Bharat Forge Q4 net profit jumps threefold to ?299.5 crore

BHARATFORG

NEW DELHI: Auto components major Bharat Forge Monday reported a nearly threefold jump in its standalone net profit to ?299.5 crore for the March quarter.

The company had posted a standalone net profit of ?100.33 crore in the corresponding quarter a year ago, Bharat Forge said in a regulatory filing.

Its total income stood at ?1,718.72 crore as against ?1,500.83 crore in the year-ago quarter, it added.

For the full year 2018-19, the firm’s consolidated net profit stood at ?1,032.59 crore as compared with ?753.97 crore a year ago, a growth of 36.95 per cent, it said.

Total consolidated income for the year was ?10,348.52 crore as compared to ?8,556.68 crore in the previous fiscal.

Bharat Forge Chairman and Managing Director B N Kalyani said the financial year 2018-19 has been a record year for the company with strong growth in revenue and profit.

“During the year, the company has secured business wins of USD 50 million across sectors and geographies. An encouraging trend is the large proportion of wins driven by our work on new product development,” he added.

The company said its board of directors in its meeting on Monday recommended a final dividend of 125 per cent at ?2.5 per equity share of ?2 each for the financial year ended March 2019

On the outlook, Kalyani said after a strong two-year performance, the company is starting to witness demand flatten out in exports.

“The condition is compounded by the lack of momentum in the domestic market across sectors. We expect the situation to improve in the coming months,” he added.

The company will focus on navigating through the challenging demand environment, utilising a combination of accelerated new product development and cost optimisation, he said.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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