To pay 150 pc dividend
Mumbai, May 23
Bharat Forge Ltd (BFL) on Tuesday reported 9.59 per cent increase in net profit for the fourth quarter in the financial year 2006 to Rs 53.01 crore from Rs 48.37 crore in the previous corresponding period. Net sales/income from operations increased 21.35 per cent to Rs 438.41 crore (Rs 361.26 crore).
In the financial year 2006, net profit grew 28.04 per cent to Rs 206.96 crore (Rs 161.63 crore) on 21.35 per cent gain in net sales/income from operations to Rs 1,577.93 crore (Rs 1,219.06 crore). The board has recommended dividend of Rs 3 per equity share or 150 per cent.
At a consolidated level, BFL's net profit was up 24.6 per cent to Rs 250.54 crore (Rs 201.08 crore) on 51.44 per cent gain in net sales/income from operations to Rs 3,018.90 crore (Rs 1,993.39 crore). Earnings of some overseas subsidiaries have only been partially reflected in the accounts, officials said at a press briefing.
Courtesy its Rs 700 crore-domestic capacity doubling project (machining capacity is also being raised), expenses were up sizably. Mr Baba Kalyani, Chairman, said that the trend in outflows would stabilise.
Post-expansion BFL's global forging capacity would be 600,000 tonnes (240,000 tonnes of that in Pune). The company aims to be global leader by 2008.
Steel capacity at sister units have been augmented to feed the enhanced domestic forging capacity. Even as 70 per cent of BFL's revenue is overseas, EBITDA margin abroad is lower than at home.Related Stories:
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