Net profits of Bharat Forge Ltd (BFL) have more than doubled at Rs 83 crore in the third quarter of FY-11 on a standalone basis from Rs 38 crore for the same quarter last year. Income from operations was Rs 790 crore, a growth of 53 per cent over the Rs 518 crore in the same quarter of last fiscal.
During the quarter, the company earned Rs 359 crore from exports, the highest so far, and a growth of 80.6 per cent on a YoY basis. The growth in exports has been across geographies and segments.
EBIDTA for Q3 was Rs. 201 crore, a 56.7 per cent rise.
Bharat Forge's non-automotive business continues to witness strong traction in both domestic and export markets . Standalone non-auto revenues have grown 121 per cent YoY, increasing its contribution to the total from 26 per cent in Q3 FY10 to 37 per cent in the quarter under review.
Mr B.N.Kalyani, Chairman and Managing Director, BFL, said, “This quarter has been a significant one with strong performance from both the Indian and the International operations. The company is clearly back on the growth path and expects growth to continue with recovery in the North American & European Automotive markets.”
The combined entity (BFL and its wholly-owned subsidiaries except its joint venture in China) posted a total income of Rs 1,235 crore, up 50 per cent from Rs 822 crore. The net profit stood at Rs 73.3 crore, taking into account restructuring cost, including one-time cost incurred for union negotiation settlement in Bharat Forge America to achieve concessions and expenses on transfer of business from Bharat Forge Scottish Stampings Ltd.