Auto components maker Bharat Forge (BFL) today posted an 8% growth in standalone net profit at Rs 105.2 crore for the first quarter ended June 30.
The company -- which is the flagship firm of the $2.4 billion Kalyani Group -- had reported a net profit of Rs 97.4 crore in the year-ago period.
The total income of the company for the quarter under consideration stood at Rs 964.3 crore, up 10.35%, as against Rs 873.8 crore in the corresponding period of the previous fiscal, a statement from Bharat Forge said.
"This quarter's performance was subdued due to the slowdown in the country and the resultant sharp drop in automotive demand, more so for medium and heavy commercial vehicles (M&HCV)," the company's Chairman and Managing Director B N Kalyani said.
During the quarter, its domestic revenues declined by 8.1% to Rs 438.1 crore from Rs 476.6 crore in the same period previous year, due to sluggish M&HCV volumes which declined by 20.9%, the release said.
However, its exports grew 30.8% to Rs 498.3 crore against Rs 381.1 crore over the same period last year.
"BFL's growing presence in various non-automotive sectors and its strong presence in the export markets, by way of its excellent relationship with marquee clients and technologically advanced product portfolio have softened the impact of drop in domestic sales.
"We hope the Indian commercial vehicles industry will see a reversal in the latter part of the year," he said.