Bharat Forge net profit surges 64%

Pune-based auto component-maker Bharat Forge on Wednesday reported a 64 per cent growth in its profit after tax (PAT) to Rs 97.4 crore on standalone basis for the quarter ended June 30, mainly on strong overseas demand.

The PAT for the April-June 2010 period stood at Rs 59.43 crore, the company said.

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The total income grew by 36.3 per cent to Rs 1,583.2 crore for the period under review, it added.

"This quarter results show strong all round performance across geographies and industries and it clearly accentuate the benefits derived from the de-risked business model we have put in place," company Chairman and Managing Director B N Kalyani said.

The non-automotive business has grown by more than 50 per cent compared to last year and it continues to witness tremendous traction with good order flow, he said, adding that it has brought about a distinct change in the customer base with many marquee names been added in the past few years.

The exports continued to impress with strong growth of 67.1 per cent to Rs 381.1 crore over the same period previous year.

Meanwhile, the domestic revenues of the company, which has operations in Europe, China and the US, grew by 18.6 per cent over the same period previous year to Rs 476.6 crore.