Pune, Aug 10 (IBNS): Bharat Forge Ltd.,the second largest forging company in the world, on Friday announced its Q1 results with standalone revenues reaching Rs. Rs 964.3 crores.
Standalone Indian Operations total income grew by 10.4% to Rs 964.3 crores and PAT grew by 8.0% to Rs 105.2 crores. EBITDA margins for the quarter increased by 1.6% to 27.3% in Q1 FY13 from 25.7% in Q1 FY12.
Domestic revenues during the quarter declined by 8.1% over the same period previous year to Rs 438.1 crores on the back of sluggish M&HCV volumes which declined by 20.9% in the same period.
Exports continued their impressive performance with growth of 30.8% to Rs 498.3 crores over the same period previous year. The growth has been recorded across automotive & non-automotive segments.
In the quarter gone by, the overseas operations have posted a top line of Rs 7,063 million, while EBITDA margins remained flat at 5.7% as against 5.6% in the same period previous year.
B N Kalyani, Chairman & Managing Director, said: “This quarter performance has been subdued due to the slowdown in India and the resultant sharp drop in automotive demand, more so for M&HCVs."
"We are hopeful that the Indian CV industry will see a reversal in fortunes in the latter part of the year,” he said.