Bharat Forge net profit up 118%

Bharat Forge has posted a growth of 118 per cent in its standalone net profit for the December quarter. The company registered exports worth Rs 359 crore.

The growth in exports had been witnessed across geographies and segments. It was achieved despite automotive markets in the Europe and US being well below their highs, the company said in a statement.

The Pune-based company reported a consolidated net profit of Rs 83 crore for the third quarter, as against Rs 38 crore in the year-ago period, the company said in a filing to the Bombay Stock Exchange.

Revenues stood at Rs 790 crore, up 55.81 per cent from Rs 507 crore posted during the year-ago period.

Chairman and Managing Director B N Kalyani said, “With strong performance from both Indian and international operations, this quarter has been significant. The company is clearly back on the growth path and expects growth to continue with the recovery in the North American and European automotive markets. It is on track with its strategy of increasing revenues and gaining significant market share from the non-automotive sectors.”

The company’s non automotive business continues to witness strong traction from both domestic and export markets.