Bharat Forge Q2 profit jumps 11.6% to Rs 2.28 bn; total income up 32%

Auto components major Bharat Forge Friday reported 11.6 per cent increase in standalone net profit at Rs 2.28 billion in the second quarter ended September 30, 2018.

The company had posted a standalone net profit of Rs 2.08 billion in the year-ago quarter, Bharat Forge said in a regulatory filing.

Standalone total income during the period stood at Rs 17.13 billion as compared to Rs 12.95 billion in the same period last fiscal.

"The company witnessed broad-based growth across all segments of business and geographies during the quarter," Bharat Forge Chairman and Managing Director B N Kalyani said.

Revenue growth was driven by doubling of passenger vehicle (PV) export revenues, accompanied with healthy double-digit growth in other key verticals, he added.

The board of directors of the company at its meeting held Friday declared 125 per cent interim dividend of Rs 2.5 per fully paid equity shares of Rs 2 each. The dividend shall be paid on or before November 30, 2018, it said.

Kalyani further said, "during the quarter, the company has secured new business from a global original equipment manufacturer (OEM) in India, further strengthening its presence in the domestic PV market".

On the outlook, he said, "the sustained high demand from our customers across commercial vehicles, PV, traditional industrial and defence and aerospace, makes us confident of the strong growth prospects for the second half of FY19.