The Hindu Business Line : Bharat Forge net up 54%

PUNE-BASED Bharat Forge Ltd (BFL) has reported a 32 per cent growth in revenue at Rs 851 crore for the year ended March 2004 against Rs 645 crore recorded during the previous year. It posted a net profit of Rs 124.9 crore, an increase of 54 per cent over the previous year.

The revenue growth was attributed to growth in the domestic revenue, which rose 37 per cent to touch Rs 499 crore (net of excise) in fiscal 2004 as compared with Rs 364 crore during the previous year. Exports touched Rs 333 crore, up by 22.5 per cent. US contributed 44 per cent of the total exports, Europe 24 per cent while Asia Pacific (including China) contributed close to 32 per cent. Total revenues in the fourth quarter of 2004 increased by 21 per cent to touch Rs 241 crore (net of excise) (Rs 199 crore). Net profit rose to Rs 36.2 crore ( Rs 30.01 crore). Domestic sales increased by 30 per cent to touch Rs 145.1 crores (Rs 111.6 crore). Exports stood at Rs 85.2 crore (Rs 81 crore).

The Board has declared a dividend of Rs 10 per equity share (100 per cent) subject to the approval of shareholders.It may be recalled that during the quarter ended March 31, 2004, the company had acquired the German operations of Carl Dan Peddinghaus and Co., KG through its wholly owned subsidiary- CDP Bharat Forge GmbH (CDPBF) in an asset purchase deal. As the financial statements of CDPBF, since becoming a subsidiary would be drawn for a completed financial year only on 31st December 2004, no consolidated financial statements could be prepared for the year ended March 2004, it added.