The Kalyani Group flagship company Bharat Forge on Saturday reported a flat growth in net profit at Rs 61.26 crore for the fourth quarter ended March.
The company had a net profit of Rs 61.13 crore during the corresponding quarter of the last fiscal, Bharat Forge said in a filing to the Bombay Stock Exchange.
It also reported a huge jump in total income at Rs 562.37 crore during the fourth quarter against Rs 292.62 crore in the same year-ago period.
The company has taken into account the exchange gain of Rs 22.46 crore during the reporting quarter and Rs 102.13 crore for the year due to foreign currency liabilities. Hence, the results for the two fiscals are not comparative, it added.
Bharat Forge has also recommended a dividend of Re 1 per equity share, subject to shareholders' approval.
"The scenario is starting to look quite encouraging for the company. On the auto business we are witnessing strong momentum, coupled with clear signs of recovery in the North American commercial vehicle market," Bharat Forge chairman and MD Baba N Kalyani said.
He said the company, which specialises in forgings and machine components, has also performed well in the non-auto business. "With new order wins on auto and non-auto at the component level, we are looking at a significant growth in the company's business in the days to come," Kalyani said.
For the 2009-10 fiscal, Bharat Forge reported a net profit at Rs 127.04 crore. Last fiscal it had reported a net profit of Rs 103.29 crore, the company said.
Bharat Forge's total income stood at Rs 1,856.40 crore during the last fiscal. During 2008-09 it had reported a total income of Rs 2,058.59 crore.