Auto component major Bharat Forge on Wednesday reported 35.79 percent increase in standalone net profit at Rs 309.83 crore for the third quarter ended December 31, 2018. The company had reported a profit of Rs 228.17 crore in the same quarter last fiscal, Bharat Forge said in a regulatory filing.
Total income during the quarter under review stood at Rs 1,740.37 crore as against Rs 1,412.47 crore in the year-ago period, it added.
Bharat Forge Chairman and Managing Director B N Kalyani said the growth in revenue and profit in the third quarter was on the back of strong performance across key verticals and all geographies. Key highlights during the quarter include quarterly revenues from oil and gas verticals and the aerospace and defence verticals. The company secured new orders worth $ 6.5 million from commercial vehicle (CV) and industrial sectors.
On the outlook, Kalyani said that the company expects demand to sustain in the fourth quarter at the current levels. The domestic CV sector is witnessing some softness in demand because of de-stocking and we expect it to become normal in the next few months.
The company also said that its board has approved reappointment of Amit B Kalyani as Executive Director of the company for a period of five years with effect from May 11, 2019. Amit Kalyani is the son of the company’s CMD B N Kalyani.