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

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31st DECEMBER, 2007.
           
(Rs. in Million)
Sr.No.
Particulars
Quarter ended
Nine Months ended
Year ended
   
31st December,
2007
(Unaudited)
31st December,
2006
(Unaudited)
31st December,
2007
(Unaudited)
31st December,
2006
(Unaudited)
31st March,
2007
(Audited)
             
1 Sales & Income from Operations
  - Domestic
3,721.22
3,196.70
10,300.22
9,071.72
12,691.69
  - F.O.B value of Exports & Corresponding Income
2,298.01
1,958.25
7,145.36
5,506.33
7,512.72
  Total Sales
6,019.23
5,154.95
17,455.58
14,578.05
20,204.41
  Less : Excise Duty
451.90
383.78
1,277.29
1,094.33
1,560.19
  Total Net Sales / Income from Operations
5,567.33
4,771.17
16,168.29
13,483.72
18,644.22
   
2 Other Income
155.63
161.98
947.68
586.55
808.75
3 Total Income
5,722.96
4,933.15
17,115.97
14,070.27
19,452.97
   
4 Total expenditure :          
  a) (Increase) / Decrease in stock in trade
(12.15)
(80.41)
(99.63)
(166.08)
(224.72)
  b) Consumption of raw materials
2,484.26
2,262.93
7,418.57
6,172.75
8,632.96
  c) Purchase Of traded goods
-
-
-
1.09
1.09
  d) Employees cost
381.00
277.92
1,072.22
796.57
1,076.64
  e) Depreciation
353.35
252.57
1,033.45
731.04
998.02
  f) Manufacturing expenses
983.77
830.26
2,813.14
2,343.43
3,223.09
  g) Other expenses
366.65
241.51
1,210.93
903.18
1,259.19
  Total expenditure
4,556.88
3,784.78
13,448.68
10,781.98
14,966.27
   
5 Interest
294.16
215.34
800.79
587.60
821.11
   
6 Exceptional Items
-
-
-
67.50
67.50
             
7 Profit from ordinary Activities before tax
871.92
933.03
2,866.50
2,633.19
3,598.09
   
8 Tax Expenses
290.13
303.30
959.10
866.47
1,188.56
   
9 Net profit for the period after tax
581.79
629.73
1,907.40
1,766.72
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
2.60
2.82
8.53
7.90
10.78
 
Diluted
2.55
2.76
8.35
7.73
10.78
   
13 Total public shareholding
  - No of Shares
132,190,114
142,401,321
132,190,114
142,401,321
135,000,998
  - Percentage of shareholding
59.37%
63.96%
59.37%
63.96%
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 January 21, 2008 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 the bonds,the option embedded to subscribe to Equity shares, in respect of Tanche 1 is dilutive and in respest of Tranche 2 is antidilutive.

(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.

Hence, diluted EPS has been computed with reference to options embedded in Tranch 1 as mentioned above

(c). Unutilised funds raised out of FCCB and GDR issue have been temporarily placed in Fixed Deposits and investments which generated an income aggregating Rs. 144.19 million during the quarter and Rs. 421.62 million year to date. (Previous period Rs. 176.50 million, and Rs. 507.93 million respectively and Rs.696.47 million for the Year ended 31st March 2007)

4. Other Income for the quarter and nine months ended 31st December 2007 includes net loss of Rs. 23.26 million and Net Gain of  Rs. 418.70 million respectively relating to exchange difference on foreign currency borrowings and Bank deposits etc.

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

For Bharat Forge Limited

( B. N. Kalyani )
Chairman and Managing Director

  

 

Pune
Dated : January 21, 2008.