New Delhi: Auto components major Bharat Forge today posted a 33.91% increase in its net profit at 234.45 crore for the first quarter ended June 30. The company had reported a net profit of 175.07 crore in the same period of the previous fiscal.

Total income during the quarter under review stood at 1,513.91 crore. It was 1,283.7 crore in the year-ago period, Bharat Forge said in a BSE filing.

The company said revenue from operations, part of total income, for the quarter ended June 30, 2018, is not comparable with the corresponding period a year ago due to the GST.

Bharat Forge chairman and managing director B N Kalyani said the company has secured new business worth 120 crore in the domestic and export markets. “As part of our focus on enhancing our presence in the light material space, the board has approved setting up of an aluminum forging facility in Tennessee, US," he added.

This facility will be set up at a cost of $55 million and will address the needs of the North American car market, Kalyani said. The plant will commence production in 2020, he added.

On the business outlook, Kalyani said, “While demand is extremely strong on the export front across sectors, domestic demand, especially in commercial vehicles, could be volatile due to the recent regulatory change in axle load norms and the understanding of its impact on end demand."

Shares of Bharat Forge were trading 1.94% down at 627 on the BSE.