Additional Information

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

2. Directors recommend a Dividend of Rs.3.50 Per Equity share( 175% ), 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 22, 2007.

4. The Company has incurred an expenditure of Rs.6,761.74 million upto 31st March,2007 in respect of its Forging and Machining capacity expansion program, which has been implemented by the close of the year and the capacities are operational.

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

6(a). Company had issued 0.5% Foreign Currency Convertible Bonds ( FCCB) due 2010 in two Tranches ( Tranche 1 & 2), each having varied rights and obligations , aggregating US $ 60 million each, convertible at an initial price of Rs.336.11 and Rs. 384.12 per share of Rs.2/- each respectively subject to adjustments specified in the offering circular dated 15th April 2005. In view of the current market price of the Company's equity shares being less than the Floor price for exercise in respect of both the Tranches of the Bonds ,the option embedded in the said Bonds to subscribe to Equity shares is, at present, antidilutive.

6(b). During the year , the Company has further issued Zero Coupon Foreign Currency Convertible Bonds ( FCCB) in two tranches (Viz. Tranche A and Tranche B) amounting to USD 40.00 million and USD 39.90 million due 2012 and 2013 respectively each having varied rights and obligations and optionally convertible at an initial price of Rs.604.33 and Rs.690.32 per share of Rs.2/- each respectively subject to adjustment specified in the offering circular dated 24th April, 2006. Since the current market price of the Company's Equity shares being less than the Floor price in respect of both the Tranches of the Bonds, the option embedded in the said Bonds to subscribe to Equity Shares is, at present,antidilutive.

6(c). Pending utilisation, funds raised out of FCCB and GDR have been temporarily placed in Fixed Deposits and investments which generated an income aggregating Rs.188.54 million during the quarter and Rs. 696.47 Million for the year. ( Previous year Rs.96.23 million and Rs. 368.78 million respectively ).

7(a). During the year, the company has written off export incentives of Rs.67.50 million that had accrued and was accounted during the last year,due to reduction of incentive under Target Plus Scheme announced by Government of India in the current year with retrospective effect.

7(b). During the year, expenditure of Rs. 53.94 million incurred for the establishment of Joint Venture Company in China were written off.

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:

Mumbai
Dated : May 22, 2007.