BHARAT FORGE LIMITED
Regd. Office : Mundhwa, Pune 411 036

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30th SEPTEMBER, 2007.
           
(Rs. in Million)
Sr.No.
Particulars
Quarter ended
Half year ended
Year ended
   
30th September,
2007
(Unaudited)
30th September,
2006
(Unaudited)
30th September,
2007
(Unaudited)
30th September,
2006
(Unaudited)
31st March,
2007
(Audited)
             
1 Sales & Income from Operations
  - Domestic
3,454.38
3,019.69
6,579.00
5,875.02
12,691.69
  - F.O.B value of Exports & Corresponding Income
2,610.46
1,847.25
4,847.35
3,548.08
7,512.72
  Total Sales
6,064.84
4,866.94
11,426.35
9,423.10
20,204.41
  Less : Excise Duty
432.60
360.09
825.39
710.55
1,560.19
  Total Net Sales / Income from Operations
5,632.24
4,506.85
10,600.96
8,712.55
18,644.22
   
2 Other Income
252.62
192.06
786.05
424.57
808.75
3 Total Income
5,884.84
4,698.91
11,387.01
9,137.12
19,452.97
   
4 Total expenditure :          
  a) (Increase) / Decrease in stock in trade
(84.11)
(93.22)
(87.48)
(85.67)
(224.72)
  b) Consumption of raw materials
2,632.12
2,044.48
4,934.31
3,909.82
8,632.96
  c) Purchase Of traded goods
-
-
-
1.09
1.09
  d) Employees cost
353.82
276.39
691.22
518.65
1,076.64
  e) Depreciation
351.09
249.59
680.10
478.47
998.02
  f) Manufacturing expenses
933.86
799.56
1,829.37
1,513.17
3,223.09
  e) Other expenses
413.53
303.07
838.28
661.67
1,259.19
  Total expenditure
4600.31
3,579.87
8,885.80
6,997.20
14,966.27
   
5 Interest
273.00
196.59
506.63
372.26
821.11
   
6 Exceptional Items
-
-
-
67.50
67.50
             
7 Profit from ordinary Activities before tax
1,011.53
922.45
1,994.58
1,700.16
3,598.09
   
8 Tax Expenses
334.05
300.61
668.97
563.17
1,188.56
   
9 Net profit for the period after tax
677.48
621.84
1,325.61
1,136.99
2,409.53
   
10 Paid-up Equity Share Capital (Face Value Rs.2/-)
445.40
445.40
445.40
445.40
445.40
   
11 Reserves excluding revaluation reserves
 
 
 
 
12,722.55
   
12 Earning per share of Rs. 2/-
 
Basic
3.03
2.78
5.93
5.09
10.78
 
Diluted
3.03
2.72
5.93
4.98
10.78
   
13 Total public shareholding
  - No of Shares
133,102,409
142,010,550
133,102,409
142,010,550
135,000,998
  - Percentage of shareholding
59.78%
63.78%
59.78%
63.78%
60.63%
             

 
 
     
 

Notes:

1. Previous year/ period's figures are regrouped/ restated wherever necessary to make them comparable with those of the current period.

2. The above results were reviewd by the Audit Committee, taken on record by the Board of Directors of the Company at its meeting held on October 26, 2006 and subjected to a "Limited Review" by the Auditors.

3(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.

3(b). Company had further issued Zero Coupon Foreign Currency Convertible Bonds ( FCCB) in two tranches (Viz. Tranche A and Tranche B) amounting to US $ 40.00 million and US $ 39.90 million due 2012 and 2013 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 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.

Unutilised funds raised out of FCCB and GDR issue have been temporarily placed in Fixed Deposits and investments which generated an income aggregating Rs. 136.48 million during the quarter and Rs. 277.43 million year to date. (Previous period Rs. 186.19 million, and Rs. 331.43 million respectively and Rs.696.47 million for the Year ended 31st March 2007)

4. Other Income for the quarter and half year ended 30th September 2007 includes net gain of Rs. 108.65 and Rs. 441.96 million respectively relating to exchange difference on foreign currency borrowings and Bank deposits etc.

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

For Bharat Forge Limited

( B. N. Kalyani )
Chairman and Managing Director

  

 

Pune
Dated : October 26, 2007.