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The standalone Bharat Forge Ltd has posted a net profit of Rs 119 crore for the quarter ended March 31, 2014 as compared to Rs 50 crore for the same quarter of last year, translating into a rise of 138 per cent.
The PAT includes profit of Rs 43.2 crore on sale of land and impairment charge taken on investments in Indian subsidiaries of Rs 30.8 crore which is non-cash in nature.
Total revenue in the quarters under review stood at Rs 931 crore and Rs 675 crore, respectively, a growth of 38 per cent year on year.
For the year ended March 14, the company’s net profit stood at Rs 400 crore against Rs 306 crore, a rise of 30.7 per cent. Total revenue has increased from Rs 3,151 crore to Rs 3,399 crore, representing year on year growth of 8 per cent.
The board of Bharat Forge Ltd has recommended a final dividend of Rs. 2.50 per equity share of Rs 2 each (125%), subject to approval of shareholders at the ensuing AGM.
Baba Kalyani, CMD, Bharat Forge said, “The FY 14 performance has been encouraging with robust operating leverage and cash flows despite sub optimal utilization levels in India caused by significant weakness in the Commercial Vehicle segment.
The uncertain demand environment which prevailed during the year is beginning to change positively especially in the external markets, he said, adding, "We expect both North America & Europe to grow in FY15. The domestic market might witness demand recovery in 2H FY15.”
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