Auto component maker Bharat Forge today reported a 15.4% decline in net profit for the October-December quarter, owing largely to the weak demand scenario in the domestic and international industrial markets. The net profit came in at Rs 166.10 crore against Rs 196.30 crore a year ago. The dip in profits came despite improved revenues from the automotive business. In the quarter under review, Bharat Forge’s sales in the M&HCV sector grew 28% vis-a-vis market growth of 21.9% driven by product specific market share increase, the company claimed in a press release. “During the quarter, despite higher automotive sales, continued weakness in the industrial sector across both, domestic and international markets adversely impacted the overall topline,” BN Kalyani, chairman & managing director, Bharat Forge was quoted as saying in the release. “Our focus on developing new processes, expanding the product portfolio by sweating our existing assets and leveraging our innovation capabilities is opening up new growth avenues. The company is starting to garner order wins from existing as well as new customers both in India and globally. This strategy will be the cornerstone of our next phase of growth in the coming 12-18 months,” he added. According to Kalyani, Bharat… Read full this story
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