Mumbai, May 23: Bharat Forge plans to increase the share of its non-auto business from 17 to 25 per cent, chairman and managing director Baba Kalyani said today while unveiling the company’s fiscal performance for 2005-06.

“Non-automotive business currently contributes 17 per cent to revenues, which we wish to increase to 25 per cent by fiscal 2008,” he said.

The company already has two projects in the oil and gas segment, he said, and added that there are plans to focus on non-auto businesses like supplying to energy, construction and capital goods sectors.

The country’s largest auto component exporter has posted a 9.61 per cent rise in net profit at Rs 53.01 crore for the quarter ended March 31, compared with Rs 48.36 crore for the same quarter in the previous fiscal. The company is proposing a dividend of Rs 3 per equity share.

“Our aim will be to substantially grow business with the existing customers and pursue new business opportunities in the non-automotive business,” Kalyani said.

Total income (net of excise) was up 24.61 per cent at Rs 452.83 crore for the fourth quarter in 2005-06 against Rs 363.38 crore in the year-ago period.

“We are targeting a topline growth of $1 billion by 2008,” Kalyani said.

For the year ended March 31, the company registered a net profit of Rs 206.96 crore against Rs 161.63 crore in the previous year. Total income rose to Rs 1,631.04 crore for 2005-06 from Rs 1,226.46 crore in 2004-05.

On acquiring a 52 per cent stake in Faw in Changchun in China, Kalyani said by 2007, the company would be fully aligned to cater to a global customer base. However, he declined to divulge the investment details for acquiring the stake.

Talking about consolidation in the industry, Kalyani said it was the right time.

The group posted a consolidated net profit of Rs 250.54 crore for 2005-06 against Rs 201.08 crore in fiscal 2005. Consolidated total income was Rs 3,085.10 crore compared with Rs 2,001.37 crore in the previous year.

Consolidated results for the year includes subsidiary companies ? CDP Bharat Forge GmbH, US-based BF America Inc and Germany-based Bharat Forge Betellngungs GmbH.