Bharat Forge’s Q1 net profit up 64 percent

August 10th, 2011 - 2:50 pm ICT by IANS  

New Delhi, Aug 10 (IANS) Bharat Forge Wednesday reported a 64 percent rise in its net profit for the first quarter of the fiscal at Rs.97.4 crore as compared to Rs.59.43 crore in the like period of 2010-11 due to the growth in its non-automotive business.

“This quarter result shows strong all-round performance across geographies and industries and it clearly accentuates the benefits derived from the derisked business model we have put in place,” said B.N. Kalyani, chairman and managing director, Bharat Forge.

According to Kalyani, the company’s non-automotive business grew by 50 percent in the quarter under review.

“Non-automotive business has grown by more than 50 percent compared to last year and it continues to witness tremendous traction with good order flow,” Kalyani said.

The company further reported an increase of 36.3 percent in its total income for the quarter at Rs.872.39 crore as compared to Rs.640.23 crore in the first quarter of the last fiscal.

The company’s exports too reported impressive growth of 67.1 percent to Rs.381.1 crore in the quarter under review.

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