03 s,n7.36 |
||||||||
| - {20.97) (0.18] (20.97) /52.331 {�57.91) |
||||||||
| 3,950.�1 3,36. |
55 | 1,808.0 10,71.77 6,51.70 8,269.45 |
||||||
| Stment of Consolidatd Sgment ASel, LlabllltieandCapital Employe s_ Parculal ND. 3 Sement asset a Forgings b Others C Unallocable assets including unutilised funds Totl (Less): Inter-segment assets Totl Adjustments and eliminations# Totl asset 4 Segment liabilites a Forgings b Others C Unallocable Totl (Less): Inter-segment liabilities Totl Adjustment and eliminations # Totl liabilites• |
('in MIiiion) Dcembr 31, 5eptembr 30, December 31, March 31, 202 202 2022 2023 (Unouditdl (Unaudited) (Unauditd) (Audited) 1,18,291.83 1,20,867,58 1,18,661.14 1,21,293.14 27,394.19 24,81.48 16,236.72 19,0 .56 45,127.5 44,583.26 42.565.21 44,532.84 |
|||||||
1,90,813.56 473,26 |
1,90,292.32 1,7,463.07 501.40 (958,55] |
1,8,826.54 | ||||||
| 1,90,340.30 1,89,790.92 1,76,504.52 1,84,826.54 . - - (98,67] |
||||||||
1,90,34.30 1,89, 790.92 1,76.504.52 1,83.841.87 |
||||||||
26,521.74 28,133.28 22,157.38 27,229.23 11,130.06 12,11248 11,137.59 11,857.52 |
||||||||
| 4.866.92 4.710.66 7.9S9.23 4.868.3 |
||||||||
| 42,518.n 44,956.42 41,254.20 43,95S.13 473.26 501.40 (827.62) - |
||||||||
| 42,045.4 44,455.02 40,426-58 43,955.13 - . (853.6) |
||||||||
| 42,045.4 | 4,455.02 40,426.58 43,101.53 |
|||||||
Net cpitl employed |
||||||||
| 1,4.294.84 1,45,335.90 1,36,077.94 1,40,74.34 |
# Adjustment and eliminations include elimination on revenue, assets and liabilities of joint ventures and associates which have been accounted under equity method.
. Total liabilities exclude Borrowings, Lease liabilities1 Derivative liabilities and Interest accrued but not due on borrowings and the same are considered as a part of Net capital employed .
==> picture [30 x 44] intentionally omitted <==
==> picture [33 x 30] intentionally omitted <==
BHARAT FORGE LIMITED Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036, Maharashtra, lndla. CIN:l25209PN1961PLC012046 Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163 Email : [email protected]; Website : www.bharatforge.com
BHARAT FORGE
STATEMENT OF UNADVTIED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMMBER 31, 2023
NOTES TO FINANCIAL RESULTS (Contd.):
-
4 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 February 12,2024.
-
S Exc.,ptional ltEms:
-
(i) &c£'1l\lonlil items in the stnn�.,lone and consohdatcd fina.nci."JI results for the nine months ended December 31, 2023, quarter and nine months ended December 31, 2022 and v.:a, ended March 31, 2023 �re towards expen"i-t'J m relation to Voluntarv l1ct.tremt:nt Scheme (VRS) declared by the Company for its employees in April 2022, July 2022 and January 2023 and emplo� r,,cparation costs force:rtain overseas subsldilme=s.
-
(ii) Exr.epUon:.il )l�ms in Uu:-smndalone financi�I rC'i.ults ror the yt!ilr ended March 31, 2023 includes� 2.82 million loss on transfer of investment in Aeron Systems Private Limited and for the quarter ended Oec.cmber 31, 2022. nine months eonlitd December 31. 2022 and yc.ar ended March 31, 2023 includes� 42.81 million surplus on transfer of investment in Ana logic Controls India limited to Ki1lyilf11 Strntegk system� Jl,ls has no Imp.id en �nso.lidui.ed Rnanci�I r�ujh.
-
6 "Other expenses." includes the impact of exchange fluctuations on foreign currency transactions including revaluation of foreign currency assets and liabilities.
| 6 | "Other expenses" includes the impact of exchange fuctuatons on freign cu | **rrency transactions including revaluation of foreign currency assets and liabilities. ** | **rrency transactions including revaluation of foreign currency assets and liabilities. ** | **rrency transactions including revaluation of foreign currency assets and liabilities. ** | **rrency transactions including revaluation of foreign currency assets and liabilities. ** |
|---|---|---|---|---|---|
| a ill b In |
(� In MIiiion) | ||||
| Pariculars | Quarter ended Nine months cnde.d December 31. 2023 (Unaudited) -6.53 6,455.D4 Seprember 30, December 31. December 31, 2023 2022 2023 (Unauditd) (Unaudited) (Unaudited) 194.711 415.28 3R.61 6,162.68 4,935.53 18,147.61 December 31, 2022 (Unaudited) 169.76 14,061.95 Vear ended March 31, 2023 (Audited) /17131 19,288.23 |
||||
| Stndalone &clml �afn/llo") |
|||||
| Proft before tax and before other income, depreciaton and amorsation c,pnse,fnanc csts, exchange gain/(loss) included in other e>pensesan4 exceptonalitems |
|||||
| Proft b(Ofe tax, before exchange gain/(loss) included in other e)pensesand exceptiona I i ters Consglldotd Ed11t1lgo �•in/Ila,} |
4,867.54 248.60 |
4,731.68 (9.04) |
3,385.42 13,807.50 366.41 18.17 10,497.90 30.04 |
14,406.73 (8.32) |
|
| Proftbefre share of proft/ {loss} of associates, joint ventures, txind beforeother income, depreciation, amorisation and impairmente�1wnse, fnancecost, exchange gain/(loss) included in other expenses and exceptional items |
6,729.99 |
6,223.29 | 4,326.28 19,128.42 12,990.60 |
17,773.55 | |
| Proft befre share of proft (loss) of associates, joint ventures, tax.rJ beforeexchange gain/(loss) included in other expnse andc.eeplional Items |
3,684.70 |
3,391.50 | 1,744.05 10,687.01 6,583.39 |
9,160.06 |
-
7 On Jam.wry 13, 2023, the Company declared a Voluntary Retirement Scheme (VRS) for its employees at Mundhwa Plant, which is extended up to March 31, 2024,
-
8 The Board of Directors at its meeting held on February 12, 2024 has recommended interim dividend of"- 2.50 per equity share of� 2/· {125%).
-
9 On Deceh1ber 31� 7.022, J S Auto Cast Fnundry India Private limited ("JS Auto"), step-down sub-sidJary of the Company, has entered into Busl'nes.s Transfer Agreement with lndo Shell Mould limited t"ISML") for acqulrinn their SEZ Unit in SIPCOT, Erode which supplies fully machined critical c,a�tin.gs to marquee customers in the automotive industry. The dosing of the transaction was completed on July 1, 2023 at a ecnsideration of� 533 million.
-
The Company has calculated the fair value of the acquired assets and liabilities on a provisional basis in accordance witn Ind AS 103 Business Combinations and allocated the purchase consideration of'I: 533 million.
-
10 Tk Comp•nv throuah Its ,holly owru,d subsidiary Kalyani Strategic Systems Limited (KSSL) has acquired 5,00.000 equity shares (64.93¾ of total sharollolding) of face value Rs. 10/- each of Zorya Mashproekt Indra Private Umit.ed fZ.Mt) on January 23, 2024. ZMI is a private limited company which is ensilged in business of development of indigcmous capabilities for build ups and repair and ov�rhaul ot .aJI type&. of ga5 lorbl11� �Mgine.
==> picture [33 x 43] intentionally omitted <==
� � KALYANI
BHARAT FORGE
BHARAT FORGE LIMITED Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036, Maharashtra, lndla. CIN:l25 09PN1961PLC012046 Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163
Email : [email protected], Website: www.bharatforge.com
STATEMENT OF UNADUTIED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2023
NOTES TO FINANCIAL RESULTS (Contd.):
11 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:
| A B C |
Nameof the company Subsldfares : -Bharat Forge Global Holding GmbH and its wholly owned subsidiaries i. Bharat Forge CDP GmbH and its wholly owned subsidiar - Bharat Forge Daun GmbH ii. Bharat Forge Holding GmbH and its wholly owned subsidiary - Bharat Forge Aluminiumtechnik GmbH iii. Mecanique Genera le Langroise iv. Bharat Forge Kilsta AB •Bharat Forge International Limited -Bharat Forge America Inc. and its wholly owned subsidiaries i. Bharat Forge PMT Technologie LLC ii. Bharat Forge Tennessee INC. iii. Bharat Forge Aluminium USA, INC. -Indigenous IL Limited @@ -BF Infrastructure Limited and its subsidiaries i. BFIL-CEC JV ii Ferrovia Transrail Solutions Private Limited (w.e.f. March 2,2023) -Kalyani Strategic Systems Limited and its subsidiaries i. Kalyani Rafael Advanced Systems Private Limited ii. Kalyani Strategic Systems Australia Pty Limited iii. Sagar Manas Technologies Limited - BF El bit Advanced Systems Private Limited - Eternus Performance Materials Private Limited - Kalyani Centre for Precision Technology Limited -Kalyani Powertrain Limited (KPL) and its subsidiaries i. Kalyani Mobility INC (formerly Kalyani Precision Machining !Ne.) ii. Tork Motors Private Limited and its wholly owned subsidiary - Lycan Electric Private Limited iii. Electroforge Limited (incorporated w.e.f. July 25, 2022) -BF Industrial Solutions Limited (formerly Nouveau Power and Infrastrucure Private Limited) - and its wholly owned subsidiaries - BF Industrial Technology and Solutions Limited (formerly Sanghvi Forging and Engineering Limited) and its wholly owned subsidiary i. Sanghvi Europe B.V. -JS Auto Cast Foundr India Private Limited (w.e.f. July 01, 2022) - Kalyani Lightweighting Technology Solutions Limited (incorporated on July 12, 2022) Associaes: -Talbahn GmbH (not material for consolidation) - Ferrovia Transrail Solutions Private Limited ( 49% upto March 2,2023) -Avaada MHVidarbha Private Limited (w.e.f. April 14, 2022) -Aeron Systems PrivateLimitedS$$ |
Countr of incororation Germany Germany Germany Germany Germany France Sweden U.K. U.S.A. U.S.A. U.S.A. U.S.A. Israel India India India India India Australia India India India India India U.S.A. India India India India India Netherlands India India Germany India India India |
Parnt's ultimate holdlng as on December31,2023 10% 100%@ 100%@ 100%@ 100%@ 100%@ 100%@ 100% 100% 100%@ 100%@ 100%@ Not Applicable 100% 74%@ 100'/@ 100% 50%@ 100% 51%@ 51% 51% 100% 100% 100%@ 64.29%@ 64.29%@ 10% @ 100% 100%@ 100%@ 100%@ 100% 35%@ Not Applicable 26.0% 37.14% |
Financlal year ends on 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 Not Applicable 31-Mar-24 31-Mar-24 |
|---|---|---|---|---|
| Joint Venture Companies: -BF-NTPC Energy Systems Limited (not consolidated)/\ -BF Premier Energy Systems Private Limited (struck- off w.e.f. November 25, 2023) -Refu Drive GmbH i. Refu Drive India Pvt. Ltd.$ |
India India Germany India |
51% Not Applicable 50% 50%@ |
31-Mar-24 Not Applicable 31-Mar-24 31-Mar-24 |
-
@ held through subsidiary, associate or Joint venture
-
$ 100% subsidiary of associates/ joint venture M Under liquidation
-
@@ No investment till date
$$$ Shareholding transferred from Holding Company to Kalyani Strategic Systems Limited on February 23, 2023.
==> picture [36 x 48] intentionally omitted <==
� KALYANI .....
BHARAT FORGE
BHARAT FORGE LIMITED Regd, Office : Mundhwa, Pune Cantonment, Pune 411 036, Maharashtra, lndla. CIN:125209PN1961PLC012046 Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163
Email : [email protected]; Website : ww .bharatforge.com
STATEMENT OF UNAUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2023
NOTES TO FINANCIAL RESULTS (Contd.):
12. Additional Information pursuant to regulation S2(4) and regulation 54(2) of Securities and Exchange Board of India (Listing Obligations and Dis<:losure Requirements) Regulation, 2015, as amended for the quarter and nine months ended Decemeber 31, 2023 for standalone unaudited results.
| Q1mrter ended | Nine Months ended | Nine Months ended | Year ended | Year ended | |||||
|---|---|---|---|---|---|---|---|---|---|
| Sr. No, | Partcular, |
D�comber 31, 2023 |
Septem bor 30, 2023 |
December 2022 |
31, | December31, 2023 |
December 31, 2022 |
March31, 2023 |
|
| (Unaudied) | (Unaudited) | (Unauditd) | (Unaudited) | (Unaudited) | (Audid) | ||||
| 1 | OpermlngMargin (") (not annualised) Operatng profit Revenue from operaton |
l.3� | 26.98% |
27.41% | 27393 |
25.53% |
25.24% | ||
| 2 | NetProft Margin (%) (not annualised) Proft fr te period/ Revenue from operatons |
lt.69% | 15.38¾ |
14.81% | 15.59% |
1437% |
13,81% | ||
| 3 | Interest SriceCoverage Rato (in tmes) (not annualised) EBIIA/Finance cost fr the period |
8.32 | 8.52 | 6.47 | 8.27 | 9.88 | 9.17 | ||
| 4 | Debt Serice Coverage Ratio (in tmes) Earning avallable fr debt serlce/(Flnance cos+Scheduled principal repayment of long term borrowng during te perkdl |
2.31 | 1.96 | 1.74 | 2.29 | 2.21 | 2.42 | ||
| 5 | BadDebt to Account Receivable Rato (not annualised) Bad debt writen of /Average tade receivable(") |
0.00 | 0.00 | 0.00 | 0.0 | 0.00 | o.oo | ||
| 6 | Debtr,Turnover Ratio (in times) (not annualised) Revenue fom operatons /Average tade receiable |
0.60 | 0.62 | 0.63 | 1.86 | 1.93 | 2.64 | ||
| 7 | lnv"ry Turnover (In times) (not annualised) Cos of raw materials and cmponent consumed+ Changes in Inventories of fnished goods, work in Progress, Dies and Scrap /Average Inventor |
0.68 | 0.73 | 0.69 | 2.15 | 2.07 | 2.77 | ||
| 8 | Debt Equit Rato (in tmes) Total Debt /Shareholders Equit |
0.48 | 0.52 | 0.60 | 0.48 | 0.60 | 0.58 | ||
| 9 | Current Rato (in tmes) Current asset/Current liabilites |
1.46 | 1.39 | 1.45 | 1.46 | 1.45 | 1.36 | ||
| 10 | CurrentLiabllit Rato (in times) Current llabilites/Totl liabll!es |
0.78 | 0.79 | 0.73 | 0.78 | 0.73 | o.n | ||
| 11 | Tomi Debt to Totl A et (in tmes) Totl debt/Totl asset |
0.28 | 0.29 | 0.32 | 0.28 | 0.32 | 0.31 | ||
| 12 | long TermDebt to Working Capitl (in tmes) Non curent borrowings (including current matrites of long trm loans /(Current asset - Current llabllltes excluding current matrites of long trm loans) |
0.46 | 0.54 | 0.67 | 0.46 | 0.67 | 0.78 | ||
| 13 | Net Wor (' million) | 8,063.38 | 81,577.38 | 74,191.67 | 84,063.38 | 74,191.67 | 74,439.25 | ||
| 14 | DebentJre Redemption Reserve | N.A. | N.A, | N.A. | N.A. | N.A. | N.A. |
DeflnillDns
a Operating Profit= Profit before tax+ Depreciation and amortisation expense+ Finance costs• Other income+ Exceptional items b EBITOA = Profit before tax+ Depreciation and amortisation expense+ Finance costs - Income from investments+ Exceptional items
C Earning available for debt service= Profit for the period/year+ Depr eciation and Amortisation expense+ Finance Costs+ Exceptional items+ (Gain)/Loss on sale of Property, plant and equipment (net)
d Average trade receivable= (Opening trade receivable+ Closing trade receivabie)/2 e Average inventory= (Opening inventory+ Closing inventory)/2 f Total debt = Current and Non-<:urrent portion of long term borrowings+ Short term borrowings
g Shareholders equity= Equity share capital+ Other equity
h Net worth = Equity share capital + Other equity- Proposed dividend
- {") amount b�ow rounding off norms
==> picture [36 x 53] intentionally omitted <==
BHARAT FORGE
� � KAL'VANI
BHARAT FORGE LIMITED Regd. Office: Mundhwa, Pune Cantonment, Pune 411 036, Maharashtra, lndla. CIN:U5209PN1961PLCOU046 Ph. No. : 91-2CMi704 2777 / 2476, Fax No. : 91-Z0-2682 2163
Email : [email protected]; Website : www.bharatforge.com
STATEMENT OF UNAUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2023
NOTES TO FINANCIAL RESULTS (Contd.):
13. Ad itional Information pursuant to regulation 52(4) and regulation 54(2) of Securities and Exchange Board of lndla (listing Obligations and Disclosure Requirements) Regulation, 201S, as amended for the quarter and nine months ended December 31, 2023 for consolidated unaudited results.
| aamended fr te quarter and nine monts ended December 31, 202 for consolidatd unaudid result. | aamended fr te quarter and nine monts ended December 31, 202 for consolidatd unaudid result. | |
|---|---|---|
| Quartr ended December 31, Septmber 30, Sr.No. Parculars 2023 2023 (Unauditd) (Unaudited) l OperatingMargin (%) (not annualised) 18.0 % 16.48% Operatng proft/ Revenue fom operations 2 NetProft Margin (%) (not annualised) 6.58% 5.69% Profit fr te period / Revenue fom operatons 3 InteretSerice Coverage Rato (In tmes) (not annualised) 4.92 4.82 EBITA/Flnance cost fr te period 4 DebtSerice Coverage Rato (in times) 1.75 1.58 Earning available for debt service/(Finance cosScheduled principal repayment of long term borrowing during the period) 5 BadDebt t Accunt Receivable Rato (not annualised) 0.00 0.00 Bad debt writen of /Average tade receivable(•) 6 Debtrs Turnover Rato (in tmes) (not annualised) 1.25 1.16 Revenue fom operatons /Average trade receivable 7 Inentor Turnover(in tmes) (not annualised) 0.53 0.55 Cost of raw matrials and component consumed+Changes in inventories of fnished goods, work in Progress. Oles and Scrap /Average inventr g Debt Equity Rato (In tmes) 0.98 1.01 Totl debt /Shareholders equit 9 Current Rato (in tmes) 1.05 1.02 Current aset/Current liabilities 10 Current liabffit Rato (in tmes) 0.76 0.80 Current liabilies/Totl liabilies 11 Total Debt to Total A et (in tmes) 0.37 0.37 Totl debt/otl asset u Long Term Debt to Working Capitl (in tmes) 1.85 2.27 Non current borrowings (including curent maturites of long term loans /(Current asset - Current liabilies excluding current maturites of long trm loans) 13 Net Worth (' million) 71,431.59 70,123.71 14 Debenwre Redemption Resre N.A. N.A. |
Nine Montsended Year ended December 31, December 31, December 31, March31, 2022 2023 2022 2023 (Unaudited) (Unaudied) (Unaudited) (Audited) 13.40% 16.66 % 13.97% 13.43% 2.35% 5.93 % 4.10% 3.94% 4.10 4.97 6.34 5.80 1.21 1.78 1.70 l.8 0.00 0.00 0.00 0.0 1.28 3.79 3.17 4.90 0.52 1.68 1.46 2.04 1.02 0.98 1.02 1.02 1.11 1.05 1.11 1.09 0.75 0.76 0.75 0.71 0.38 0.37 0.38 0.37 1.55 1.85 1.55 1.72 65,358.63 71,431.59 65,358.63 64,494.52 N.A. N.A. N. N.A. |
|
| 2.27 123.71 . |
Definitions
a Operating Profit= Profit before tax+ Depreciation, amortisation and impairment expense+ Finance costs - Other income+ Exceptional items b EBITDA:::: Profit before tax+ Depreciation, amortisation and impairment expense+ Finance costs - Income from investments+ Exceptional items C Earning available for debt service= Profit for the period/year+ Depreciation, amortisation and impairment expense+ Finance Costs+ Exceptional items+ (Gain)/loss on sale of Property, plant and equipment (net)
d Average trade receivable= (Opening trade receivable+ Closing trade receivable)/2
e Average inventory= (Opening inventory+ Closing inventory)/2
f Total debt= Current and Non-current portion of long term borrowings+ Short term borrowings
g Shareholders equity= Equity share capital+ Other equity
h Net worth = Equity share capital+ Other equity- Proposed dividend
(*) amount below rounding off norms
Place: Pune Do1ted : February 12, 2024
For BHARAT FORGE LIMITED �;L (A ITKALYANI) -- JOINT MANAGING DIR R DIN:00089430
BS R & Co. LLP Chartered Accountants
8th floor, Business Plaza Westin Hotel Campus 36/3-B, Koregaon Park Annex Mundhwa Road, Ghorpadi Pune - 411 001, India Telephone: +91 (20) 6747 7300 Fax: +91 (20) 6747 7100
Limited Review Report on unaudited standalone financial results of Bharat Forge Limited for the quarter ended 31 December 2023 and year to date results for the period from 1 April 2023 to 31 December 2023 pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To the Board of Directors of Bharat Forge Limited
-
We have reviewed the accompanying Statement of unaudited standalone financial results of Bharat Forge Limited (hereinafter referred to as "the Company") for the quarter ended 31 December 2023 and year to date results for the period from 1 April 2023 to 31 December 2023 ("the Statement").
-
This Statement, which is the responsibility of the Company's management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). Our responsibility is to issue a report on the Statement based on our review.
-
3 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 Chartered Accountants of India. 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.
-
4 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 Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
For B S R & Co. LLP Chartered Accountants Firm's Registration - Shiraz Vastani Partner Membership No.: 103334 UDIN:24103334BKGENY1863
Pune Membership No.: 103334 12 February 2024 UDIN:24103334BKGENY1863 Registered Office: BS R & Co (a partnership Finn wilh Registralion No BA61223) converted into BS R & Co LLP (a 14Ih Floor, Central B \Mng and North C \/\ling, Nesco IT Park 4, Nesco Limited Liability Partnership with LLP Registration No AAB-8181) with effect from October 14, 2013 Center, Western Express Highway, Goregaon (East), Mumbai - 400063 Page 1 of 1
8 SR & Co. LLP
Chartered Accountants
8th floor, Business Plaza Westin Hotel Campus 36/3-B, Koregaon Park Annex Mundhwa Road, Ghorpadi Pune - 411 001, India Telephone: +91 (20) 6747 7300 Fax +91 (20) 6747 7100
Limited Review Report on unaudited consolidated financial results of Bharat Forge Limited for the quarter ended 31 December 2023 and year to date results for the period from 01 April 2023 to 31 December 2023 pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To the Board of Directors of Bharat Forge Limited
-
We have reviewed the accompanying Statement of unaudited consolidated financial results of Bharat Forge Limited (hereinafter referred to as "the Parent"}, and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") and its share of the net profit after tax and total comprehensive income of its associates and joint ventures for the quarter ended 31 December 2023 and year to date results for the period from 01 April 2023 to 31 December 2023 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations")
-
2 This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review
-
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 Chartered Accountants of India. 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
-
We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable
-
The Statement includes the results of the entities mentioned in Annexure I to the Statement.
-
Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, 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 Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
-
==> picture [103 x 99] intentionally omitted <==
Registered Office:
14th Floor, Central 8 VVing and North C Wng. Nesco IT Park 4, Nesco Center, Western Express Highway Gorcgaon (Easl) Mumbai - 400063 Page 1 of 4
8 SR & Co (a par1nership lirmwrth Reg1stralion No BA61223) converted into BS R & Co LLP (a L1mi1ed L1abilily Par1nership with LLP Regislralmn No AAB-8181) with erfect rrom October 14. 2013
BS R & Co. LLP
Limited Review Report (Continued)
Bharat Forge Limited
-
We did not review the interim financial results of 14 subsidiaries included in the Statement, whose interim financial results reflect total revenues (before consolidation adjustments) of Rs. 18,160 millions and Rs. 50,549 millions, total net loss after tax (net) (before consolidation adjustments) of Rs. 1,121 millions and Rs. 3,570 millions and total comprehensive loss (net) (before consolidation adjustments) of Rs 1,156 millions and Rs 3,613 millions, for the quarter ended 31 December 2023 and for the period from 01 April 2023 to 31 December 2023 respectively, as considered in the Statement. These interim financial results have been reviewed by other auditors whose reports have been furnished to us by the Parent's management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.
-
Our conclusion is not modified in respect of this matter.
-
The Statement includes the interim financial results of 18 subsidiaries which have not been reviewed, whose interim financial results reflect total revenues (before consolidation adjustments) of Rs. 1,100 millions and Rs. 2,986 millions, total net loss after tax (net) (before consolidation adjustments) of Rs. 30 millions and Rs. 134 millions and total comprehensive income/ (loss) (net) (before consolidation adjustments) of Rs. (32) millions and Rs. 267 millions, for the quarter ended 31 December 2023 and for the period from 01 April 2023 to 31 December 2023 respectively, as considered in the Statement. The Statement also includes the Group's share of net profit after tax of Rs. 17 millions and Rs. 48 millions and total comprehensive income of Rs. 18 millions and Rs. 47 millions, for the quarter ended 31 December 2023 and for the period from 01 April 2023 to 31 December 2023 respectively as considered in the Statement, in respect of 3 associates and 3 joint ventures, based on their interim financial results which have not been reviewed. According to the information and explanations given to us by the Parent's management, these interim financial results are not material to the Group.
-
Our conclusion is not modified in respect of this matter.
Pune
12 February 2024
For B S R & Co. LLP Chartered Accountants Firm's Registration N :101248W/W-100022
==> picture [31 x 58] intentionally omitted <==
\t � Shiraz Vastani Partner
Membership No.: 103334 UDIN:24103334BKGENZ4937
Page 2 of 4
BS R & Co. LLP
Limited Review Report (Continued) Bharat Forge Limited
Annexure I
List of entities included in unaudited consolidated financial results of Bharat Forge Limited ('BFL'):.
| SrNo Name of component 1 Bharat Forge Global Holding GmbH ('BFGH') |
SrNo Name of component 1 Bharat Forge Global Holding GmbH ('BFGH') |
SrNo Name of component 1 Bharat Forge Global Holding GmbH ('BFGH') |
Relationship | ||
|---|---|---|---|---|---|
| Subsidiary of BFL | |||||
| 2 Bharat Forge Holding GmbH ('BFH') |
Subsidiar of BFGH Subsidiar of BFH |
||||
| 3 | Bharat Forge Aluminiumtechnik GmbH | ||||
| 4 Bharat Forge Kilsta AB 5 Bharat Forge CDP GmbH ('CDP') 6 Bharat Forge Daun GmbH 7 Mecanique Generale Langroise |
Subsidiar of BFGH | ||||
| Subsidiar of BFGH | |||||
| Subsidiar of CDP Subsidiar of BFGH |
|||||
| 8 Bharat Forge International Limited |
Subsidiary of BFL | ||||
| 9 Bharat Forge America Inc ('BFA') |
Subsidiar of BFL | ||||
| 10 Bharat Forge PMT Technologie LLC 11 Bharat Forge Tennessee Inc. 12 Bharat Forge Aluminium USA, Inc. 13 BF Infrastructure Limited ('BF Infra') 14 BFIL- CEC JV 15 Ferrovia Transrail Solutions Private Limited 16 Kalyani Centre for Precision Technology Limited 17 Kalyani Strategic Systems Limited ('KSSL') |
Subsidiar of BFA Subsidiar of BFA Subsidiar of BFA |
||||
| Subsidiar of BFL Subsidiar of BF Infra |
|||||
| Subsidiar of BF Infra Subsidiar of BFL Subsidiar of BFL |
|||||
| 18 Kalyani Rafael Advanced Systems Private Limited |
Subsidiar of KSSL | ||||
| 19 Kalyani Strategic Systems Australia Pty Limited |
Subsidiar of KSSL | ||||
| 20 Sagar Manas Technologies Limited |
Subsidiar of KSSL |
==> picture [113 x 104] intentionally omitted <==
BS R & Co. LLP
| Limited Review Repor(Continued) Bharat Forge Limited BF Elbit Advanced Systems Private Limited Kalyani Powerrain Limited ('KPTL') Kalyani Mobility Inc. Tork Motors Private Limited ('Tork') Lycan Electric Private Limited Electroforge Limited Eternus Performance Materials Private Limited BF Industrial Solutions Limited ('BFISL') BF Industrial Technology & Solutions Limited ('BFITSL') Sanghvi Europe B.V. JS Auto Cast Foundr India Private Limited Kalyani Lightweighting Technology Solutions Limited Indigenous IL Limited Talbahn GmbH Aeron Systems Private Limited Avaada MHVidarha Private Limited BF NTPC Energy Systems Limited Refu Drive GmbH ('Refu') Refu Drive India Private Limited Subsidiary of BFL Subsidiar of BFL Subsidiary of KPTL Subsidiary of KPTL Subsidiary of Tork Subsidiar of KPTL Subsidiary of BFL Subsidiar of BFL Subsidiary of BFISL Subsidiar of BFITSL Subsidiar of BFISL Subsidiary of BFL Subsidiar of BFL Associate Associate Associate Joint Venture Joint Venture Subsidiary of Refu |
Limited Review Repor(Continued) Bharat Forge Limited BF Elbit Advanced Systems Private Limited Kalyani Powerrain Limited ('KPTL') Kalyani Mobility Inc. Tork Motors Private Limited ('Tork') Lycan Electric Private Limited Electroforge Limited Eternus Performance Materials Private Limited BF Industrial Solutions Limited ('BFISL') BF Industrial Technology & Solutions Limited ('BFITSL') Sanghvi Europe B.V. JS Auto Cast Foundr India Private Limited Kalyani Lightweighting Technology Solutions Limited Indigenous IL Limited Talbahn GmbH Aeron Systems Private Limited Avaada MHVidarha Private Limited BF NTPC Energy Systems Limited Refu Drive GmbH ('Refu') Refu Drive India Private Limited Subsidiary of BFL Subsidiar of BFL Subsidiary of KPTL Subsidiary of KPTL Subsidiary of Tork Subsidiar of KPTL Subsidiary of BFL Subsidiar of BFL Subsidiary of BFISL Subsidiar of BFITSL Subsidiar of BFISL Subsidiary of BFL Subsidiar of BFL Associate Associate Associate Joint Venture Joint Venture Subsidiary of Refu |
Limited Review Repor(Continued) Bharat Forge Limited BF Elbit Advanced Systems Private Limited Kalyani Powerrain Limited ('KPTL') Kalyani Mobility Inc. Tork Motors Private Limited ('Tork') Lycan Electric Private Limited Electroforge Limited Eternus Performance Materials Private Limited BF Industrial Solutions Limited ('BFISL') BF Industrial Technology & Solutions Limited ('BFITSL') Sanghvi Europe B.V. JS Auto Cast Foundr India Private Limited Kalyani Lightweighting Technology Solutions Limited Indigenous IL Limited Talbahn GmbH Aeron Systems Private Limited Avaada MHVidarha Private Limited BF NTPC Energy Systems Limited Refu Drive GmbH ('Refu') Refu Drive India Private Limited Subsidiary of BFL Subsidiar of BFL Subsidiary of KPTL Subsidiary of KPTL Subsidiary of Tork Subsidiar of KPTL Subsidiary of BFL Subsidiar of BFL Subsidiary of BFISL Subsidiar of BFITSL Subsidiar of BFISL Subsidiary of BFL Subsidiar of BFL Associate Associate Associate Joint Venture Joint Venture Subsidiary of Refu |
Limited Review Repor(Continued) Bharat Forge Limited BF Elbit Advanced Systems Private Limited Kalyani Powerrain Limited ('KPTL') Kalyani Mobility Inc. Tork Motors Private Limited ('Tork') Lycan Electric Private Limited Electroforge Limited Eternus Performance Materials Private Limited BF Industrial Solutions Limited ('BFISL') BF Industrial Technology & Solutions Limited ('BFITSL') Sanghvi Europe B.V. JS Auto Cast Foundr India Private Limited Kalyani Lightweighting Technology Solutions Limited Indigenous IL Limited Talbahn GmbH Aeron Systems Private Limited Avaada MHVidarha Private Limited BF NTPC Energy Systems Limited Refu Drive GmbH ('Refu') Refu Drive India Private Limited Subsidiary of BFL Subsidiar of BFL Subsidiary of KPTL Subsidiary of KPTL Subsidiary of Tork Subsidiar of KPTL Subsidiary of BFL Subsidiar of BFL Subsidiary of BFISL Subsidiar of BFITSL Subsidiar of BFISL Subsidiary of BFL Subsidiar of BFL Associate Associate Associate Joint Venture Joint Venture Subsidiary of Refu |
|
|---|---|---|---|---|
| 21 | BF Elbit Advanced Systems Private Limited Kalyani Powerrain Limited ('KPTL') Subsidiary of BFL Subsidiar of BFL |
|||
| 22 | ||||
| 23 24 25 |
Kalyani Mobility Inc. Tork Motors Private Limited ('Tork') Lycan Electric Private Limited Electroforge Limited Subsidiary of KPTL Subsidiary of KPTL Subsidiary of Tork Subsidiar of KPTL |
|||
| 26 | ||||
| 27 | Eternus Performance Materials Private Limited Subsidiary of BFL |
|||
| 28 29 30 31 32 33 34 35 |
BF Industrial Solutions Limited ('BFISL') BF Industrial Technology & Solutions Limited ('BFITSL') Sanghvi Europe B.V. JS Auto Cast Foundr India Private Limited Kalyani Lightweighting Technology Solutions Limited Indigenous IL Limited Talbahn GmbH Aeron Systems Private Limited Avaada MHVidarha Private Limited |
Subsidiar of BFL Subsidiary of BFISL Subsidiar of BFITSL Subsidiar of BFISL Subsidiary of BFL Subsidiar of BFL Associate Associate Associate |
||
| 36 | ||||
| 37 38 |
BF NTPC Energy Systems Limited | Joint Venture | ||
| Refu Drive GmbH ('Refu') Joint Venture |
||||
| 39 | Refu Drive India Private Limited | Subsidiary of Refu |
==> picture [433 x 108] intentionally omitted <==
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B H A R A T F O R G E
Annexure B
Disclosure of information pursuant to Regulation 30 of Listing Regulations read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.
Re-appointment of Mr. Dipak Mane as Non-Executive Independent Director
| SN | Particulars | Description | |
|---|---|---|---|
| 1 | Reason for change viz., appointment/re-appointment, ~~resignation, removal, death~~ ~~or otherwise~~ |
Mr. Dipak Mane’s current term of appointment will expire on June 20, 2024. Based on the recommendation of the Nomination and Remuneration Committee of the Company, the Board of Directors has, subject to the approval of shareholders, approved the re-appointment of Mr. Mane for second term of five (5) consecutive years from June 21, 2024 up to June 20, 2029. |
|
| 2 | Date of appointment/re- appointment~~cessation (as~~ ~~applicable)~~ Term of appointment/re-appointment |
June 21, 2024 Five (5) consecutive years from June 21, 2024 up to June 20, 2029 |
|
| 3 | Brief Profile (in case of appointment) |
Attached as Annexure I | |
| 4 | Disclosure of relationships between directors |
Mr. Dipak Mane is not related to any other Director. |
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BHARAT FORGE LIMITED, MUNDHWA, PUNE 411 036, MAHARASHTRA, INDIA. PHONE: + 91 20 6704 2476 6704 2777 (Secretarial) Fax 020 2682 2163 CIN L25209PN1961PLC012046 Email: [email protected] WEBSITE: www.bharatforge.com
B H A R A T F O R G E
Annexure I - Brief Profile of Mr. Dipak Mane
==> picture [188 x 314] intentionally omitted <==
Mr. Mane holds a Bachelor of Technology Degree in Chemical Engineering from IIT Kharagpur, a Post Graduate Diploma in Marketing Management from Jamnalal Bajaj Institute of Management Studies, University of Mumbai; and has done an Advance Management Program from the IMD, Switzerland. He has been working with the Buhler Group, Switzerland at various Global Locations in Techno-commercial Leadership Roles – and as the Chief Human Resource Officer (Member of the Global Executive Board). Currently, he works with the Buhler Group in Switzerland as an Advisor to the Executive Board, working on some Strategic Priorities. He also serves on the Boards of other European and Indian Companies. Additionally, he continues to teach at the ETH, Zurich and the ZHAW, Winterthur, both in Switzerland.
==> picture [46 x 46] intentionally omitted <==
BHARAT FORGE LIMITED, MUNDHWA, PUNE 411 036, MAHARASHTRA, INDIA. PHONE: + 91 20 6704 2476 6704 2777 (Secretarial) Fax 020 2682 2163 CIN L25209PN1961PLC012046 Email: [email protected] WEBSITE: www.bharatforge.com