The Hindu Business Line : Bharat Forge net rises 60 pc

BHARAT Forge Ltd (BFL) today reported a 60.39 per cent rise in its consolidated net profit for the quarter ended June 30, 2005, to Rs 63.13 crore from the previous corresponding Rs 39.36 crore. Its total revenue on a consolidated basis was up 45.37 per cent to Rs 649.47 crore (Rs 446.77 crore for the year ago period), including net domestic revenue of Rs 220.52 crore (Rs 165.51 crore) and overseas revenue of Rs 428.95 crore (Rs 281.26 crore).

The company's standalone profit after tax increased by 43.85 per cent to Rs 48.91 crore (Rs 34 crore) on a 43.58 per cent gain in total turnover to Rs 374.68 crore (Rs 260.95 crore). Net domestic revenue herein was Rs 220.52 crore (Rs 165.51 crore) while overseas revenue amounted to Rs 154.16 crore (Rs 95.44 crore).

"The consolidated results of the first quarter are a result of our global strategy being very well received and supported by our customers in the form of increased demand flow from global customers.

"The acquisition of the assets of Federal Forge Inc USA is a significant step in this direction and I believe that the pace of these strategic initiatives is set to accelerate in line with the capacities coming on-stream and sustained migration from being a component supplier to a development partner with the global OEM and Tier 1 customers having manufacturing footprint in India, Europe and USA,'' Mr B.N. Kalyani, Chairman & Managing Director, BFL, has said.

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