Bharat Forge domestic revenues up 50.3%

Bharat Forge Ltd, a global provider of automative components, on Tuesday announced its Q4 & FY2011 results, where its domestic revenues grew 50.3%.

Domestic revenues grew by 50.3% in FY2011 to Rs 1,728 crores on continued momentum in the Indian automotive market while Exports grew by 72.6% to Rs 1,219 crores on back of recovery of CV market in Europe & North America. For the quarter domestic & Export revenues registered growth of 34.5% & 63.6% respectively.

EBITDA % for the full year came in at 25.5% as compared to 24.9% in last year while PBT for the year at Rs 448 crores was higher by 147.7% as compared to last year.

PAT for the quarter & Full year were Rs 100.4 crores & Rs 310.6 crores, a growth of 63.8 & 144.5% respectively.

The Overseas operations witnessed a strong revival in performance in CY10 in correlation with the increase in automobile production globally and also have benefitted from the restructuring initiatives carried out in CY09.

The overseas subsidiaries registered topline of Rs 2,163 crores, YoY growth of 45.2%. EBITDA for the year was Rs 104 crores as against negative EBITDA of 80 crores for CY09. The subsidiaries registered a profit of Rs 11.1 crores at the PBT level as against a loss of Rs 188.1 crores in CY 2009.

Non Auto contribution to the standalone business has increased from 30% in FY2010 to 37% in 2011.

Commenting on the results, Baba N Kalyani, Chairman and Managing Director of Bharat Forge Ltd., said: ?FY 2011 saw the company come back on the growth path with strong momentum for the Indian operations within India & its Exports business & significant improvement in performance of the overseas subsidiaries.?