Bharat Forge soars 6% on 64% rise in net

Bharat Forge is trading nearly 6% higher at Rs 285 on the National Stock Exchange (NSE) after the company reported a 64% year-on-year (y-o-y) rise in standalone net profit for the June 2011 quarter at Rs 97 crore.

“Standalone Indian operations registered strong growth with total income growing by 36% to Rs 872 crore. EBDITA margin for the quarter was maintained at 26%,” the company stated in a press release to the exchanges.

“Domestic revenues grew by 19% over the same period previous year to Rs 477 crore, while they increased 3% over the previous quarter despite a 10% sequential drop in automotive volume,” the release added.

The stock opened at Rs 275 and touched a high of Rs 287 in intra-day deals. As many as 110,114 shares have already changed hands till 1025am.