Bharat Forge Ltd has recorded a net profit of €5.98 million (INR340 million) for the first quarter of 2004-5 ended June 30, up 29.23% from the previous year (€4.62 million INR 263.1 million).

Bharat Forge, part of the Kalyani Group, is the world’s second largest manufacturer of forgings and also owns German forging company Carl Dan Peddinghaus. CDP Forge’s customers include BMW, Volkswagen, Audi, Daimler Chrysler and Volvo.

Bharat Forge’s sales increased to €45.13 million (INR 2.568 billion) from last year’s revenues of €32.7 million (INR 1.86 billion), growth of 38%. The domestic/export revenue break-down shows growth of 51.6% in domestic sales to €28.35 million (INR 1.613 billion) and a rise of 19.85% in export sales to €16.77 million (INR 954 million).

At the recent AGM, Bharat Forge CMD, Baba Kalyani, said a part of the company’s globalisation strategy was to enter the Chinese market.

EJ Makay, a Chinese consulting firm based in Shanghai, was hired 10 months ago to conduct the study and is expected to present by October. The study will examine how and what should be on offer to the Chinese market and whether the company should take the route of a joint venture, greenfield project or other method.

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