Bharat Forge net profit up 154.5%

Bharat Forge Ltd, a leading forging company, on Saturday announced a 154.5% increase in standalone Net Profit in second quarter (Q2) of the financial year 2010-11.

The company?s combined and standalone revenue reached Rs. 1,111 crores & Rs 727 crores respectively.

Stand-alone revenue & EBIDTA for Q2 reached Rs. 727 crores and Rs. 183 crores, a YoY growth of 67.7% & 68.7% respectively.

Combined revenue & EBITDA for the quarter was 1,111 crores and Rs 194.3 cores, a YoY growth of 56.3% & 105.4% respectively. Standalone Net Profit grew by 154.5% & 14.8% on a YoY & sequential basis to Rs 68.2 crores.

Exports for the quarter have recorded impressive growth of 86.5% & 20.2% on a YoY and sequential basis respectively. The growth in exports has been witnessed across geographies and segments.

Non-auto contribution to the standalone business in Q2 FY11 was 38% as against 33% in Q1
FY11.

Commenting on the results, B N Kalyani, Chairman & Managing Director, said: ?The company continues to post strong growth numbers on back of domestic automotive demand and recovery in US & European markets.?

?The non auto business witnessed strong momentum across domestic & export markets with increased order inflow & scale up of production activity at the new facilities,? he added.