Shares of Bharat Forge fell on February 14 after the company reported a net profit drop for the quarter ending in December.

Bharat Forge was trading at Rs 865.55 on the National Stock Exchange, down 2.75% from its previous close at 2:08 pm on Tuesday.

The company posted a net profit of Rs 289 crore, down 14.3% from Rs 337.3 crore a year ago. The drop in net profit was due to a loss of Rs 62 crore in overseas operations due to issues related to ramping up aluminium forging capacity in Germany and the US, the company said in a bourse filing.

It posted its best-ever performance in terms of revenue despite a drop in net profit. Revenue rose 22% year-on-year to Rs 1,952 crore in the October-December period.

During the period under review, the Indian business secured a new business worth around Rs 265 crore in automotive and industrial applications. The operating performance improved as EBIDTA margin expanded 190 basis points to 27.4% from 25.5% a year earlier.