Standalone PBT before exceptional item grew 17% to Rs 106 crores;
Standalone revenues grew 20% to 676 crores.
Bharat Forge Ltd., the flagship company of the USD 2.4 billion Kalyani Group and a leading global supplier of forged and machined components, today announced its second quarter results with combined revenue reaching Rs.1,360 crore and PBT (before exceptional items) of Rs. 117 crore, a growth of 28% and 8% respectively.
Bharat Forge on a Stand alone basis achieved a healthy growth of 20% in Revenue & 17% in PBT before exceptional items, which now stands at Rs. 676 Crore and Rs. 106 crore, respectively.
Exports recorded a growth of 30% on a YoY basis, despite continued weakness in the US and European auto industry.
Commenting on the results, Mr. Baba N Kalyani, Chairman and Managing Director of Bharat Forge Ltd., said: "The Company has been able to grow in this quarter despite un-conducive market conditions globally. The issues in our end-user industry have been further compounded by the global financial crisis and its impact on industries is posing challenges across all sectors."
"Our non-auto capacity expansion programme at Baramati and Pune is complete and trials have begun. We plan to start serial production from Q4 FY 09 at both the facilities. The non-auto facilities are coming on-line at a time when the global auto markets are in deep slump. These facilities will generate additional business and help us cushion the impact of the fall in business in other sectors to some extent."
In addition, we hope to counter this situation with measures such as cost reduction, productivity improvement, exploring new business opportunities etc." he added.