Date:17/01/2006 URL: http://www.thehindubusinessline.com/2006/01/17/stories/2006011703300100.htm

Back Bharat Forge Q3 net up 28 pc at Rs 53.27 cr

Our Bureau

Pune , Jan. 16

BHARAT Forge on Monday announced that its total income for the third quarter of the current fiscal stood at Rs 415.5 crorecompared to Rs 311.25 crore for the corresponding period last year, up 33.5 per cent.

Its net profit stood at Rs 53.27 crore(Rs 41.43 crore), recording an increase of 28.57 per cent. PBT was at Rs 80.2 crore (Rs 65.44 crore)up 22.6 per cent. The consolidated revenue for nine months ended December 2005 stood at Rs 2,304.3 crore compared to Rs 1,457.8 crore for the corresponding period last year.

Commenting on the results, Mr B.N. Kalyani, Chairman & Managing Director, Bharat Forge, in a press release said "Three years ago we had set out with a clear roadmap for achieving global leadership in forged auto component business. Today, we have achieved all the integral parts of the same with global manufacturing presence, world-scale manufacturing capacity across nine plants, more than 35 top OEM & Tier I customers, front-end design & engineering capability & full service supply capability. We have taken steps to cement our relationship with our long-term customers to ensure a major share of business and an opportunity to increase our level of penetration with them.

"The key focus, from now onwards, will be on leveraging these complementarities to our best advantage, progressively scale up the Indian operations in line with the customers' product development protocols and achieve higher level of competitiveness in the operations of our global subsidiaries. The results of the quarter are a step in the direction of achieving these medium-term strategic initiatives,'' he added.

During the quarter, the company entered into joint venture agreement with FAW Corporation of China to manufacture a wide range of highly engineered forged auto components for local Chinese manufacturers and Chinese plants of the global OEMs.