Bharat Forge Q1 net profit up 8%

Forging giant Bharat Forge Limited has registered net profit of Rs 105.21 crore for the first quarter of the current financial year 2012-13, showing a growth of 7.99 per cent from Rs 97.42 crore in the corresponding period last year.

This development is reported on the sidelines of strong exports growth from its automotive and non-automotive segments.

The company also reported increase in its revenues to the tune of 10.47 per cent to Rs 916.25 crore from Rs 829.34 crore in the same quarter last year.

"This quarter performance has been subdued due to slowdown in India and the resultant sharp drop in automotive demand, more so for M&HCV's," B N Kalyani, chairman and managing director, Bharat Forge commented.