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Bharat Forge’s Q2 net profit up 154.5 percent

Mumbai, Oct 23 (IANS) Design and engineering major Bharat Forge Saturday reported a growth of 154.5 percent in its net profit for the second quarter of the current fiscal.

The net profit for the second quarter stood at Rs.68.14 crore as compared to Rs.26.83 crore in the like period of 2009.

‘The company continues to post strong growth numbers on back of domestic automotive demand and recovery in the US and European markets,’ said B.N. Kalyani, chairman and managing director, Bharat Forge.

The company’s revenue grew at a year-on-year rate of 67.7 percent and stood at Rs.727 crore, while the combined revenue including its fully-owned subsidiaries grew by 56.3 percent to reach Rs.1,111 crore.

According to the company, its exports for the quarter increased by a year-on-year growth of 86.5 percent to reach Rs.274 crore.

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