Bharat Forge Q3 net doubles to Rs 196 cr

The company's revenue grew 44% to Rs 1,198 cr

Forging major Bharat Forge net profit for the third quarter edned December 31, 2014 more than doubled at Rs 196.3 as compared to Rs 94 crore similar period last year. Led by exports, the company's revenue grew 44 per cent to Rs 1,198 crore in the quarter ended December 2014 from Rs 832.08 crore in the year-ago period.  

“The performance during the quarter has been robust with exports continuing to shine with all segments registering growth while the domestic revenues were stagnant. During the quarter we have further strengthened our position in the North American truck market with the addition of one new marquee OEM and commenced delivery of products for global orders from the passenger vehicle segment. Looking ahead into Q4, we expect demand to improve across domestic & export market with volumes increasing compared to Q3 FY15," said B N Kalyani, chairman and managing director, Bharat Forge.

Revenues from the commercial vehicle sector in Q3 FY15 grew by 54 per cent as compared to Q3 FY14 as against the volume growth of 48 per cent.

During the quarter, BFL through its European Subsidiary acquired 100 per cent in Mecanique Generale Langroise (MGL). MGL supplies turnkey components for drilling applications required for oil and gas industry.