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Recession eats into Bharat Forge profits, Q4 dips

Recession eats into Bharat Forge profits, Q4 dips
PTI
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First Published: Wed, May 20 2009. 04 04 PM IST
Updated: Wed, May 20 2009. 04 04 PM IST
Mumbai: Auto component maker Bharat Forge on Wednesday said its net profit for the fourth quarter ended 31 March, dipped by 26.21% to Rs 61.13 crore, over the same period last year.
The company had a net profit of Rs82.85 over the same period ended March 2008, Bharat Forge said in a filing to the Bombay Stock Exchange.
“The first half of the year was characterised by sharp increase in steel and crude oil prices driven by booming global economic activity.
In contrast, the second half has witnessed the severest recession globally affecting all geographies and industries. BFL with its global operations has been severely affected by the downturn,” Bharat Forge chairman and managing director Baba N. Kalyani said.
Total net sales of the company declined to Rs291.58 crore for the quarter under review, from Rs579.67 crore for the same period ended March 2008.
For the year ended March 2009, the company has posted a consolidated net profit of Rs41.11 crore, down 85.86% from net profit of Rs290.82 crore for the same period ended March 2008.
The board of directors of the company has proposed a dividend of Re1 a piece subject to approval of shareholders.
Shares of Bharat Forge were trading at Rs171.75, up 3.28% on the BSE.
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First Published: Wed, May 20 2009. 04 04 PM IST