Despite dipping revenues, forging giant Bharat Forge Ltd has posted a profit of Rs 26.83 crore in the
July-September quarter this year, up 138.48 per cent from Rs 11.25 crore in the corresponding quarter last year, the company said in a filing to the Bombay Stock Exchange. The revenue, on account of the lowered global demand, was Rs 433.55 crore on an standalone basis, a dip of 36.78 per cent over Rs 685.78 crore.
Operational income dropped sharply to Rs 328.12 crore, a drop of 46 per cent from Rs 605.35 crore reported during the second quarter of the last financial year, the company said.
Bharat Forge CMD Baba Kalyani said, “Our performance has continued to improve on sequential terms in line with the increased demand in the domestic medium and heavy commercial vehicles segment. The export market has stabilised albeit at very low levels compared to last year.” Kalyani added: “The Indian automotive sector has continued the upward trend that began a few months back.
In the export markets, the bottom has been reached and we are now seeing signs of gradual recovery.” The company did not announce its consolidated revenue and profit numbers for the quarter.
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Bharat Forge CMD Baba Kalyani said, “Our performance has continued to improve on sequential terms in line with the increased demand in the domestic medium and heavy commercial vehicles segment. The export market has stabilised albeit at very low levels compared to last year.” Kalyani added: “The Indian automotive sector has continued the upward trend that began a few months back.
