BHARAT FORGE LIMITED
Regd. Office : Mundhwa, Pune 411 036
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED 30th JUNE, 2007.
       
(Rs. in Million)
Sr.No.
Particulars
Quarter ended
Year ended
30th June, 2007 (Reviewed)
30th June, 2006 (Reviewed)
31st March, 2007 (Audited)
         
1 Sales & Income from Operations      
  - Domestic
3,124.62
2,855.33
12,691.69
  - F.O.B value of Exports & Corresponding Income
2,236.89
1,700.83
7,512.72
  Total Sales
5,361.51
4,556.16
20,204.41
  Less : Exsice Duty
392.79
350.46
1,560.19
  Total Net Sales / Income from Operations
4,968.72
4,205.7
18,644.22
   
2 Other Income
533.45
232.51
808.75
3 Total Income 5,502.17 4,438.21 19,452.97
   
4 Total expenditure :
  a) (Increase) / Decrease in stock in trade
(3.37)
7.55
(224.72)
  b) Consumption of raw materials
2,302.19
1,866.43
8,634.05
  c) Manufacturing Expenses
895.51
713.61
3,223.09
  d) Staff Cost
337.40
242.26
1,076.64
  e) Others
424.75
358.60
1,259.19
  Total expenditure
3,956.48
3,188.45
13,968.25
   
5 Profit before Interest, Depreciation and Tax
1,545.69
1,249.76
5,484.72
   
6 Interest
233.63
175.67
821.11
   
7 Depreciation
329.01
228.88
998.02
   
8 Profit before Tax & Exceptional item
983.05
845.21
3,665.59
   
9 Exceptional item -
67.50
67.50
   
10 Profit before Tax
983.05
777.71
3,598.09
   
11 Provision for taxation  ( including Deferred Taxes & Fringe Benefit Tax )
334.92
262.56
1,188.56
   
12 Profit after Tax
648.13
515.15
2,409.53
   
13 Paid-up Equity Share Capital (Face Value Rs.2/-)
445.40
445.40
445.40
   
14 Reserves excluding revaluation reserves
-
-
12,722.55
   
15 Earning per share of Rs. 2/-
 
Basic
 2.90 2.50 10.98
 
Diluted
 2.90 2.50 10.98
         
16 Earning per share of Rs. 2/- after Exceptional item
 
Basic
 2.90 2.30 10.78
 
Diluted
 2.90
2.30
10.78
   
17 Total Public Shareholding
  - No of Shares
135,001,001
142,010,550
135,000,998
  - Percentage of shareholding
60.63%
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 reviewed by the Audit Committee, taken on record by the Board of Directors of the Company at its meeting held on July 24, 2007 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.

Pending utilisation, funds raised out of FCCB and GDR have been temporarily placed in Fixed Deposits and investments which generated an income aggregating Rs.140.95 million during the quarter. ( Previous period Rs. 145.24 million, Previous year Rs.696.47 million).

4. Other Income for the quarter ended 30th June,2007 includes net gain of Rs.333.31 million relating to exchange difference on foreign currency borrowings and Bank deposits etc.

5. During the quarter, three Investor complaints were received and redressed. There were no Investor complaints pending for redressal as at the commencement and end of the quarter.

6. The Company, through its wholly owned subsidiary, Bharat Forge Beteiligungs, Gmbh, acquired 30% Equity of Tecnica UK Limited vide an agreement dated 24th April,2007.

For Bharat Forge Limited

(B. N. Kalyani)
Chairman and Managing Director

  

 

Pune
Dated : July 24, 2007.