BHARATFORG2024-07-012024-09-30 BHARATFORG2024-07-012024-09-30 BHARATFORG2024-07-012024-09-30in-bse-fin:OneOperatingExpenses01Member BHARATFORG2024-07-012024-09-30in-bse-fin:FourOperatingExpenses01Member BHARATFORG2024-09-30 BHARATFORG2024-07-012024-09-30in-bse-fin:OneReportableSegmentRevenue01Member BHARATFORG2024-07-012024-09-30in-bse-fin:OneReportableSegmentRevenue02Member BHARATFORG2024-07-012024-09-30in-bse-fin:OneReportableSegmentRevenue03Member BHARATFORG2024-07-012024-09-30in-bse-fin:OneReportableSegmentRevenue04Member BHARATFORG2024-07-012024-09-30in-bse-fin:FourReportableSegmentRevenue01Member BHARATFORG2024-07-012024-09-30in-bse-fin:FourReportableSegmentRevenue02Member BHARATFORG2024-07-012024-09-30in-bse-fin:FourReportableSegmentRevenue03Member BHARATFORG2024-07-012024-09-30in-bse-fin:FourReportableSegmentRevenue04Member BHARATFORG2024-07-012024-09-30in-bse-fin:OneReportableSegmentResults01Member BHARATFORG2024-07-012024-09-30in-bse-fin:OneReportableSegmentResults02Member BHARATFORG2024-07-012024-09-30in-bse-fin:OneReportableSegmentResults03Member BHARATFORG2024-07-012024-09-30in-bse-fin:OneReportableSegmentResults04Member BHARATFORG2024-07-012024-09-30in-bse-fin:FourReportableSegmentResults01Member BHARATFORG2024-07-012024-09-30in-bse-fin:FourReportableSegmentResults02Member BHARATFORG2024-07-012024-09-30in-bse-fin:FourReportableSegmentResults03Member BHARATFORG2024-07-012024-09-30in-bse-fin:FourReportableSegmentResults04Member BHARATFORG2024-07-012024-09-30in-bse-fin:OneReportableSegmentAssets01Member BHARATFORG2024-07-012024-09-30in-bse-fin:OneReportableSegmentAssets02Member BHARATFORG2024-07-012024-09-30in-bse-fin:OneReportableSegmentAssets03Member BHARATFORG2024-07-012024-09-30in-bse-fin:OneReportableSegmentAssets04Member BHARATFORG2024-07-012024-09-30in-bse-fin:OneReportableSegmentLiabilities01Member BHARATFORG2024-09-30in-bse-fin:OneReportableSegmentLiabilities01Member BHARATFORG2024-07-012024-09-30in-bse-fin:OneReportableSegmentLiabilities02Member BHARATFORG2024-09-30in-bse-fin:OneReportableSegmentLiabilities02Member BHARATFORG2024-07-012024-09-30in-bse-fin:OneReportableSegmentLiabilities03Member BHARATFORG2024-09-30in-bse-fin:OneReportableSegmentLiabilities03Member BHARATFORG2024-07-012024-09-30in-bse-fin:OneReportableSegmentLiabilities04Member BHARATFORG2024-09-30in-bse-fin:OneReportableSegmentLiabilities04Member BHARATFORG2024-07-012024-09-30in-bse-fin:OneItemsThatWillNotBeReclassifiedToProfitAndLoss01Member BHARATFORG2024-07-012024-09-30in-bse-fin:OneItemsThatWillNotBeReclassifiedToProfitAndLoss02Member BHARATFORG2024-07-012024-09-30in-bse-fin:FourItemsThatWillNotBeReclassifiedToProfitAndLoss01Member BHARATFORG2024-07-012024-09-30in-bse-fin:FourItemsThatWillNotBeReclassifiedToProfitAndLoss02Member BHARATFORG2024-07-012024-09-30in-bse-fin:OneItemsThatWillBeReclassifiedToProfitAndLoss01Member BHARATFORG2024-07-012024-09-30in-bse-fin:FourItemsThatWillBeReclassifiedToProfitAndLoss01Member iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 500493 BHARATFORG NA Bharat Forge Limited Equity 2024-04-01 2025-03-31 2024-11-14 2024-11-04 INR Millions Half yearly 11:15:00 12:30:00 2024-11-14 2024-11-14 true Cash Flow Indirect Not applicable Multi segment 2024-07-01 2024-09-30 Unaudited Consolidated 36885080000.00 616480000.00 37501560000.00 16846810000.00 715420000.00 -1919720000.00 4672390000.00 1098120000.00 2133470000.00 10097440000.00 33643930000.00 3857630000.00 0.00 3857630000.00 1582780000.00 -163970000.00 1418810000.00 0.00 2438820000.00 0.00 0.00 0.00 -5860000.00 2432960000.00 -723090000.00 1709870000.00 2435860000.00 -2900000.00 1712770000.00 -2900000.00 931270000.00 2 5.23 5.23 0.00 0.00 5.23 5.23 0.01 0.01 0.06 1. 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 November 14, 2024. 2. Exceptional items in the standalone financial results for the quarter and half year ended September 30, 2024, includes profit of INR 135.35 million on transfer of investment in REFU Drive GmbH to Kalyani Powertrain Limited (KPTL). This has no impact on consolidated financial statements. 3. Kalyani Powertrain Limited (KPTL), a wholly owned subsidiary of the Company holds 64.29% equity shares of Tork Motors Pvt Ltd (TMPL) which is engaged in manufacturing of electric bikes, which is part of a separate cash generating unit (CGU) as defined by Ind AS 36. In light of recent developments in two-wheeler EV market and its adverse impact on TMPL operations, a provision for impairment of INR 1,517.65 million has been considered in consolidated financial statements of the Company. Consequently, the Company has recorded provision for impairment of INR 1,456.63 million for investment in KPTL in the standalone financial statements for the quarter ended June 30, 2024 and half year ended September 30, 2024. 4. Fair value adjustment (loss) for investment in Tevva Motors Limited, INR 2,794.23 million (Standalone financial results) and INR 2,936.58 million (Consolidated financial results) through other comprehensive income for year ended March 31, 2024. 5. On January 13, 2023, the Company declared a Voluntary Retirement Scheme (VRS) for its employees at Mundhwa Plant, which is extended upto December 31, 2024. 6. 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 as well as the requisite regulatory approvals. 7. The Company has obtained board approval to transfer its stake of 39.43% held in TMJ Electric Vehicles Limited (“TMJ”) to Bharat Forge International Limited (“BFIL”), the Company’s wholly-owned subsidiary. The requisite formalities with respect to the above transaction have been completed and the transfer of stake by the Company to BFIL has been completed on October 10, 2024. 8. Exceptional items include : i. Expenses in relation to Voluntary Retirement Scheme (VRS), declared by the Company for its employees in January 2023 (Standalone and Consolidated Financial results for the year ended March 31, 2024). ii. Provision of INR 133.36 million towards impairment in value of investment in BF Infrastructure Limited (Standalone Financial results for year ended March 31, 2024) iii. Provision for impairment of INR 102.25 million for the loan given to Tevva Motors Limited (Consolidated Financial results for year ended March 31, 2024). Multi segment 2024-04-01 2024-09-30 Unaudited Consolidated 77946540000.00 1132940000.00 79079480000.00 33657370000.00 1563490000.00 -1209760000.00 9659740000.00 2335260000.00 4316150000.00 20393370000.00 70715620000.00 8363860000.00 -1517650000.00 6846210000.00 2844520000.00 -176020000.00 2668500000.00 0.00 4177710000.00 0.00 0.00 0.00 1000000.00 4178710000.00 -372370000.00 3806340000.00 4463930000.00 -285220000.00 4091560000.00 -285220000.00 931270000.00 2 9.59 9.59 0.00 0.00 9.59 9.59 0.01 0.01 0.06 Other Expenses 10097440000.00 Other Expenses 20393370000.00 -333960000.00 53282120000.00 18055970000.00 2890000.00 2684480000.00 4830030000.00 205310000.00 0.00 639930000.00 8017020000.00 14350000.00 53500000.00 1628400000.00 9713270000.00 1725370000.00 5248620000.00 96387990000.00 35108570000.00 8328600000.00 28047680000.00 8384790000.00 3192580000.00 210700000.00 1543440000.00 49707790000.00 0.00 8722620000.00 93538980000.00 0.00 0.00 189926970000.00 931270000.00 71835370000.00 72766640000.00 72432680000.00 17647530000.00 0.00 4435340000.00 22082870000.00 1821980000.00 1393520000.00 0.00 1942250000.00 27240620000.00 55473740000.00 22366660000.00 2317690000.00 80158090000.00 7629590000.00 1783450000.00 682540000.00 0.00 90253670000.00 0.00 0.00 117494290000.00 189926970000.00 1. 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 November 14, 2024. 2. Exceptional items in the standalone financial results for the quarter and half year ended September 30, 2024, includes profit of INR 135.35 million on transfer of investment in REFU Drive GmbH to Kalyani Powertrain Limited (KPTL). This has no impact on consolidated financial statements. 3. Kalyani Powertrain Limited (KPTL), a wholly owned subsidiary of the Company holds 64.29% equity shares of Tork Motors Pvt Ltd (TMPL) which is engaged in manufacturing of electric bikes, which is part of a separate cash generating unit (CGU) as defined by Ind AS 36. In light of recent developments in two-wheeler EV market and its adverse impact on TMPL operations, a provision for impairment of INR 1,517.65 million has been considered in consolidated financial statements of the Company. Consequently, the Company has recorded provision for impairment of INR 1,456.63 million for investment in KPTL in the standalone financial statements for the quarter ended June 30, 2024 and half year ended September 30, 2024. 4. Fair value adjustment (loss) for investment in Tevva Motors Limited, INR 2,794.23 million (Standalone financial results) and INR 2,936.58 million (Consolidated financial results) through other comprehensive income for year ended March 31, 2024. 5. On January 13, 2023, the Company declared a Voluntary Retirement Scheme (VRS) for its employees at Mundhwa Plant, which is extended upto December 31, 2024. 6. 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 as well as the requisite regulatory approvals. 7. The Company has obtained board approval to transfer its stake of 39.43% held in TMJ Electric Vehicles Limited (“TMJ”) to Bharat Forge International Limited (“BFIL”), the Company’s wholly-owned subsidiary. The requisite formalities with respect to the above transaction have been completed and the transfer of stake by the Company to BFIL has been completed on October 10, 2024. 8. Exceptional items include : i. Expenses in relation to Voluntary Retirement Scheme (VRS), declared by the Company for its employees in January 2023 (Standalone and Consolidated Financial results for the year ended March 31, 2024). ii. Provision of INR 133.36 million towards impairment in value of investment in BF Infrastructure Limited (Standalone Financial results for year ended March 31, 2024) iii. Provision for impairment of INR 102.25 million for the loan given to Tevva Motors Limited (Consolidated Financial results for year ended March 31, 2024). Defence 5089320000.00 Forgings 30864730000.00 Inter-Segment 0.00 Others 2338890000.00 Defence 11506320000.00 Forgings 64643740000.00 Inter-Segment 0.00 Others 4466310000.00 38292940000.00 80616370000.00 1407860000.00 2669830000.00 36885080000.00 77946540000.00 Defence 628820000.00 Forgings 4318020000.00 Inter-Segment 0.00 Others 153300000.00 Defence 1488580000.00 Forgings 9417390000.00 Inter-Segment 0.00 Others -1386690000.00 5100140000.00 9519280000.00 1098120000.00 2335260000.00 150250000.00 1. 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 November 14, 2024. 2. Exceptional items in the standalone financial results for the quarter and half year ended September 30, 2024, includes profit of INR 135.35 million on transfer of investment in REFU Drive GmbH to Kalyani Powertrain Limited (KPTL). This has no impact on consolidated financial statements. 3. Kalyani Powertrain Limited (KPTL), a wholly owned subsidiary of the Company holds 64.29% equity shares of Tork Motors Pvt Ltd (TMPL) which is engaged in manufacturing of electric bikes, which is part of a separate cash generating unit (CGU) as defined by Ind AS 36. In light of recent developments in two-wheeler EV market and its adverse impact on TMPL operations, a provision for impairment of INR 1,517.65 million has been considered in consolidated financial statements of the Company. Consequently, the Company has recorded provision for impairment of INR 1,456.63 million for investment in KPTL in the standalone financial statements for the quarter ended June 30, 2024 and half year ended September 30, 2024. 4. Fair value adjustment (loss) for investment in Tevva Motors Limited, INR 2,794.23 million (Standalone financial results) and INR 2,936.58 million (Consolidated financial results) through other comprehensive income for year ended March 31, 2024. 5. On January 13, 2023, the Company declared a Voluntary Retirement Scheme (VRS) for its employees at Mundhwa Plant, which is extended upto December 31, 2024. 6. 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 as well as the requisite regulatory approvals. 7. The Company has obtained board approval to transfer its stake of 39.43% held in TMJ Electric Vehicles Limited (“TMJ”) to Bharat Forge International Limited (“BFIL”), the Company’s wholly-owned subsidiary. The requisite formalities with respect to the above transaction have been completed and the transfer of stake by the Company to BFIL has been completed on October 10, 2024. 8. Exceptional items include : i. Expenses in relation to Voluntary Retirement Scheme (VRS), declared by the Company for its employees in January 2023 (Standalone and Consolidated Financial results for the year ended March 31, 2024). ii. Provision of INR 133.36 million towards impairment in value of investment in BF Infrastructure Limited (Standalone Financial results for year ended March 31, 2024) iii. Provision for impairment of INR 102.25 million for the loan given to Tevva Motors Limited (Consolidated Financial results for year ended March 31, 2024). 336810000.00 3851770000.00 6847210000.00 Defence 13387460000.00 Forgings 129812630000.00 Inter-Segment -1420120000.00 Others 11699320000.00 153479290000.00 36447680000.00 189926970000.00 Defence 6889650000.00 Forgings 27467690000.00 Inter-Segment -1420120000.00 Others 2700430000.00 35637650000.00 3884620000.00 39522270000.00 2335260000.00 -3161870000.00 3635800000.00 0.00 -1038550000.00 0.00 0.00 -225830000.00 0.00 -228680000.00 0.00 -2479280000.00 0.00 4316150000.00 0.00 288920000.00 0.00 114360000.00 0.00 203690000.00 5270000.00 276260000.00 0.00 899680000.00 0.00 -1139890000.00 0.00 1517650000.00 0.00 4755880000.00 11602090000.00 0.00 0.00 0.00 2859620000.00 0.00 8742470000.00 0.00 0.00 66606840000.00 64354250000.00 0.00 0.00 0.00 0.00 416710000.00 8194030000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5270000.00 160250000.00 0.00 0.00 0.00 -5359210000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 49966770000.00 52448900000.00 0.00 245320000.00 2994910000.00 2638530000.00 0.00 0.00 -8360890000.00 -4977630000.00 209320000.00 -4768310000.00 13153100000.00 8384790000.00 Re-measurement gains on defined benefit plans 2000000.00 Net gain on FVTOCI equity securities 214040000.00 Re-measurement gains on defined benefit plans 6220000.00 Net gain on FVTOCI equity securities 273290000.00 216040000.00 279510000.00 56390000.00 55300000.00 Net movement on cash flow hedges -1217650000.00 Net movement on cash flow hedges -835070000.00 -1217650000.00 -835070000.00 -334910000.00 -238490000.00