Bharat Forge is expanding its position as a major supplier of automobile engine parts on the world market. More than 130,000 tons of steel and aluminium crankshafts, connecting rods, and camshafts are produced by Bharat Forge for use in passenger vehicles and SUVs. 

Auto components major Bharat Forge Ltd on Wednesday reported a 33.27 per cent increase in consolidated net profit at Rs 213.73 crore in the first quarter ended June 30, 2023.

The company had posted a consolidated net profit of Rs 160.37 crore in the same quarter last fiscal, Bharat Forge said in a regulatory filing.

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Consolidated revenue from operations was at Rs 3,877.27 crore as against Rs 2,851.46 crore in the year-ago period, it added.

Total expenses were higher at Rs 3,602.48 crore as compared to Rs 2,643.95 crore in the same period a year ago.

Bharat Forge said its board at its meeting held on Wednesday also approved the conversion of existing inter-corporate deposits given by it to Kalyani Powertrain Ltd (KPTL), a wholly-owned arm, along with interest amounting to Rs 111.3 crore into equity shares, to reduce the overall borrowings at KPTL.

The board also approved a further investment of an amount not exceeding Rs 150 crore in KPTL from time to time in one or more tranches.

KPTL houses all of the electric vehicle initiatives of Bharat Forge.