BHARAT FORGE LIMITED
Regd. Office : Mundhwa, Pune 411 036
AUDITED FINANCIAL RESULTS FOR THE YEAR
ENDED 31st MARCH, 2005.
         
 
(Rs. in Crores)
Sr.No.
Particulars

Nine
Months ended 31st December 2004 (Reviewed)
Quarter ended
Year ended
Consolidated results Year ended 31st March,2005
(Audited)
31th March, 2005 (Reviewed)
31th March, 2004 (Reviewed)
31th March, 2005 (Audited)
31th March., 2004 (Audited)
               
1 Sales & Income from Operations            
  - Within India
567.81 
232.21
165.94
800.02
569.10
800.02
  - Outside India
356.02
154.43
85.16
510.45
333.00
1284.78
  Total Sales
923.83
386.64
251.10
1310.47
902.10
2084.80
  Less : Exsice Duty
66.03 
25.38
20.87
91.41
70.05
91.41
  Total Net Sales / Income from Operations
857.80 
361.26
230.23
1219.06
832.05
1993.39
   
2 Other Income
5.28
2.12
10.62
7.40
19.09
7.99
3 Total Income
863.08
 363.38
240.85
 1226.46 851.14 2001.38
   
4 Total expenditure :
  a) (Increase) / Decrease in stock in trade
(32.53)
4.76
0.50
(27.77)
2.79
(47.50)
  b) Consumption of raw materials
391.19
160.76
96.03
551.95
315.35
846.91
  c) Manufacturing Expenses
138.88
53.79
37.81
192.67
147.61
328.88
  d) Staff Cost
51.60
17.66
13.64
69.26
53.67
288.94
  e) Others
71.05
34.44
21.57
105.49
72.43
152.21
  Total expenditure
620.19
271.41
169.55
891.60
591.85
1569.44
   
5 Profit before Interest, Depreciation and Tax
242.89
91.97
71.30
334.86
259.29
431.94
   
6 Interest
25.11
9.12
7.43
34.23
32.36
41.73
   
7 Depreciation
39.05
13.50
11.12
52.55
45.77
77.20
   
8 Profit before Tax
178.73
69.35
52.75
248.08
181.16
313.01
   
9 Provision for taxation
  - Current
58.30
27.54
15.16
85.84
53.66
111.32
  - Deferred
7.17
(6.56)
1.36
0.61
2.60
0.61
   
10 Net Profit
113.26
48.37
36.23
161.63
124.90
201.08
   
11 Paid-up Equity Share Capital (Face Value Rs.10/-)
39.55
39.55
37.67
39.55
37.67
39.55
     
12 Reserves excluding revaluation reserves  
382.99
183.56
422.00
     
13 Basic and diluted Earning per share of Rs. 10/- each (Rs.)
28.82
10.82
9.32
39.64
32.02
49,79
   
14 Aggregate of non-promoter Shareholding
  - No of Shares
24,662,302
24.661.992
23,635,354
24,661,992
23,635,354
-
  - Percentage of shareholding
62.36%
62.36%
62.75%
62.36%
62.75%
-
               
 
     
 

Additional Information

We have given below the Combined Unaudited financial indicators of Bharat Forge Limited and its subsidiary for the quarter ended 31st March, 2005.

 
(Rs in Crores)
Particulars
Amount
Total Income 634.60
Profit before Interest, Depreciation and Tax 127.92
Profit before Tax 89.92
Profit after Tax 61.31

1. Previous year / period's figures are regrouped wherever necessary.

2. Directors recommend a Dividend of Rs.12.50 Per Equity share( 125% ), subject to approval of shareholders.

3.The above results were taken on record by the Board of Directors of the Company at it's meeting held on May 24, 2005 .

4. Company's Forging & Machining Capacity expansion program is under implementation and against the total project cost of Rs.350 crore, the Company has incurred expenditure of Rs.265.92 Crore up to 31st March,2005.

5. Consequent to the Rights issue and the allotment done on October 1,2004, the earning per share has been computed on weighted average basis and as per the requirements of the Accounting Standard -20 " Earning per Share" . The EPS for the previous period have been revised accordingly. In view of the fair values of market price of the Company's equity shares being lower than Floor price of exercise of warrants, the option embedded in the warrants to subscribe to equity shares are,at present, not considered dilutive and hence the basic EPS is also representative of the diluted EPS.

6. During the quarter, 4 Investor complaint was received and redressed. There were no Investor complaints pending for redressal as at the commencement and end of the quarter.

7. The members of the company on 30th March, 2005, have approved the subdivision of each equity share Rs. 10/- each into five Equity share of Rs. 2/- each. Pending implementation, the same is continued to be disclosed at the nominal values of Rs. 10/- each.

8. The company has, since the close of the year, allocated 3,636,500 Global Depositary Receipts (GDR) @ US $ 27.50 per GDR, each representing one fully paid Equity Share of Rs. 10/- each, ranking pari passu in all respects including dividend proposed for the year 2004-05.
Simulteneously the company issued 0.5% Foreign Currency Convertible Bonds due 2010 in two Tranches, each having varied rights and obligations, agreegating US $ 60 milliion each, convertible at an initial price of Rs. 1680.52 and Rs. 1920.60 per share respectively, subject to adjustments specified in the offering circular dated 15th April 2005.

9.The consolidated financial results include results of wholly owned subsidiary of Bharat Forge Limited viz. CDP Bharat Forge GmbH(incorporated in Germany ) and its wholly owned subsidiary for the financial year ended December 31,2004. This being the first year of consolidation, previous years figures have not been stated.

For Bharat Forge Limited

( B. N. Kalyani )
Chairman and Managing Director

  

Mumbai
Dated : May 24, 2005.