EBITDA improved by 17.6% to Rs 460 crore in Q1 FY23 from Rs 391 crore in Q1 FY22. EBITDA in Q1 FY23 was 26.1% in Q1 FY23 as against 28.5% in Q1 FY22.

Profit before tax in Q1 FY23 stood at Rs 353.2 crore, up by 25.3% from Rs 281.8 crore in Q1 FY22.

B.N. Kalyani, chairman & MD of the company said, The company's performance in Q1 FY23 was steady with revenue and EBITDA witnessing growth on a sequential basis. Topline grew by 5.1% QoQ to Rs 17,594 million while EBITDA grew by 6.8% QoQto Rs 4,600 million. Export revenues at Rs 10,475 million and PV export revenues at Rs 1,942 million are at an all time high.

We have completed the acquisition of JS Autocast Pvt Limited, at an Enterprise Value of Rs 489.63 Crores. This acquisition significantly enhances our capabilities to address segments in Industrial and energy sector in both domestic and exports markets and also opens up new products, we hitherto were not making.

During the quarter, the Indian operations secured new business worth approximately Rs 350 Crores across automotive & industrial application.

At a consolidated level, the European operations have delivered a stable performance as per plan, in-spite of high input prices and weak market conditions. The new Greenfield Aluminium Forging facility in North America is still in a ramp-up phase and operating at low utilization levels which has adversely impacted the overall quarterly profitability. We expect this business to turnaround in second half of the fiscal.

Looking ahead in to Q2 FY23, we expect stable performance across both the domestic and export markets despite uncertainty arising from the macro economic headwinds caused by monetary tightening.

Bharat Forge manufactures an extensive array of critical and safety components for several sectors including automobiles (across commercial & passenger vehicle), oil & gas, aerospace, locomotives, marine, energy (across renewable and non-renewable sources), construction, mining and general engineering.

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