The Hindu Business Line : Bharat Forge Q2 net up 29%; exports cross Rs 100 cr

BHARAT Forge Ltd has crossed the Rs 100-crore mark in exports during the second quarter of the current fiscal. It has posted total revenue of Rs 290.90 crore, up by over 40 per cent over the corresponding period last year.

According to the Chairman and Managing Director, Mr Baba N. Kalyani, exports touched Rs 111.2 crore. Domestic sales grew by 49 per cent, profit before tax by 41 per cent to touch Rs 60.3 crore and profit after tax by 29 per cent to touch Rs 37.8 crore.

He said the improved performance had come on the back of sustained demand from the domestic automotive market, growing revenue from the US market, commencement of supplies of passenger car components to European car manufacturers and new engine component business in the European market.

For the six months ended September 30, 2004, Bharat Forge's revenues stood at Rs 551.8 crore, up by 39 per cent compared to the corresponding period of the previous year. Profit before tax rose by 40 per cent and profit after tax rose by 29 per cent.

Mr Kalyani noted that CDP Bharat Forge, the recently acquired German subsidiary of BFL, has turned around and is performing well. It has achieved total revenue of Rs 561 crore and PAT of Rs 23.8 crore for the nine months ended September 2004.

The company is doubling its forging capacity and substantially enhancing its component machining capacity. It has already won major long-term contracts from global customers for a significant part of the enhanced capacity.

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