Bharat Forge Q2 net up 81% at Rs174.49 crore
Total sales of the firm in the quarter stood at `1,138.27 crore, up 34.68% from `845.11 crore from a year ago
New Delhi: Auto components firm Bharat Forge Ltd on Monday reported an 81.04% jump in its standalone net profit at ₹ 174.49 crore for the second quarter ended 30 September 2014 on the back of robust export growth.
The company’s net profit stood at ₹ 96.38 crore in the same quarter of the previous fiscal, Bharat Forge said in a filing to the BSE. Total sales of the company in the July-September quarter of FY 2014-15 stood at ₹ 1,138.27 crore, up 34.68% from ₹ 845.11 crore during the same period a year ago.
“Q2 FY15 performance has been better than expected on the back of continued robust export growth, in particular from North American Industrial and Commercial Vehicle market," Bharat Forge chairman and managing director (CMD) B.N. Kalyani said.
He further added: “Leveraging our in-house R&D and innovation capabilities, we developed new products and technologies enabling us to win our maiden order from SAFRAN and two other global OEM’s in the aerospace sector for supply of mission critical forgings."
On the outlook, Kalyani said demand would improve across all segment with volumes. “We expect North America demand to increase while Europe is expected to soften a bit. We expect the domestic industrial sector to increase in the next two quarters largely driven by ‘Make in India’ initiatives of the government of India," he said.
For the first half of 2014-15, the company’s standalone net profit increased 70.85% to ₹ 319.46 crore as compared to ₹ 186.98 crore in the same period last year.
Bharat Forge’s net sales during the six-month period increased 29.92% to ₹ 2,126.40 crore as against ₹ 1,636.67 crore in the same period of the previous fiscal.
Shares of Bharat Forge closed at ₹ 885.45 per scrip, up 5.81% from their previous close on the BSE.
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