Pune: Auto-components manufacturer Bharat Forge posted its first quarter results for quarter ending June 2018.
According to filing information, the company posted a 33.91% increase in net profit at Rs 234.45 crore. In the previous corresponding quarter last year, the company posted net profit at Rs 175.07 crores.
Revenue from operations stands at Rs 1513.91 crores as against Rs 1283.7 crore in the quarter, a year ago.
In the filing, company officials suggested that revenue from operations and the part of total income for the quarter in review was not comparable with the corresponding period a year ago due to implementation of GST.
In a subsequent filing to exchange houses, BN Kalyani, the CMD at Bharat Forge said that his company had secured new business worth Rs 120 crore in the domestic and export markets
"As part of our focus on enhancing our presence in the light material space, the board has approved setting up of an aluminum forging facility in Tennessee, US," he said.
"This facility will be set up at a cost of $55 million and will address the needs of the North American car market, Kalyani said. The plant will commence production in 2020," he added.
"The improving macro-conditions of our end markets has helped increase our revenues in Q1 FY19 from the industrial business to Rs 3869 million," according to the filing.
On the business outlook, Kalyani said, "While demand is extremely strong on the export front across sectors, domestic demand, especially in commercial vehicles, could be volatile due to the recent regulatory change in axle load norms and the understanding of its impact on end demand."
Post the end of trading hours on Thursday, shares of Bharat Forge were trading 1.32% or 8.45 points down to Rs 630.95 on the Bombay Stock Exchange.