Bharat Forge Q3 net jumps 118%, exports highest

Forging giant Bharat Forge Ltd's standalone net profit has jumped by 118 per cent during the October-December quarter this year.

The Pune-based company had reported consolidated net profit to Rs 83 crore during the quarter, as compared to net profit of Rs 38 crore during the same period a year back, the company said in a filing to the Bombay Stock Exchange (BSE).

During the quarter, the company has registered highest exports of Rs 359 crore. The growth in exports has been witnessed across geographies and segments and has been achieved despite both the automotive markets in Europe and USA still well below their highs, company said in a statement.

The company revenues have increased to Rs 790 crore during the quarter, an increase of 55.81 per cent over Rs 507 crore posted during the corresponding period of the last fiscal.

Commenting on the results of the company, B N Kalyani, chairman and managing director said, "This quarter has been a significant one with strong performance from both the Indian and the International operations. The company is clearly back on the growth path and expects growth to continue with recovery in the North American and European Automotive markets. The company is on track with its strategy of increasing revenues and gain significant market share from the non- automotive sectors."

The company's non automotive business continues to witness strong traction from both domestic and export markets with ramp up of production of new programs.