Bharat Forge first quarter net profit surged 64% year-on-year to Rs 97.42 crore. The company’s total net sales for the April-June quarter were up over 36% from a year ago to Rs 829.34 crore.
A 67% surge in Bharat Forge’s exports offset a slower 18.6% revenue growth in the domestic market. The company said there was a 10% sequential drop in automotive volumes during the quarter in the domestic market.
Bharat Forge said revenue from overseas operations was up 38% year-on-year to Rs 710.8 crore helped by strong auto demand. Profit before tax overseas was up 54% to Rs 11.1 crore.
"This quarter results show all round performance across geographies and industries and it clearly accentuates the benefits derived from the derisked business model we have put in place," said Chairman and Managing Director, BN Kalyani.
Bharat Forge said its non-automotive business grew 50% year-on-year and it "continues to witness tremendous traction with good order flow."
Bharat Forge shares surged over 5% at Rs 283.60 on NSE post the earnings announcement in morning trade.
Source: www.moneycontrol.com
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