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Shares of forging major Bharat Forge are trading higher by 2.5% to Rs 1,092 on the BSE after it posted better than expected Q3 results. It witnessed an exponential increase of 108.8 per cent in the net profit at Rs 196.3 as compared to Rs 94 crore similar period last year.
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.
The stock opened at Rs 1,080, touched a high of Rs 1,105 and a low of Rs 1,080 on the BSE. By 10.20 AM, a total of 85,463 shares have changed hands on the BSE.
