BHARAT FORGE LIMITED
Regd. Office : Mundhwa, Pune 411 036
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED 31 ST DECEMBER, 2005.
       
 
Rs. in Crores)
Sr.No.
Particulars
Quarter ended
Nine Months ended
Year ended
31st March,2005
(Audited)
31st Dec., 2005 (Reviewed) 31st Dec., 2004 (Reviewed) 31th Dec., 2005 (Reviewed) 31th Dec., 2004 (Reviewed)
             
1 Sales & Income from Operations          
  - Domestic
272.35
183.29
764.94
567.81
800.02
  - F.O.B. value of Exports & Corresponding Income
158.85
149.40
463.73
356.02
510.45
  Total Sales
431.20
332.69
1,228.67
923.83
1,310.47
  Less : Exsice Duty
31.80
21.83
89.15
66.03
91.41
  Total Net Sales / Income from Operations
399.40
310.86
1,139.52
857.80
1,219.06
   
2 Other Income
16.06
0.39
38.69
5.28
7.40
   
3 Total Income 415.46
311.25
 1,178.21 863.08 1,226.46
   
4 Total expenditure :
  a) (Increase) / Decrease in stock in trade
(10.38)
(7.72)
(23.46)
(32.53)
(27.77)
  b) Consumption of raw materials
188.02
143.06
533.81
391.19
551.95
  c) Manufacturing Expenses
65.78
51.59
185.99
138.88
192.67
  d) Staff Cost
25.08
18.55
70.83
51.60
69.26
  e) Others
32.26
17.83
88.05
71.05
105.49
  Total expenditure
300.76
223.31
855.22
620.19
891.60
   
5 Profit before Interest, Depreciation and Tax
114.70
87.94
322.99
242.89
334.86
   
6 Interest
15.34
8.95
39.31
25.11
34.23
   
7 Depreciation
19.12
13.55
51.60
39.05
52.55
   
8 Profit before Tax
80.24
65.44
232.08
178.73
248.08
   
9 Provision for taxation
  - Current
25.67
21.62
64.50
58.30
85.84
  - Deferred
0.39
2.39
11.26
7.17
0.61
  - Fringe benefit tax
0.91
-
2.37
-
-
   
10 Net Profit
53.27
41.43
153.95
113.26
161.63
   
11 Paid-up Equity Share Capital (Face Value Rs.2/-) see Note 1 & 4
44.10
39.55
44.10
39.55
39.55
   
12 Reserves excluding revaluation reserves
382.99
   
13 Basic and diluted Earning per share of Rs. 2/- each (Rs.) See Note 3
  - Basic
2.44
2.08
7.11
5.76
7.93
  - Diluted
2.31
2.08
6.75
5.76
7.60
   
14 Aggregate of non-promoter Shareholding
  - No of Shares
142,629,049
123,311,510
142,629,049
123,311,510
123,309,760
  - Percentage of shareholding
64.68%
62.36%
64.68%
62.36%
62.36%
 
     
  Additional information :

We give below the combined unaudited financial indicators of Bharat Forge Ltd. and its subsidiaries for the Nine months ended December 31, 2005.

     
(Rs in Crores)
Particulars Nine Months Ended Growth %
December 2005 December 2004
Total Income 2,304.25 1,457.77 58.07%
Profit before Interest, Depreciation and Tax 430.53 319.77 34.64%
Profit before Tax 289.52 229.92 25.92%
Profit after Tax 186.96 143.50 30.29%

1.Each Equity share of Rs.10 has been sub-divided into five Equity shares of Rs. 2 each; hence all related references for the previous period's have been restated for the sake of comparability.

2.The Company has incurred an expenditure of Rs.526.82 Crores up to 31st December,2005 towards its ongoing Forging & Machining capacity expansion program.

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, 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, aggregating US $ 60 million each, convertible at an intial price of Rs.1680.52 and Rs. 1920.60 per share of Rs.10/- 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 more than the Floor price for exercise of 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.

Information related to Equity Shares under this clause, would stand amended by the impact of sub division explanied in Note 1 above. Pending utilisation, the funds have been temporarily deployed in investments which have generated other income aggregating Rs. 9.88 crores during the quarter and Rs.27.26 crores year to date.

4. During the quarter i.e.on December 12,2005, Company alloted 45,74,205 Equity shares of Rs.2/- each at a premium of Rs.266.20 per Equity share against the Conversion of Warrants attached to the Rights shares alloted on October 1,2004.

5. During the quarter, one Investor complaint was received and redressed there were no Investor complaints pending for redressal as at the commencement and at the 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 January 16, 2006.

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

 

Pune
Dated : January 16, 2006.