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Bharat Forge Q1 net up 43% at Rs 175 cr; announces bonus issue of 1:1

Total income during the quarter under review rose 30.63% stood at Rs 1,283.70 cr

Press Trust of India  |  New Delhi 

Bharat Forge Q1 net up 43% at Rs 175 cr; recommends bonus issue of 1:1

Auto components maker on Thursday reported a 43.43 per cent increase in its standalone net profit at Rs 175.08 crore for the June quarter on account of higher income. The company had posted a net profit of Rs 122.06 crore during the same period of the previous fiscal, said in a filing. The Board of has recommended issue of to holders of equity shares of the company in the ratio of 1:1 (ie one bonus equity share of Rs 2 each fully paid up for every one fully paid-up equity shares of Rs 2 each held) subject to approval of the shareholders of the company through postal ballot. In a separate filing, the company said it has secured a Rs 201.60 crore order from the Defence Ministry to supply 1,050 dual technology detection equipment.

The order will be manufactured in India and is to be concluded in two years. Total income during the quarter under review stood at Rs 1,283.70 crore as against Rs 982.67 crore in the year ago period, up 30.63 per cent. Further, the company said its board has approved the acquisition of the remaining 40 per cent stake in Analogic Controls India Ltd (ACIL), post which ACIL will become a wholly-owned subsidiary of The board of directors have approved the acquisition of remaining 40 per cent stake in its subsidiary company -- Analogic Controls India, said on Thursday. The company's stock was trading 0.76 per cent up at Rs 1,176.75 apiece on

First Published: Thu, August 10 2017. 16:19 IST