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Home arrow News arrow Business News arrow Bharat Forge records Exports growth of 67.1% to Rs 381.1 crores in Q1 FY12
Bharat Forge records Exports growth of 67.1% to Rs 381.1 crores in Q1 FY12 Print E-mail
Written by Vivek   
Thursday, 11 August 2011
Pune: Bharat Forge Limited has recorded a growth in exports of 67.1% to Rs 381.1 crores in Q1 FY12 over the same period previous year. The growth has been recorded across both automotive & non automotive segments.

Domestic revenues grew by 18.6% over the same period previous year to Rs 476.6 crores while they increased by 2.8% over the previous quarter despite a 10% sequential drop in automotive volumes.

Exports continue to witness strong performance on back of demand from European & North American commercial vehicle market and strong traction from non automotive segment.

The European & North American & CV markets continued to witness strong demand in the 1st half of CY 2011. M&HCV segment which account for close to 50% of exports saw volume growth of 43.6% & 56.1% in European & North American markets respectively. The growth in Europe is being driven by latent demand especially from countries like Germany & Sweden while in North America the driver is replacement of old fleet and new emission norms.

BFL’s exports in to Europe have grown by 107.8% to Rs 2,032 million while exports in to North America have grown 32.4% to Rs 1,521 million. The impressive growth has been achieved on back of strong traction across automotive & non automotive applications.

"Non automotive business has grown by more than 50% compared to last year and it continues to witness tremendous traction with good order flow. The non auto business has brought about a distinct change in customer base of BFL with many marquee names added in the past few years," said B N Kalyani, Chairman & Managing Director.

"This quarter results shows strong all round performance across geographies & industries and it clearly accentuate the benefits derived from the derisked business model we have put in place," he added.

Non Auto revenue in the quarter has increased by 51.3% over the corresponding quarter previous year to Rs 2,840 million. The growth has been driven by demand from both domestic & export clients across sectors.

Contribution to the top line from the new facilities has increased by 97.9% from Rs 816 million to Rs 1,615 million. This has been achieved on back of a strategy of product extension & customer penetration. This strategy has played out very well for BFL with strong traction across sectors and increasing pipeline of order flows from both domestic and export customers.

There is a continuation of improvement in EBITDA margins of overseas subsidiaries with increase in capacity utilization.

Standalone Indian Operations registered strong growth with total income growing by 36.3% to Rs 872.4 crores and PAT increasing by 64.0% to Rs 97.4 crores. EBITDA margin for the quarter was maintained at 25.6%.

The overseas operations have continued to post good numbers on back of strong auto demand. Revenues have grown by 38.1% to Rs 710.8 crores while PBT for the quarter was Rs 11.1 crores as against Rs 7.2 crores in the corresponding quarter previous year, a growth of 54.2%.

Last Updated ( Thursday, 11 August 2011 )
 
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