Bharat Forge Q1 profit at Rs 62 cr

Bharat Forget today reported a consolidated net profit of Rs 62 crore for the first quarter ended June 30, 2010. The company had a loss of Rs 46 crore in the same quarter last year.

The revenues of the company went up by 66 per cent to Rs 1,012 crore as against Rs 608 crore in the corresponding quarter last year.

The company claims that this improvement in performance is due to increased capacity utilisation at 39 per cent. The restructuring in the last calendar year aimed to lower break-even levels have started  to give a positive effect. In addition, the Chinese joint venture of the company posted a profit for the first time since the commencement of operations in 2006.

"We are quite optimistic that the international operations will continue to show improvement in performance and be profitable this year and further gain momentum with recovery in automotive markets in Europe in the current calendar year," the company release said.