Mumbai: Bharat Forge Ltd, parts maker for the auto and industrial sectors, said consolidated profit rose 42% to Rs413 crore in the January-March quarter from the year earlier amid robust demand for commercial vehicles globally, while there was sustained growth in the non-auto business in India.
Performance was largely driven by the de-risking strategy adopted by the company, chairman and managing director Baba N. Kalyani said.
The stock rose 3% to Rs318.60 on the Bombay Stock Exchange on Monday. The benchmark Sensex rose 1.23% to 16,416.84 points. The earnings were declared during market hours.
Standalone profit at the flagship of the $2.5 billion Kalyani Group fell to Rs55 crore from Rs100 crore, after a Rs70.4 crore one-time loss on account of the dimunition of the value of investment in Bharat Forge North America, the company said in a release.
Net sales rose to Rs977 crore from Rs821 crore.
shally.s@livemint.com
