Auto component maker Bharat Forge today reported 96.38 per cent decline in its net profit at Rs 96 lakh for the quarter ended June 30, 2009, over the same period last year.
The company had a net profit of Rs 26.56 crore in the same period last year, the auto component maker said in a filing to the Bombay Stock Exchange(BSE).
"The automotive industry in India has started showing early signs of recovery which is likely to strengthen in the coming quarters while the volumes in the US and European markets are starting to stabilise at lower levels," Bharat Forge CMD B N Kalyani said.
Total net sales declined 43.71 per cent to Rs 358.64 crore in the latest quarter, against Rs 637.36 crore in the same period previous fiscal.
Shares of Bharat Forge were trading at Rs 160 on the BSE, up 0.44 per cent from previous close.
