Mumbai: Auto component manufacturer Bharat Forge on Tuesday announced a standalone net profit of Rs 82.85 crore for the quarter ended March 31, a 28.89% growth over the corresponding period a year-ago.
The firm had a net profit of Rs 64.28 crore in the fourth quarter of FY’07, Bharat Forge said in a filing to the Bombay Stock Exchange.
The total income rose to Rs 576.50 crore for the latest quarter, from Rs 537.87 crore in the previous fiscal.
The board has declared a dividend of 175% at the rate of Rs 3.50, on shares of face value of Rs two, for FY’08.
For the year ended March 31, the firm announced a consolidated net profit of Rs 301.52 crore, a 3.76% growth over the year-ago period. The firm had a net profit of Rs 290.59 crore in FY’07.
The consolidated total income rose to Rs 4,751.57 crore in FY’08, from Rs 4275.21 crore in the year-ago period.
For the year ended March 31, Bharat Forge announced a standalone net profit of Rs 273.59 crore, a 13.55% growth over the year-ago period.
The standalone total income rose to Rs 2,284.90 crore in FY’08, from Rs 1,945.3 crore in the year-ago period.
The board has approved the appointment of Sunil Chaturvedi as the Additional Director and also the Executive Director of the company with effect from today.
Further, the board has reviewed its earlier decision of warrants issue to promoter group and has instead decided to issue non-convertible debentures with detachable warrants, convertible into equity shares, to the shareholders.
Through the said issue, the company is planning to raise up to Rs 400 crore, the filing added.
Shares of Bharat Forge closed at Rs 296.30, down 0.90 per cent on the BSE.