Bharat Forge Limited (BFL), India's largest exporter of Auto Components has recorded all time high revenues of Rs. 689 crores for the year ended March 2003. Net Profit of the company has touched Rs. 81 crores and exports have shown phenomenal growth of 145.8% to Rs. 271 crores. The operating margin for the year 2002 - 2003 was 28.17 % as compared to 24.78% in 2001-02.

According to the company's audited results for 2002 - 2003, taken on record in a board meeting today, BFL's exports earnings were up at Rs. 271 crore as against exports earnings of Rs. 110 crores during the year 2001 - 2002. Exports now contribute 39% per cent of the total sales. The number of global customers of the company has gone up to 24 in 2002-03. The company has also reduced its interest cost by 10.1% to Rs. 40.8 crores during the year. EPS for the year 2002 - 2003 is at Rs. 20.71 v/s Rs. 5.31 for 2001 - 2002.

Domestic sales have increased to Rs. 417 crores 2002 - 2003 from Rs. 363 crores in 2001 - 2002 and have registered a growth of 14.9%. The domestic auto sector continued its recovery for the second consecutive quarter. While the production in LCV and HCV segment showed a positive trend, the utility segment recorded a sluggish growth with the tractor industry registering de-growth. The domestic sales of BFL in Q4 witnessed a healthy 36.6% jump over the previous corresponding period mainly driven by the HCV segment.

Mr. Baba N Kalyani, Chairman and Managing Director, Bharat Forge Ltd. said, " The financial year 2002 - 2003 has been a year of achieving the company's vision of becoming a major player in the international forgings industry. At a time when global markets have been reeling under pressures on account of several economic disturbances, the exports growth of 145.8% achieved by the company over the previous year is commendable. The year was marked by new vistas of growth and several milestones such as the beginning of exports to China. In a move towards fast consolidation in the Chinese market, we bagged a second OEM. The other major area was the scaling up of Dana Kirkstall orders, which contributed to 18% in FY03."

He further added, "On the improved efficiency front the use of IT for "time-to-market" has proved to be a valuable competitive edge for the company. The use of technology coupled with skilled manpower has been further intensified to reduce the product development cycle, which is currently at 3 weeks to 48 hours over a period of time. The multi-pronged strategy of balanced growth through global spread, financial restructuring, cost reduction, enhancing value addition with a thrust on machined component exports and increased productivity has led to a record growth for Bharat Forge."

Total sales in Q4 have gone up by 63.7% to Rs. 208.9 crores as compared to Rs. 127.6 crores for the corresponding quarter last year. BFL has reported an increase of 257.2 % in net profit for the quarter ended March 2003. Net profit has risen to Rs. 30 crores as compared to Rs. 8.4 crores over the corresponding quarter of the previous year. In the same period exports have gone up to Rs. 80.7 crores, registering an increase of 138.9 % as compared to Rs. 33.8 crores in the corresponding quarter in the previous year. Domestic sales at Rs. 128.2 crores have shown a 36.6% increase from Rs. 93.9 crores over the corresponding quarter of the previous year.

According to the company's unaudited results for the quarter approved by the Board of Directors on May 5, 2003, following are the financial highlights :