Bharat Forge Q3 net jumps two-fold to Rs 196 crore

Auto components maker Bharat Forge today reported over two-fold jump in its standalone net profit at Rs 196.34 crore for the third quarter ended December on the back of robust growth in exports.

The company's net profit stood at Rs 93.97 crore in the October-December quarter of the previous fiscal, Bharat Forge said in a filing to the BSE.

The total standalone sales during the period under review also jumped 41.23% to Rs 1,142.09 crore as against Rs 808.62 crore during the same period of FY14.

On a standalone basis, the company's earning from exports went up by 52.89% to Rs 733.47 crore as against Rs 479.73 crore of the same period of FY14.

"The performance during the quarter has been robust with exports continuing to shine with all segments registering growth while the domestic revenues were stagnant," said Bharat Forge CMD B N Kalyani.

On the outlook, he said: "Looking ahead in Q4, we expect demand to improve across domestic and export market with volumes increasing as compared to Q3 FY15."

The company would continue to make significant strides in 'Make In India' campaign across key industries such as railways, mining and power.

Meanwhile, in a separate filing, the company has informed the BSE that its Board, in a meeting held today, has declared an interim dividend of Rs 3 per equity share of Rs 2 each.

Bharat Forge shares were trading 2.76% up at Rs 1,062.20 apiece during afternoon session on the BSE.