The Hindu Business Line : Bharat Forge Q2 net up 37 pc; consolidated profits rise 31 pc

BHARAT Forge has registered a consolidated revenue of Rs 698 crore ($159 million) and a profit after tax of Rs 61 crore ($14 million) for the quarter ended September 30 — an increase of 45 per cent and 31 per cent respectively over the consolidated performance in the previous corresponding quarter.

Mr Baba N. Kalyani, Chairman and Managing Director of Bharat Forge said 66 per cent of the total consolidated revenue ($105 million) had been generated from sales to overseas customers which included global car and truck manufacturers.

Bharat Forge, on a stand-alone basis achieved a growth of 33 per cent in revenue and 37 per cent in profit after tax, which now stands at Rs 388 crore and Rs 52 crore respectively.

Mr Kalyani said, "The company has been able to achieve these results on the back of a strong demand flow resulting out of acceleration in the outsourcing initiatives, matching capacity expansion and good performance by the global subsidiaries."

Bharat Forge had acquired a 100-per cent ownership interest in Imatra Kilsta AB, Sweden along with its wholly owned subsidiary, Scottish Stampings, Scotland (together called Imatra Forging Group) in an all-cash deal.

It had also commissioned two sophisticated press lines to take the Indian forging capacity to two lakh tonnes and the global forging capacity to 4.6 lakh tonnes per annum.

Mr Kalyani said Bharat Forge's global business model has now become very strong, with eight manufacturing locations across five countries, a `dual shore' supply capability, full service supply capability with a centre of excellence in Europe and a full service testing and validation facility in India.

The company's share price was up 3.13 per cent at Rs 337.40 today on the BSE.

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