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Forgings major Bharat Forge has posted a net profit of Rs 96.4 crore for the quarter ended September 30 compared with Rs 102.8 crore for the same quarter of last year, representing a drop of 6.2 per cent year-on-year.
Total income from operations in the two quarters under review remained flat at Rs 845 crore against Rs 868 crore, respectively.
B.N. Kalyani, Chairman & Managing Director, said: “While we are witnessing demand decline in India, profitability is improving due to combination of cost control, robust execution and currency tailwinds.”
The company continued to witness volatility across business verticals & geographies with demand deterioration more pronounced in India, he said, adding: “We expect overall demand to remain at similar levels in Q3 FY14 subject to market volatility.”
On the BSE today, the company’s share stood its ground, touching the day’s high of Rs 290 at opening of trade and closed at Rs 285.60, five paise below the previous day’s close.
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