“FY19 has been a record year for the company with strong revenue and Profit growth. In FY19, the company registered revenue growth of 22.6% and PAT growth of 51.5%. For the quarter, revenues grew by 13.8% while PAT grew by 198.3% on a YoY basis. We continued to strengthen the balance sheet with all key financial ratios improving compared to FY2018.
During the year, the company has secured business wins of US$ 50 million across sectors and geographies. An encouraging trend is the large proportion of wins driven by our work on new product development. We continue to develop a strong order pipeline which we hope to convert in the coming year.
The Centre for Light Weighting Technology at Nellore is expected to come on stream in the coming few months. In the 1st phase, the facility will manufacture critical light weight components in Aluminum. Having already secured contracts, this facility is expected to provide a fillip to growth as it gradually ramps-up.
After a strong two year performance wherein we delivered 30% & 35% CAGR topline & profit growth, we are starting to witness demand flattening out in the export markets. The condition is compounded by the lack of momentum in the domestic market across sectors. We expect the situation to improve in the coming months.
The company will focus on navigating through the challenging demand environment, utilizing a combination of accelerated new product development and cost optimization.
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SOURCE: Bharat Forge
