Integrated Filing — IndAS

General information about company
Scrip Code	500493
NSE Symbol	BHARATFORG
MSEI Symbol	NOTLISTED
ISIN	INE465A01025
Name of company	BHARAT FORGE LIMITED
Type of company	Main Board
Class of security	Equity
Date of start of financial year	01-Apr-2024
Date of end of financial year	31-Mar-2025
Date of board meeting when results were approved	08-May-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange	28-Apr-2025
Description of presentation currency	INR (in Actuals)
Reporting Type	Quarterly
Reporting Quarter	Fourth quarter
Nature of report standalone or consolidated	Standalone
Whether results are audited or unaudited for the quarter ended	Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended	Audited
Segment Reporting	Single segment
Description of single segment	FORGING
Start date and time of board meeting	08-May-2025   12:00:00
End date and time of board meeting	08-May-2025   14:00:00
Whether cash flow statement is applicable on company	Yes
Type of cash flow statement	Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification	Declaration of unmodified opinion
Whether the company has any related party?	Yes
Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure?	Yes
(I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public	NA
(II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure.	NA
Whether the company is a high value debt listed entity according to regulation 15 (1A)?	No
(a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication?
(b) If answer to above question is No, please explain the reason for not complying.
Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company?	Yes
Latest Date on which RPT policy is updated	2025-02-12
Indicate Company website link for updated RPT policy of the Company	https://www.bharatforge.com/assets/pdf/corporateGovernance/RPT-policy.pdf
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter?	No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity?	No
Not Applicable n

Financial Results Ind-AS
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Audited	Audited
D	Nature of report standalone or consolidated	Standalone	Standalone
Part I	Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1	Income
	Revenue from operations	21630290000	88437300000
	Other income	480760000	1588530000
	Total income	22111050000	90025830000
2	Expenses
(a)	Cost of materials consumed	9015870000	35911270000
(b)	Purchases of stock-in-trade	0	0
(c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	-439870000	10390000
(d)	Employee benefit expense	1539290000	6366060000
(e)	Finance costs	588120000	2498140000
(f)	Depreciation, depletion and amortisation expense	1122140000	4403690000
(f)	Other Expenses
1	Other expenses	5348210000	21115500000
	Total other expenses	5348210000	21115500000
	Total expenses	17173760000	70305050000
3	Total profit before exceptional items and tax	4937290000	19720780000
4	Exceptional items	-202690000	-1533140000
5	Total profit before tax	4734600000	18187640000
6	Tax expense
7	Current tax	1263840000	5122060000
8	Deferred tax	14510000	-156930000
9	Total tax expenses	1278350000	4965130000
10	Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement	0	0
11	Net Profit Loss for the period from continuing operations	3456250000	13222510000
12	Profit (loss) from discontinued operations before tax	0	0
13	Tax expense of discontinued operations	0	0
14	Net profit (loss) from discontinued operation after tax	0	0
15	Share of profit (loss) of associates and joint ventures accounted for using equity method	0	0
16	Total profit (loss) for period	3456250000	13222510000
17	Other comprehensive income net of taxes	-260020000	-1243420000
18	Total Comprehensive Income for the period	3196230000	11979090000
19	Total profit or loss, attributable to
	Profit or loss, attributable to owners of parent
	Total profit or loss, attributable to non-controlling interests
20	Total Comprehensive income for the period attributable to
	Comprehensive income for the period attributable to owners of parent
	Total comprehensive income for the period attributable to owners of parent non-controlling interests
21	Details of equity share capital
	Paid-up equity share capital	956270000	956270000
	Face value of equity share capital	2	2
27	Details of debt securities
22	Reserves excluding revaluation reserve		108686420000
23	Earnings per share
i	Earnings per equity share for continuing operations
	Basic earnings (loss) per share from continuing operations	7.23	28.16
	Diluted earnings (loss) per share from continuing operations	7.23	28.16
ii	Earnings per equity share for discontinued operations
	Basic earnings (loss) per share from discontinued operations	0	0
	Diluted earnings (loss) per share from discontinued operations	0	0
ii	Earnings per equity share
	Basic earnings (loss) per share from continuing and discontinued operations	7.23	28.16
	Diluted earnings (loss) per share from continuing and discontinued operations	7.23	28.16
24	Debt equity ratio	0	0.0036
25	Debt service coverage ratio	0	0.0299
26	Interest service coverage ratio	0	0.1024
27	Disclosure of notes on financial results		1. The Company has entered into a share purchase agreement (SPA) for the acquisition of 100% shareholding in AAM India Manufacturing Corporation Private Limited (AAMIMCPL), a leading manufacturer of axles for light, medium and heavy commercial vehicles in India. The completion of acquisition shall be subject to fulfilment of conditions precedent and in accordance with the terms agreed upon in the SPA. n n2. During the year ended March, 31, 2025 the Company issued 12,500,000 equity shares of face value of 2 each through Qualified Institutional Placement (QIP) at an issue price of 1,320/- per share (including a securities premium of Rs. 1,318/- per share), aggregating 16,500.00 million. The objectives of the QIP were repayment/prepayment of certain borrowings availed by certain subsidiaries, proposed acquisition of the equity shares of AAM India Manufacturing Corporation Private Limited, including all associated costs in relation to the proposed acquisition and general corporate purposes. Out of the total proceeds, Rs. 10,999.61 million was utilised during the period for repayment/prepayment of certain borrowings, general corporate purpose and expenses attributable to QIP issue. The unspent amount of Rs. 5,500 million has been placed in fixed deposits with banks and Rs. 0.39 million in the Company's monitoring account. The equity shares issued as a result of QIP have been considered in calculating earnings per share (EPS) for the quarter and year ended March 31, 2025. n3. The Board of Directors at its meeting held on May 08, 2025 has recommended a final dividend of Rs. 6.00 per equity share of Rs. 2 (300%). n nExceptional Items : n n1. BF Elbit Advanced Systems Private Limited is subsidiary of the Company (51% equity shares) which is engaged in the business of developing weapon systems with a primary focus on artillery and mortar systems of all calibres. In light of lower visibility of the business related to the weapon systems being developed by BF Elbit, a provision for impairment of investment amounting to Rs. 10.10 million and a provision for impairment in the carrying cost of loan (including accrued interest) amounting to Rs. 192.59 million has been considered in standalone financial results for the quarter and year ended March 31, 2025. This has no impact on consolidated financial results. n n2. During the year ended March 31, 2021, the Group had acquired embedded systems business and had recognised goodwill of Rs. 53 million as part of this acquisition. As part of annual impairment evaluation process, the group has analysed the current status and the future projections of this business. Based on this evaluation Kalyani Strategic Systems Limited, a wholly owned subsidiary of the Company, and the group has recognised impairment of Rs. 53 million in the consolidated financial results for the quarter and year ended March 31, 2025. n

Remarks
Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio

Statement of Asset and Liabilities
Particulars		Year ended (dd-mm-yyyy)
Date of start of reporting period		01-Apr-2024
Date of end of reporting period		31-Mar-2025
Whether results are audited or unaudited		Audited
Nature of report standalone or consolidated		Standalone
	Assets
1	Non-current assets
	Property, plant and equipment	28183430000
	Capital work-in-progress	8381310000
	Investment property	281630000
	Goodwill	0
	Other intangible assets	2828320000
	Intangible assets under development	0
	Biological assets other than bearer plants	0
	Investments accounted for using equity method	0
	Non-current financial assets
	Non-current investments	47800810000
	Trade receivables, non-current	118030000
	Loans, non-current	58540000
	Other non-current financial assets	1741330000
	Total non-current financial assets	49718710000
	Deferred tax assets (net)	278360000
	Other non-current assets	1983250000
	Total non-current assets	91655010000
2	Current assets
	Inventories	15401740000
	Current financial asset
	Current investments	12647620000
	Trade receivables, current	38199590000
	Cash and cash equivalents	3589240000
	Bank balance other than cash and cash equivalents	5696130000
	Loans, current	151280000
	Other current financial assets	1325020000
	Total current financial assets	61608880000
	Current tax assets (net)	0
	Other current assets	3936860000
	Total current assets	80947480000
3	Non-current assets classified as held for sale	0
4	Regulatory deferral account debit balances and related deferred tax Assets	0
	Total assets	172602490000
	Equity and liabilities
1	Equity
	Equity attributable to owners of parent
	Equity share capital	956270000
	Other equity	108686420000
	Total equity attributable to owners of parent	109642690000
	Non controlling interest
	Total equity	109642690000
2	Liabilities
	Non-current liabilities
	Non-current financial liabilities
	Borrowings, non-current	6594190000
	Trade payables, non-current
	(A) Total outstanding dues of micro enterprises and small enterprises	0
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	0
	Total Trade payable	0
	Other non-current financial liabilities	3072930000
	Total non-current financial liabilities	9667120000
	Provisions, non-current	909810000
	Deferred tax liabilities (net)	1066540000
	Deferred government grants, Non-current	0
	Other non-current liabilities	0
	Total non-current liabilities	11643470000
	Current liabilities
	Current financial liabilities
	Borrowings, current	33222580000
	Trade payables, current
	(A) Total outstanding dues of micro enterprises and small enterprises	136250000
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	13727070000
	Total Trade payable	13863320000
	Other current financial liabilities	1388330000
	Total current financial liabilities	48474230000
	Other current liabilities	1174290000
	Provisions, current	1408360000
	Current tax liabilities (Net)	259450000
	Deferred government grants, Current	0
	Total current liabilities	51316330000
3	Liabilities directly associated with assets in disposal group classified as held for sale	0
4	Regulatory deferral account credit balances and related deferred tax liability	0
	Total liabilities	62959800000
	Total equity and liabilites	172602490000
	Disclosure of notes on assets and liabilities

Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars		3 months/ 6 month ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period		01-Jan-2025	01-Apr-2024
Date of end of reporting period		31-Mar-2025	31-Mar-2025
Whether accounts are audited or unaudited		Audited	Audited
Nature of report standalone or consolidated		Standalone	Standalone
1	Segment Revenue (Income)
	(net sale/income from each segment should be disclosed)
	Total Segment Revenue
	Less: Inter segment revenue
	Revenue from operations
2	Segment Result
	Profit (+) / Loss (-) before tax and interest from each segment
	Total Profit before tax
	i. Finance cost
	ii. Other Unallocable Expenditure net off Unallocable income
	Profit before tax
3	(Segment Asset - Segment Liabilities)
	Segment Asset
	Total Segment Asset
	Un-allocable Assets	null	null
	Net Segment Asset	null	null
4	Segment Liabilities
	Segment Liabilities
	Total Segment Liabilities
	Un-allocable Liabilities	null	null
	Net Segment Liabilities	null	null
	Disclosure of notes on segments

Other Comprehensive Income
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Audited	Audited
D	Nature of report standalone or consolidated	Standalone	Standalone
	Other comprehensive income [Abstract]
1	Amount of items that will not be reclassified to profit and loss
1	Remeasurement gains on defined benefit plans	-191540000	-176540000
2	Net gain on FVTOCI equity securities	-192250000	-316900000
	Total Amount of items that will not be reclassified to profit and loss	-383790000	-493440000
2	Income tax relating to items that will not be reclassified to profit or loss	-75700000	-35790000
3	Amount of items that will be reclassified to profit and loss
1	Net movement on cash flow hedges	64230000	-1050040000
	Total Amount of items that will be reclassified to profit and loss	64230000	-1050040000
4	Income tax relating to items that will be reclassified to profit or loss	16160000	-264270000
5	Total Other comprehensive income	-260020000	-1243420000

Cash flow statement, indirect
Particulars				Year ended (dd-mm-yyyy)
A	Date of start of reporting period			2024-04-01
B	Date of end of reporting period			2025-03-31
C	Whether results are audited or unaudited			Audited
D	Nature of report standalone or consolidated			Standalone
Part I	Blue color marked fields are non-mandatory.
	Statement of cash flows
	Cash flows from used in operating activities
	Profit before tax			18187640000
	Adjustments for reconcile profit (loss)
	Adjustments for finance costs			2498140000
	Adjustments for decrease (increase) in inventories			-2106890000
	Adjustments for decrease (increase) in trade receivables, current			-2018610000
	Adjustments for decrease (increase) in trade receivables, non-current			0
	Adjustments for decrease (increase) in other current assets			-738820000
	Adjustments for decrease (increase) in other non-current assets			0
	Adjustments for other financial assets, non-current			0
	Adjustments for other financial assets, current			177420000
	Adjustments for other bank balances			0
	Adjustments for increase (decrease) in trade payables, current			1047440000
	Adjustments for increase (decrease) in trade payables, non-current			0
	Adjustments for increase (decrease) in other current liabilities			-204640000
	Adjustments for increase (decrease) in other non-current liabilities			0
	Adjustments for depreciation and amortisation expense			4403690000
	Adjustments for impairment loss reversal of impairment loss recognised in profit or loss			0
	Adjustments for provisions, current			590070000
	Adjustments for provisions, non-current			0
	Adjustments for other financial liabilities, current			-150810000
	Adjustments for other financial liabilities, non-current			0
	Adjustments for unrealised foreign exchange losses gains			223620000
	Adjustments for dividend income			0
	Adjustments for interest income			566240000
	Adjustments for share-based payments			0
	Adjustments for fair value losses (gains)			767300000
	Adjustments for undistributed profits of associates			0
	Other adjustments for which cash effects are investing or financing cash flow			-1490550000
	Other adjustments to reconcile profit (loss)			0
	Other adjustments for non-cash items			1659160000
	Share of profit and loss from partnership firm or association of persons or limited liability partnerships			0
	Total adjustments for reconcile profit (loss)			4090280000
	Net cash flows from (used in) operations			22277920000
	Dividends received			-8340000
	Interest paid			0
	Interest received			0
	Income taxes paid (refund)			5257970000
	Other inflows (outflows) of cash			0
	Net cash flows from (used in) operating activities			17011610000
	Cash flows from used in investing activities
	Cash flows from losing control of subsidiaries or other businesses			1054500000
	Cash flows used in obtaining control of subsidiaries or other businesses			16249110000
	Other cash receipts from sales of equity or debt instruments of other entities			126374600000
	Other cash payments to acquire equity or debt instruments of other entities			133824240000
	Other cash receipts from sales of interests in joint ventures			0
	Other cash payments to acquire interests in joint ventures			0
	Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships			0
	Cash payment for investment in partnership firm or association of persons or limited liability partnerships			0
	Proceeds from sales of property, plant and equipment			10500000
	Purchase of property, plant and equipment			6170900000
	Proceeds from sales of investment property			0
	Purchase of investment property			0
	Proceeds from sales of intangible assets			0
	Purchase of intangible assets			0
	Proceeds from sales of intangible assets under development			0
	Purchase of intangible assets under development			0
	Proceeds from sales of goodwill			0
	Purchase of goodwill			0
	Proceeds from biological assets other than bearer plants			0
	Purchase of biological assets other than bearer plants			0
	Proceeds from government grants			0
	Proceeds from sales of other long-term assets			0
	Purchase of other long-term assets			0
	Cash advances and loans made to other parties			0
	Cash receipts from repayment of advances and loans made to other parties			0
	Cash payments for future contracts, forward contracts, option contracts and swap contracts			0
	Cash receipts from future contracts, forward contracts, option contracts and swap contracts			0
	Dividends received			8340000
	Interest received			389190000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			0
	Net cash flows from (used in) investing activities	-28407120000
	Cash flows from used in financing activities
	Proceeds from changes in ownership interests in subsidiaries			0
	Payments from changes in ownership interests in subsidiaries			0
	Proceeds from issuing shares			16500000000
	Proceeds from issuing other equity instruments			0
	Payments to acquire or redeem entity's shares			0
	Payments of other equity instruments			0
	Proceeds from exercise of stock options			0
	Proceeds from issuing debentures notes bonds etc			0
	Proceeds from borrowings			81370670000
	Repayments of borrowings			85982400000
	Payments of lease liabilities			170260000
	Dividends paid			4220930000
	Interest paid			2624040000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			-302670000
	Net cash flows from (used in) financing activities			4570370000
	Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes			-6825140000
	Effect of exchange rate changes on cash and cash equivalents
	Effect of exchange rate changes on cash and cash equivalents			1510000
	Net increase (decrease) in cash and cash equivalents			-6823630000
	Cash and cash equivalents cash flow statement at beginning of period			10412870000
	Cash and cash equivalents cash flow statement at end of period			3589240000