Bharat Forge, the second largest forging company across the globe, has informed that it has recorded a steep drop of 96% in its standalone net profit for the quarter ended June 2009.

During the quarter under review, the profit of the company stood at Rs 9.60 million as compared to Rs 265.60 million in the same quarter previous year.

The company has ascribed this substantial fall in net profit to huge decline in revenues.

Company's net sales during the three month period has witnessed a dip of 43.73% to Rs 3,586 million, while total income for the latest  quarter fell 43.98% to Rs 3,638.20 million, when compared with the prior year period.

The company has posted earnings of Rs 0.04 per share during the quarter, registering a dip of 96.64% over prior year period.

In a separate release the company has informed that its operating margin during the reporting quarter surged by 16.78% compared with the previous year period. Interest cost climbed 29.73% to Rs 253.50 million while depreciation cost grew 1.78% to Rs 384.10 million over previous year period.