Bharat Forge profit up 55% in third quarter

Bharat Forge, the flagship company of the Kalyani group, has posted a 54.5 per cent jump in its net profit at Rs 33.01 crore for the quarter ended December 2003, against a net profit of Rs 21.36 crore in the corresponding quarter of the previous year.

Total income rose 26.94 per cent at Rs 231 crore, compared with Rs 181.99 crore in the corresponding quarter of the previous year.

Exports rose 13.59 per cent to Rs 84.83 crore (Rs 74.68 crore) while domestic sales grew 37.79 per cent at Rs 145.86 crore (Rs 105.86 crore).

B N Kalyani, CMD of Bharat Forge, said: "The results of the last quarter are a reflection of robust growth in domestic demand and our continued thrust in the export market coupled with stringent cost control measures implemented by us. Our performance in the domestic market is an indication of our strengthening market position. While our existing exports are looking healthy, our core focus for the near future is on passenger car components, and machined diesel engine crankshafts which will be a major driver on the exports front. The CDP acquisition has given tremendous leverage to Bharat Forge in the European markets as well as passenger car segment."

During the nine months ended December 31 2003, total income rose 36.80 per cent to Rs 659.47 crore. Net profit during grew 73.59 per cent at Rs 88.67 crore.