Bharat Forge recorded a turnover of Rs. 476 crore in the year 1998-99. Net sales during the April-June 99 stood at Rs. 139.78 crore ( Rs. 110.80 crore), gross profit at Rs. 24.10 crore (Rs. 14.29 crore) and net profit at Rs. 16.07 crore (Rs. 7.21 crore). Depreciation rose to Rs. 8.03 crore (Rs. 7.08 crore). Exports recorded a massive 57 per cent increase. Kalyani said that the company is now fully focussed on its core business of manufacture of forgings and automobile components. The finance costs have been pruned by debt restructuring and marked reduction in interest costs.

The company's biggest customers comprises of the heavy commercial vehicle and the medium commercial vehicle segments where domestic market sales are expected to increase by eight per cent to about 90,000 units. Bharat Forge manufactures forgings, crank shafts and axles for the automotive sector and plans to market its products for the tractor and the agricultural equipment segments. Bharat Forge is setting up its second 16,000 ton Weingarten forging press line.

The company's reduction of its stake in the wheel rim joint venture Kalyani Lemmerz has brought in Rs. 68 crore. Kalyani told shareholders that the company has disinvested upto 90 per cent in the capital and money markets.