The management said FY21 has started on a difficult note with the lockdown impacting demand. Automotive production across commercial & passenger vehicles globally has been severely impacted.
“We are hopeful that sequentially things will start to improve from H2 FY21, as economies open up & stabilise. Although the current scenario is very different from what we have ever seen before, we are very confident that the company will come out from these difficult times stronger than before,” it said.
On a standalone basis, Bharat Forge
posted a net loss of Rs 73.20 crore against a profit of Rs 299.50 crore. Total revenues declined by 47.2 per cent in Q4FY20 to Rs 881 crore as compared to Rs 1,669 crore in Q4FY19. EBITDA (earnings before interest, taxes, depreciation, and amortisation) margins contracted sharply to 16.8 per cent from 29.1 per cent in the year-ago quarter.
Exceptional item of Rs 94 crore consists of Rs 89 crore towards impairment of investments in Tevva Motors & Rs 4.9 million towards voluntary retirement scheme (VRS).