Bharat Forge reported in-line results for the third quarter of FY2013-14 aided by strong growth in exports. The performance appears strong on an year-on-year (yoy) basis mainly due to the base effect. On a sequential basis though, the results are broadly stable and are driven by exports (revenue up by 3.5 per cent qoq) even as the domestic operations (revenues down by 13.8 per cent qoq) continue to remain under pressure. Meanwhile, the company has divested its stake in the China joint venture (JV), FAW Bharat Forge (Changchun) Company to its JV partner, China FAW Corporation for a consideration of
Rs 175 crore. The company expects the stake sale to positively impact the consolidated profitability and cash flows.