Bharat Forge, the 44-year-old flagship company of the $2.4 billion Kalyani Group, on Wednesday

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reported 24.84 per cent surge in net profit for the October-December quarter at Rs 103.13 crore on the back of growth in exports compared to the same period last financial year.

The company posted a net profit of Rs. 82.61 crore in the third quarter last year, Bharat Forge said in a filing to BSE. The Pune-based world’s largest forging company’s standalone revenues for the quarter under review grew 19.63 per cent to Rs. 944.49 crore from Rs 789.52 crore for the corresponding quarter previous year.

“The contribution from export market continues to grow on the back of increasing penetration in the global market, buoyant non-automotive business and strong demand environment overseas,” Baba Kalyani, chairman and managing director, Bharat Forge told Financial Chronicle. He said it was also a clear indicator of the company’s strong and growing relationship with all major global OEM’s across automotive and non- automotive application.

“In the US market, our growth is steady,” Kalyani said.