Bharat Forge Q3 net profit jumps 25 percent

World's no. 2 metal forging company Bharat Forge Ltd on Wednesday reported a 25 percent rise in third-quarter stand-alone net profit at Rs.103.13 crore up from from Rs 82.61 crore for the three-month period ended Dec 31 last year.

On a per share basis, earnings for the quarter rose by 27 percent to Rs 4.42 from the Rs.3.48 in Q3FY11.

The results for the quarter under review included a one-time charge of Rs.16.20 crore towards exchange loss due to significant currency volatility, the company said.

Excluding charge, profit for the quarter rose by 37 percent to Rs.163.50 crore over the corresponding period previous year, it added.

Quarterly net revenue amounted to Rs 920.63 crore, against Rs 754.02 crore in the year-ago quarter, an increase of 22 percent, while other operating income stood at Rs 20.54 crore, compared to Rs 22.94 in the year-ago quarter.

Commenting on the results, Chairman and Managing Director B N Kalyani said, "The contribution from export market continues to grow on the back of increasing penetration with global customers, buoyant non-automotive business and strong demand environment overseas."

"It is also a clear indicator of our strong and growing relationship with all major global OEM´s across automotive and non-automotive application," he said.