Bharat Forge Ltd (BFL) on its 50th Annual General Meeting (AGM) announced its net profit of Rs 97.4 crore for its first quarter of FY 12. It has been reported that the Company's profit has increased by 64% as compared to its last year's profit. Moreover, the Company has also declared a dividend of 175%, amounting to Rs 3.50 per equity share with a face value of Rs 2.

Commenting upon the first quarter's profit, Mr. Baba Kalyani, Chairman & Managing Director, said, "This quarter results show strong all-round performance across geographies and industries and it clearly accentuate the benefits derived from the de-risked business model we have put in place".

However, it has come to light that the non-automotive business has grown by more than 50% compared to last year. Its gradual expansion has attracted good order flow. The Company is hoping of earning 37% of its revenue from its non- automotive business.

During the AGM, Mr. Kalyani noted that its manufacturing facilities at Pune and Baramati are successfully meeting the needs of the customer. Moreover, its subsidiary set up to carry out the EPC business had secured business for the 150-MW power plants valued at Rs 1,885 crore. On this occasion, Mr. Kalyani proposed to set up manufacturing plants at Mundra and Solapur for its joint ventures with Alstom and NTPC respectively.