Stating that domestic demand environment was weak in Q3, Baba Kalyani, Chairman, Bharat Forge on Thursday said that he expects too see large pickup in CV business in India in Q4.
Stating that domestic demand environment was weak in Q3, Baba Kalyani, Chairman, Bharat Forge on Thursday said that he expects too see large pickup in CV business in India in Q4. In an interview with ET Now he said, “Good recovery was seen in some sectors in export markets in Q3. I expect to see a strong Q4.” “I believe worst is behind us in class 8 truck segment. It is too early to predict growth moving ahead,” Kalyani said. He further added that he expects huge growth is taking place in railways, mining business.
Yesterday Bharat Forge reported 21.48 per cent decline in its net profit at Rs 128.62 crore for the quarter ended on December 31, 2016. The company had posted a net profit of Rs 163.81 crore for the same period of previous fiscal. Total income from operations declined to Rs 990.01 crore for the third quarter of FY2016-17, compared to Rs 1,108.52 crore during the same period of previous fiscal, Bharat Forge said in a regulatory filing. The company’s board declared an interim dividend Rs 2.50 per equity share of Rs 2 each.
Meanwhile, Kalyani recently said that ‘Make in India’ theme has been a game-changer for our economy. He said growth opportunities in the Indian market are much larger than overseas. He also said that the real challenge before the country is to substitute imported goods with domestic products like in the defence sector.
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He said relaxing FDI norms in the defence sector is a welcome step but at the end of the day, India has to create an ecosystem to manufacture products locally.