BHARAT FORGE LIMITED
Regd. Office : Mundhwa, Pune 411 036
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED 30th JUNE, 2005.
       
(Rs. in Crores)
Sr.No.
Particulars
Quarter ended
Year ended
30th June, 2005 (Reviewed)
30th June, 2004 (Reviewed)
31th March, 2005 (Audited)
         
1 Sales & Income from Operations      
  - Domestic
236.58
182.18
800.02
  - F.O.B value of Exports & Corresponding Income
154.16
95.44
510.45
  Total Sales
390.74
277.62
1310.47
  Less : Exsice Duty
27.23
20.83
91.41
  Total Net Sales / Income from Operations
363.51
256.79
1219.06
   
2 Other Income
11.17
4.16
7.40
3 Total Income 374.68
260.95
 1226.46
   
4 Total expenditure :
  a) (Increase) / Decrease in stock in trade
(5.32)
(14.21)
(27.77)
  b) Consumption of raw materials
169.18
114.51
551.95
  c) Manufacturing Expenses
57.98
42.33
192.67
  d) Staff Cost
23.09
15.78
69.26
  e) Others
30.06
29.34
105.49
  Total expenditure
274.99
187.75
891.60
   
5 Profit before Interest, Depreciation and Tax
99.69
73.20
334.86
   
6 Interest
11.16
7.87
34.23
   
7 Depreciation
14.94
12.32
52.55
   
8 Profit before Tax
73.59
53.01
248.08
   
9 Provision for taxation
  - Current
18.66
18.11
85.84
  - Deferred
5.48
0.90
0.61
 
- Fringe benefit tax
0.54
-
-
   
10 Net Profit
48.91
34.00
161.63
   
11 Paid-up Equity Share Capital (Face Value Rs.10/-) ( See Note 1 & 3 )
43.19
37.67
39.55
   
12 Reserves excluding revaluation reserves
382.99
   
13 Earning per share of Rs. 2/- ( See Note 1 & 3 )
 
Basic
 2.28
1.75
 7.93
 
Diluted
 2.23
1.70
 7.74
   
14 Aggregate of non-promoter Shareholding
  - No of Shares
28,298,452
23,635,354
24,661,952
  - Percentage of shareholding
65.53%
62.75%
62.36%
         
 
     
 

Additional Information

The Company, through its wholly owned subsidiary Bharat Forge America Inc.,acquired assets of Federal Forge Inc. on June 24,2005.

We have given below the Combined Unaudited financial indicators of Bharat Forge Limited and its subsidiary for the quarter ended 30th June, 2005.

 
( Rs. in crores )
  
Quarter Ended
Growth %
June 2005 (*) June 2004
Particulars
Amount Amount  
Total Income 649.47 446.77 45.37 %
Profit before Interest, Depreciation and Tax 135.00 92.37 46.15 %
Profit before Tax 95.79 62.71 52.75 %
Profit after Tax 63.13 39.36 60.39 %

(*) In case of Bharat Forge America Inc., since the post acquisition period in current quarter is very short,its results are not included in above table.

1.Each Equity shares of Rs.10/- has been subdivided into five Equity shares of Rs.2/- each hence all related references for the previous period have been restated for the sake of Comparability.

2. Consequent to the Rights issue and the allotment made on october 1,2004, the earning per share has been computed as per the requirements of the Accounting Standard -20 " Earning per Share" . The EPS for the previous period have been revised accordingly.

3. The Company has, since the close of the year, alloted 3,636,500 Global Depository Receipts (GDR) @ US $ 27.50 per GDR, each representing one fully paid Equity Share of Rs. 10/- each, ranking pari passu in all respects with the existing Equity Shares. Simultenously the company issued 0.5% Foreign Currency Convertible Bonds ( FCCB) due 2010 in two Tranches , each having varied rights and obligations , agreegating US $ 60 million each, convertible at an intial price of Rs.1680.52 and Rs. 1920.60 per share respectively, subject to adjustments specified in the offering circular dated 15th April 2005. In view of the Market price of the Company's equity Shares being less than the Floor price for exercise of the Bonds, the option embedded in the Bonds to subscribe to equity shares is, at present, antidilutive. Information related to Equity Shares in this clause, would stand amended by the impact of subdivision explained in Note 1 above. Pending utilisation, the funds have been temporarily deployed in investments which have generated other income aggregating Rs.7.23 crores during the quarter.

4. Company's Forging & Machining Capacity expansion program is enhanced and is presently under implementation .The Company has incurred expenditure of Rs. 326.02 Crore up to 30th June,2005.

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. The above results were taken on record by the Board of Directors of the Company at its meeting held on July 27, 2005.

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

For Bharat Forge Limited

( B. N. Kalyani )
Chairman and Managing Director

  

Pune
Dated : July 27, 2005.