Mumbai: Auto-parts maker Bharat Forge on Sunday posted net profit of Rs37.99 crore for the third quarter ended 31 December.
It stood at Rs4.35 crore for the corresponding period last fiscal.
The firm has adopted a new provision for accounting, which is related to effects of the foreign exchange rate during the quarter. Therefore, the results are not comparable with that of the year ago period.
Income from operations stood at Rs507.81 crore for the latest quarter, while the same was at Rs453.05 crore for the same period previous fiscal, Bharat Forge said in a filing to the Bombay Stock Exchange.
“The performance will further gain momentum going forward with the ramp up in the non-auto capacity, revival in the export market and turnaround of our overseas subsidiaries,” Bharat Forge chairman and managing director B.N. Kalyani said.
For the nine months ended 31 December, the company reported a net profit of Rs65.78 crore, while the same was at Rs42.16 crore for the corresponding period last fiscal.