BHARAT FORGE LIMITED
Regd. Office : Mundhwa, Pune 411 036
AUDITED FINANCIAL RESULTS FOR THE YEAR
ENDED 31st MARCH, 2006.
         
 
(Rs. in Million)
Sr.No.
Particulars

Nine
Months ended 31st December 2005 (Reviewed)
Quarter ended
Year ended
Consolidated results for the Year ended
31st March, 2006 (Reviewed)
31st March, 2005 (Reviewed)
31st March, 2006 (Audited)
31st March., 2005 (Audited)

31st March., 2006 (Audited)

31st March., 2005 (Audited)

                 
1 Sales & Income from Operations              
  - Within India
7,649.30 
2,781.58
2,322.07
10,430.88
8,000.20
10,430.88
8,000.20
  - Outside India
4,637.35
1,917.54
1,544.33
6,554.89
5,104.53
20,964.50
12,847.74
  Total Sales
12,286.65
4,699.12
3,866.40
16,985.77
13,104.73
31,395.38
20,847.94
  Less : Exsice Duty
891.46
315.00
253.75
1,206.46
914.07
1,206.46
914.07
  Total Net Sales / Income from Operations
11,395.19 
4,384.12
3,612.65
15,779.31
12,190.66
30,188.92
19,933.87
   
2 Other Income
386.89
144.24
21.23
531.13
73.99
662.15
79.88
3 Total Income
11,782.08
4,528.36
3,633.88
 16,310.44 12,264.65 30,851.07 20,013.75
   
4 Total expenditure :
  a) (Increase) / Decrease in stock in trade
(234.64)
(60.09)
47.60
(294.73)
(277.72)
(239.14)
(474.99)
  b) Consumption of raw materials
5,338.12
2,259.96
1,605.63
7,598.08
5,517.55
14,106.30
8,467.18
  c) Manufacturing Expenses
1,859.98
675.05
537.83
2,535.03
1,926.67
4,946.02
3,288.77
  d) Staff Cost
708.30
208.94
176.64
917.24
692.64
4,164.59
2,889.45
  e) Others
880.35
247.28
353.17
1,127.63
1,063.59
1,984.24
1,530.66
  Total expenditure
8,552.11
3,331.14
2,720.87
11,883.25
8.922.73
24,962.01
15,701.07
   
5 Profit before Interest, Depreciation and Tax
3,229.97
1,197.22
913.01
4,427.19
3,341.92
5,889.06
4,312.68
   
6 Interest
393.12
154.73
84.48
547.85
335.56
683.47
410.57
   
7 Depreciation
516.04
214.37
135.07
730.41
525.57
1,280.71
771.92
   
8 Profit before Tax
2,320.81
828.12
693.46
3,148.93
2,480.79
3,924.88
3,130.19
   
9 Provision for taxation
  - Current
645.00
246.40
275.32
891.40
858.35
1,224.88
1,113.17
  - Deferred
112.58
42.30
(65.53)
154.88
6.14
161.58
6.14
  - Fringe Benifit Tax
23.70
9.30
-
33.00
-
33.00
-
   
10 Net Profit
1,539.53
530.12
483.67
2,069.65
1,616.30
2,505.42
2,010.88
   
11 Paid-up Equity Share Capital (Face Value Rs.2/-)
441.11
444.62
395.60
444.62
395.60
444.62
395.60
     
12 Reserves excluding revaluation reserves  
11,096.68
3,829.99
11,890.42
4,219.94
     
13 Earning per share of Rs. 2/- each (Rs.)
  - Basic
7.11
2.39
2.16
9.50
7.93
11.51
9.96
  - Diluted
6.75
2.27
2.16
9.05
7.93
10.95
9.96
   
14 Aggregate of non-promoter Shareholding
  - No of Shares
142,629,049
142,782,369
123,309,960
142,782,369
123,309,960
-
-
  - Percentage of shareholding
64.68%
64.24%
62.36%
64.24%
62.36%
-
-
                 
 
     
 

Additional Information

We have given below the Combined Unaudited financial indicators of Bharat Forge Limited and its subsidiary for the quarter ended 31st March, 2006.

 
(Rs in Million)
Particulars Amount
Total Income 9,666.09
Profit before Interest, Depreciation and Tax 1,665.50
Profit before Tax 1,065.51
Profit after Tax 688.02

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

2. Directors recommend a Dividend of Rs.3 Per Equity share( 150% ), subject to approval of shareholders.

3.The above results were reviewed by the Audit Committe and taken on record by the Board of Directors of the Company at it's meeting held on May 23, 2006.

4. The Company has incurred an expenditure of Rs.5,883.47 million upto 31st March,2006 towards its ongoing Forging and Machining capacity expansion program.

5. During the quarter, no investor complaint was received. There were no investor complaints pending for redressal as at the commencement and end of the quarter.

6. 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 Company had issued 0.5% Foreign Currency Convertible Bonds ( FCCB) due 2010 in two Tranches , each having varied rights and obligations , agreegating US $ 60 million each, in terms of the Offering Circular dated 15th April 2005. In view of the Market price of the Company's Equity Shares being more than the Floor price for exercise of the both the Tranches of Bonds, the option embedded in the said Bonds to subscribe to Equity Shares is considered dilutive and accordingly EPS has been computed.

7. Since the Close of the year, the Company has issued Zero Coupon Convertible Bonds in two tranches ( viz.Tranch A and Tranch B ) amounting to USD 40.00 million and USD 39.90 million respectively each having varied rights and obligations, and optionally convertible at an initial price of Rs.604.03 and Rs.690.32 per share of Rs 2/- each respectively subject to adjustments specified in the offering circular dated 24th April 2006.

8. The consolidated financial statements include results of all the subsidiaries of Bharat Forge Limited and their Subsidiaries, The names, country of incorporation or residence, proportion of ownership interest and reporting dates are as under:

Subsidiaries:

Name of the company Country Of Incorporation Parent's ultimate holding as on 31st March 2006 Financial Year ends on
CDP Bharat Forge GmbH:
Germany
100%
31/12/2005
and its wholly owned subsidiary
i. Bharat Forge Holding GmbH
Germany
100%*
31/12/2005
ii. BF Aluminiumtechnik GmbH & Co KG :
Germany
100%*
31/12/2005
and its wholly owned subsidiary
- BF Aluminiumtechnik Verwaltungs GmbH
Germany
100%*
31/12/2005
   
Bharat Forge America Inc.
U.S.A.
100%
31/12/2005
   
Bharat Forge Betilingungs GmbH :
Germany
100%
31/12/2005
and its wholly owned subsidiary
    Bharat Forge Kilsta A.B. Sweden
Sweden
100%*
31/12/2005
    and its wholly owned subsidiary
    - Bharat Forge Scottish Stampings Ltd.
Scotland
100%*
31/12/2005
   
* held through subsidiaries

 

For Bharat Forge Limited

( B. N. Kalyani )
Chairman and Managing Director

  

Mumbai
Dated : May 23, 2006.