Bharat Forge Q2 net up 81% to Rs 174.49 crore
New Delhi: Auto components firm Bharat Forge today reported an 81.04 per cent jump in its standalone net profit at Rs 174.49 crore for the second quarter ended September 30, 2014 on the back of robust export growth.
The company's net profit stood at Rs 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 Rs 1,138.27 crore, up 34.68 per cent from Rs 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 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 per cent to Rs 319.46 crore as compared to Rs 186.98 crore in the same period last year.
Bharat Forge's net sales during the six-month period increased 29.92 per cent to Rs 2,126.40 crore as against Rs 1,636.67 crore in the same period of the previous fiscal.
Shares of Bharat Forge were trading at Rs 869.45 per scrip, up 3.90 per cent from their previous close on the BSE in the afternoon trade.