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Industrial Products India, Industrial Manufacturers & Suppliers
 




 
   
 
 
 

Bharat Forge Q1 zooms on exports...

Bharat Forge Q1 zooms on exports, non-auto business

Bharat Forge, the world's second largest forgings maker, reported a 64 percent jump in April-June net profit as robust growth in the overseas markets and non-automotive segment pushed sales.
"Non-automotive business has grown more than 50 percent compared to last year and it continues to witness tremendous traction with good order flow," Chairman and Managing Director Baba Kalyani was quoted as saying in the statement.
"...The non-auto business has brought about a distinct change in customer base of Bharat Forge with many marquee names added in the past few years."
The Pune-based firm's net profit in April-June was 974.2 million rupees and net sales 8.58 billion rupees.
At 10:54 a.m., shares of Bharat Forge, which rose over 6 percent on strong quarterly numbers, were at 283.60 rupees, up 5.15 percent in a firm Mumbai market.
While revenue from exports rose 67.1 percent to 3.81 billion rupees across both automotive and non-automotive segments, overseas revenue grew 38.1 percent to 7.11 billion rupees on strong demand from automobile sector, it said in a statement.
The company has operations in Europe, China and the U.S. In comparison, growth in domestic revenue was 18.6 percent to 4.77 billion rupees. EBITDA margin for the quarter, however, was at 25.6 percent.
Bharat Forge has been increasing focus on non-automotive business and has formed joint ventures with Alstom for supercritical turbine generators and NTPC for high pressure pumps, valves and pipings for the power sector.
Bharat Forge had earlier said it expected revenue from non-automotives to be over 40 percent of the total by the end of FY12.
The fast growing auto ancillary sector contributes some 2.3 percent to India's gross domestic product (GDP) and is expected to clock sales of $30 billion in 2010/11.

The industry's apex body the Automotive Component Manufacturers Association expects turnover to touch $110 billion by 2020.

 
     
 
   
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