Backed by continued growth in the truck segment, auto-parts maker MM Forgings has reported a 11 per cent rise in third quarter net profit at Rs 6.06 crore, over the same period last year. And net sales rose 30 per cent to Rs 88.19 crore.

While the domestic market contributed to 30 per cent of revenue, the US and Europe accounted for 43 per cent and 25 per cent, respectively. “Our strategy of not depending on any particular market has helped us. Trucks have continued to do well for us. The markets we serve are still healthy. But the impact of the financial crisis is gradually being felt,” said Mr Vidyashankar Krishnan, Managing Director.

The company has seen only a marginal rise in net sales and profits over the second quarter.

“India especially, is middling; it isn't hot at the moment. Clients are not willing to accept price hikes. We expect the next two quarters too to stay this way. There will not be any spectacular growth,” said Mr Krishnan.

“The way out is to go back to the basics and improve manufacturing output per machine and man. There is no radical mantra.”

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