New Delhi, May 8 (IANS): Auto and defence component manufacturer Bharat Forge on Wednesday reported a 59.3 per cent surge in net profit to Rs 389.6 crore for the January-March quarter of 2023-24 compared to the corresponding figure of Rs 244.5 crore in the same period of the previous year.

The total revenue of Bharat Forge during the fourth quarter rose 16.6 per cent to Rs 2,328.5 crore from Rs 1,997.3 crore last year.

The company informed the BSE that it has “recommended a final dividend of Rs 6.50 per equity share of the face value of Rs 2/- each (at the rate of 325 per cent) for the financial year ended March 31, 2024, subject to the approval of the Members of the Company at the ensuing Annual General Meeting. The final dividend for the financial year ended March 31, 2024, if approved by members, will be paid on or after August 14, 2024.”

EBITDA (earnings before interest, taxes, depreciation and amortisation) for the fourth quarter came in at Rs 659 crore compared to Rs 522.8 crore in the same quarter last year. The margin for the reporting period also grew to 28.3 per cent against 24.4 per cent in Q4 FY 23.

The company has also reported a one-time loss of Rs 13.3 crore against a loss of Rs 41 crore in the previous year.