Pune-based Bharat Forge's recorded 175.5% increase in its net profit for the three month period ended March 31.

Forging giant posted this growth on the back of the company's overall recital driven by a sturdy momentum in the Indian commercial vehicle (CV) market, along with recovery signals in the US and Europe.

The company's consolidated net profit was Rs 56.01 crore during the said quarter as against the consolidated net profit of Rs 20.33 crore in the year-ago period.

Revenues came up to Rs 923.89 crore in Jan-Mar quarter, an increase of 67% over Rs 627.33 crore recorded during the last fiscal.

The major reason being the company's continued recovery and strong grip in the non-auto business and its entry into novel business segments like power, railways, oil and gas.

While commenting on the results, Bharat Forge CMD Baba Kalyani stated, "We are witnessing a strong momentum in the Indian automotive market, coupled with clear signs of a recovery in the North American CV market. The subsidiaries' performance has turned around, subsequent to the restructuring and demand revival in their respective markets."

"The traction and recovery in the non-auto business is starting to gather momentum and this will help the company. With new order wins in auto and non-auto sector at the component level, we are looking at a significant growth in the business in the days to come," Kalyani added. (With Inputs from Agencies)

On Friday, shares of Bharat Forge dropped 1.1% to end at Rs 260.70. The total volume of shares traded was 83,462 at the BSE. (With Inputs from Agencies)