Bharat Forge net up 28.57%

BS 200 RESULTS

Bharat Forge, the world's second largest forging company, has posted a 28.57 per cent growth in net profit at Rs 53.27 crore for the quarter ended December 31, 2005, from Rs 41.43 crore in the corresponding period of the previous year.

The company's net sales, during the period, went up by 6.05 per cent to Rs 399.4 crore from the previous corresponding period's Rs 376.6 crore.

Profit before tax grew by 2.54 per cent to Rs 80.24 crore from Rs 78.25 crore. Earnings per share remained the same at Rs 2.4.

Bharat Forge plans to invest over Rs 400 crore for setting up a greenfield facility in India and set up development centres in foreign locations for product design and development.

The company recently entered into a joint venture with the Chinese automotive major FAW Corporation. It will own 52 per cent in FAW Forge, the forging division of FAW Corporation.