Bharat Forge Q1 net profit up 60% at Rs 145 cr

Jul 30 2014, 15:04 IST
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SummaryBharat Forge's net profit stood at Rs 90.60 crore in the same quarter of the previous fiscal.

Auto components firm Bharat Forge today reported 60.01 per cent jump in standalone net profit at Rs 144.97 crore for its first quarter ended June 30, 2014-15, on the back of higher sales.

The company's net profit stood at Rs 90.60 crore in the same quarter of the previous fiscal, Bharat Forge said in a filing to the BSE.

Total net sales of the company in Q1, 2014-15 stood at Rs 964.33 crore, up 24.96 per cent compared to Rs 771.65 crore during the same period 2013-14.

Bharat Forge CMD B N Kalyani said: "Sales improvement coupled with favourable product mix resulted in improvement in EBITDA (earnings before interest, taxes, depreciation and amortisation) and robust cash flow."

He said the company will continue to develop newer products for global markets and focus on improving product performance.

"Looking ahead in Q2, we expect demand to improve across all segments with volumes increasing, except domestic market where improvement may take some time," he added.

During Q1, overall expenses were at Rs 770.58 crore as against Rs 656.53 crore in the year-ago period.

The Bharat Forge scrip was trading at Rs 719.75, up 1.32 per cent from its previous close on the BSE.

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