Auto component manufacturer Bharat Forge has revealed that its net profit for the fourth quarter ended on 31 March, has witnessed a dip by 26.21%.

The company stated in a communiqué to Bombay Stock Exchange that it has recorded a net profit of Rs 61 crore during the quarter under review, against Rs 82 crore over the same period ended March 2008.

While commenting on the Q4 results, Baba N. Kalyani, Chairman and managing director of Bharat Forge, stated, "The first half of the year was characterised by sharp increase in steel and crude oil prices driven by booming global economic activity."

In contrast, the second half has witnessed the severest recession globally affecting all geographies and industries. BFL with its global operations has been severely affected by the downturn.

For the quarter under review, total net sales of the company witnessed a dip of Rs 291 crore, as compared to Rs 579 crore for the same period ended March 2008.

For the financial year ended March 2009, the company has reported 85.86% decline in consolidated net profit at Rs 41crore, as compared Rs 290 crore for the same period ended March 2008.

Company's board has proposed a dividend of Re 1 per share subject to approval of shareholders.

Stock price of Bharat Forge ended the day in red at Rs 159, down 4.43 % on National Stock Exchange (NSE).