Bharat Forge Ltd., India's leading exporter of Auto Components has posted 38% increase in Total Revenue to Rs 261 crore for quarter ended June 2004 on the back of strong 52% growth in domestic business to Rs 161 crore and 20% growth to Rs 95 crore in exports.

During the quarter under review, PBT & PAT grew by 39 % and 29% to Rs 53 crore and Rs. 34 crore respectively. The same was driven by substantial improvement in capacity utilization, productivity, control over costs and despite a higher tax provision.

The company also announced that it has recently won two major contracts for machined heavy-duty diesel engine crankshafts from leading global engine manufacturers.

Mr. B N Kalyani, CMD, Bharat Forge Ltd., said, " Our overall growth strategy underlines penetration into passenger car markets and heavy duty diesel engine crankshaft segment. These new orders are in line with this strategy, which will enable BFL gain a strong entry into global Powertrain business. Besides, the serial production and supplies for passenger car crankshafts have begun, and will be ramped up in the coming quarters."

He further added, "Our expansion program is on schedule. We are creating large, world-class capacities in both forging and machining. We are targeting the global passenger car and heavy-duty diesel engine crankshaft markets. Our orders won in both these areas are a testimony to the company’s ability in rapidly expanding products and customer base”.

Our 100% subsidiary in Germany, CDP-BFL is performing well, and has registered a topline of Rs 370 crore and net profit of Rs 15 crore for half year ended June 2004.

Domestic market of BFL has grown by 22.3 % over Q1FY03 to Rs 121 crore. The domestic economy has shown buoyancy with the commercial vehicles segment registering close to 15% growth during the April-June quarter.

BFL’s Rights Issue for part funding the expansion program of Rs 350 crore is slated to open in the second week of August 2004.

According to the company’s Unaudited results for the quarter approved by the Board of Directors on 27 July 2004, following are the financial highlights :