Bharat Forge gains after UAE partner eyes increased armoured vehicle production in India

“The global armoured vehicle market is undergoing a monumental shift. We are excited to broaden our partnership to include the development and production of 4×4 and 6×6 Infantry Combat Vehicles for customers around the world,” Paramount-group chief Steve Griessel said.

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Bharat Forge shares were trading firm on September 15 after the company’s United Arab Emirates-based defence business partner Paramount Group said it would increase the production of armoured vehicles through its India based facility. At 10.15 am on the NSE, the Bharat Forge stock was quoting at Rs 1115.45, up Rs 7.25, or 0.65 percent.

“The global armoured vehicle market is undergoing a monumental shift. We are excited to broaden our partnership to include the development and production of 4×4 and 6×6 Infantry Combat Vehicles for customers around the world,” Paramount-group chief Steve Griessel said.

Paramount Group currently produces armoured vehicles in India through a partnership with Bharat Forge’s defence subsidiary Kalyani Strategic Systems. Through the latter’s production facility in India, they have provided KM4 armoured vehicles for the Indian Army in the past.

Kalyani Strategic Systems, through another partnership with a foreign based defence entity- Rafael Advanced Systems, had recently announced an order win worth Rs. 287.51 crore. The said order win was for supplying missile systems to the Indian armed forces.

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In a separate regulatory filing at the exchanges, Bharat Forge also announced that its board had approved the proposal for an additional investment in its subsidiary Kalyani Power Train.

“The company shall subscribe up to 5 crore equity shares with a face value of Rs 10 each of Kalyani Power Train. The funds proposed to be infused in the subsidiary will be further invested by it in the group’s wholly owned step-subsidiary Kalyani Mobility,” the company said.

In its results for the April-June quarter, Bharat Forge reported a 35.98 percent YoY (year-on-year) increase in revenue from operations at Rs 3,877 crore. Net profit for the quarter was up 33.75 percent YoY at Rs 214 crore. However, the operating profit margins for the quarter remained flat at 15 percent.

Bharat Forge specialises in manufacturing forgings for the automotive, industrial, and energy sectors. Its subsidiary Kalyani Strategic Systems is engaged in the business of making defence equipment and weapons while the other subsidiary Kalyani Power Train is active in the electronic vehicles and e-mobility space.

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