Shares of Bharat Forge were up over 3% at Rs 516 after hitting a 52-week high of Rs 519.10 in early trades on the BSE after the company reported robust fourth quarter earnings.
Order wins across segments and geographies and strong traction in Europe and Asia Pacific regions saw Bharat Forge’s net profit double for the quarter ended March 31, 2014. The company also had a higher other income and exceptional gain during the quarter.
The forging giant reported net profit of Rs 119 crore for the fourth quarter of FY14, compared to Rs 50.1 crore for the same period last year. The company’s revenue touched Rs 943.35 crore during the quarter, an increase of 34 per cent over Rs 697.52 crore posted during the corresponding period of the last fiscal.
For the full year the company reported consolidated net profit of Rs 498 crore, up 102 per cent from Rs 247 crore last year, revenues increased 30 per cent to Rs 6,716 crore for the fiscal 2013-14.
Over 25,000 shares were traded on both the stock exchanges so far.
