Business Daily from THE HINDU group of publications
Saturday, Oct 24, 2009
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Business Daily from THE HINDU group of publications Saturday, Oct 24, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Financial Performance Corporate Results - Automobile Components Bharat Forge posts Rs 27 cr net on demand pick-up 
Mr Baba Kalyani Our Bureau Pune, Oct. 23 Bharat Forge Ltd (BFL) has posted a net profit of Rs 26.8 crore for the quarter ended September 30, 2009 (Rs 11.25 crore for the same period last year), marking a major improvement over the previous quarter when profits had slipped below Rs 1 crore. On the back of improving conditions, particularly in domestic market, income from sales was Rs 428 crore (Rs 676 crore) while earnings before interest, depreciation, tax and amortisation (EBIDTA) stood at Rs 108.4 crore, a growth of 19.2 per cent and 35.3 per cent respectively over the figures in the first quarter of the current fiscal. Year-on-year, however, revenue declined by 37 per cent while the EBIDTA was lower by 35.5 per cent. Bharat Forge’s performance in the domestic market is better by far than its exports. Fuelled by improvement in demand from the CV market within the country, domestic revenue was Rs 278.8 crore, a growth of 29.1 per cent on a sequential basis, while exports showed marginal improvement of 4.3 per cent to touch Rs 148.8 crore. Commenting on the results, Mr B.N. Kalyani, Chairman and Managing Director, said: “Our performance has continued to improve on a sequential basis, in line with the pick-up in demand in the domestic M&HCV segment. The export markets have stabilised, albeit at very low levels compared to last year.” The Indian automotive sector has continued the upward trend that began a few months ago. We hope that the momentum will be maintained going forward. In the export markets, the bottom has been reached and we are now seeing signs of gradual recovery, he added. More Stories on : Financial Performance | Automobile Components | Bearings | tings & Forgings
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