Bharat Forge quarterly net profit plunges 45%

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Auto component maker Bharat Forge declared a net profit of Rs 100.65 crore Auto component maker Bharat Forge declared a net profit of Rs 100.65 crore
SummaryThe company had posted a net profit of Rs 100.65 crore for the corresponding quarter in the previous fiscal

Auto component maker Bharat Forge on Monday reported a 45.23 per cent decline in its standalone net profit at Rs 55.12 crore for the quarter ended March 31, 2012 mainly on account of increased tax expenses and raw material costs.

The company had posted a net profit of Rs 100.65 crore for the corresponding quarter in the previous fiscal, Bharat Forge said in a filing to BSE. Total standalone income of the company stood at Rs 977.15 crore for the quarter ended March 31, 2012 as against Rs 821.27 crore for the corresponding period previous fiscal. The company's board has recommended a final dividend of Rs 2.50 per equity share in addition to interim dividend paid of Rs 1.50 totaling to Rs 4 for the year, Bharat Forge said. Consolidated net profit of the company for the financial year ended March 31, 2012 rose to Rs 420.22 crore from Rs 296.85 crore for the year ago period. The company said its consolidated total income for FY12 stood at Rs 6,279.06 crore as against Rs 5,086.95 crore in the previous fiscal.

Commenting on the results, Bharat Forge Ltd (BFL) Chairman and Managing Director Baba N Kalyani said: "The company's performance over the past year has clearly benefitted from the de-risking of the business." He said in FY 2013, the company is starting to witness relatively higher degree of volatility in demand in Europe and

China.

"However, I am optimistic that BFL with its de-risked business model, strong relationship with customers and focus on technology and innovation will continue on the growth path." Scrips of Bharat Forge today closed at Rs 318.60 per share on BSE, up 2.99 per cent from its previous close.

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