Baba N. Kalyani, chairman & managing director, Bharat Forge said the company expects demand in first quarter of fiscal 2016 will be slightly muted compared to fourth quarter financial year 2015 primarily due to lower than anticipated recovery in the Indian MHCV market and decline in the oil & gas business. However, first quarter demand is expected to be higher from the same period last year.

Today Bharat Forge reported a sharp rise in standalone net profit for the quarter ended March 2015.  During the quarter, the profit of the company rose 70.76% to Rs 2,032 million from Rs 1,190 million  in the same quarter previous year. Net sales for the quarter  rose 31.53% to Rs 12,239 million, compared with Rs 9,305 million for the prior year period.

Commenting on the outlook for fiscal 2016, Kalyani said, "As we enter into FY16, we are witnessing growth in both Commercial and Passenger Vehicle segment across our key markets.

However, Industrial sectors are witnessing mixed fortunes due to the sudden slowdown in Oil & Gas markets and resultant impact on other industrial sectors.

Mining continues to be sluggish as well. Overall, we expect topline growth to be better than the underlying market growth."

Shares of the company declined Rs 50.75, or 3.94%, to settle at Rs 1,237.90. The total volume of shares traded was 543,404 at the BSE (Wednesday).