Bharat Forge Q1 net up 43% at Rs 175 cr; announces bonus issue of 1:1

Total income during the quarter under review rose 30.63% stood at Rs 1,283.70 cr

Auto components maker Bharat Forge on Thursday reported a 43.43 per cent increase in its standalone net profit at Rs 175.08 crore for the June quarter on account of higher income.

The company had posted a net profit of Rs 122.06 crore during the same period of the previous fiscal, Bharat Forge said in a BSE filing.

The Board of Bharat Forge has recommended issue of bonus shares to holders of equity shares of the company in the ratio of 1:1 (ie one bonus equity share of Rs 2 each fully paid up for every one fully paid-up equity shares of Rs 2 each held) subject to approval of the shareholders of the company through postal ballot.

In a separate filing, the company said it has secured a Rs 201.60 crore order from the Defence Ministry to supply 1,050 dual technology detection equipment. The order will be manufactured in India and is to be concluded in two years.

Total income during the quarter under review stood at Rs 1,283.70 crore as against Rs 982.67 crore in the year ago period, up 30.63 per cent.

Further, the company said its board has approved the acquisition of the remaining 40 per cent stake in Analogic Controls India Ltd (ACIL), post which ACIL will become a wholly-owned subsidiary of Bharat Forge.

The board of directors have approved the acquisition of remaining 40 per cent stake in its subsidiary company -- Analogic Controls India, Bharat Forge said on Thursday.

The company's stock was trading 0.76 per cent up at Rs 1,176.75 apiece on BSE.