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ICICI Direct Report
Bharat Forge Ltd. posted robust Q1 FY22 results.
Total operating income was higher sequentially despite 4.2% tonnage decline to 53,512 million tonne.
The growth was on account of 25.3% sequential increase in export sales to Rs 916 crore, with India revenues down 21.8%.
Among segments, industrial revenues grew 29% while passenger vehicle and commercial vehicle revenues declined ~6% each.
On the geographical front, Americas posted ~31% increase in revenues, with Europe following behind at ~16%.
Margins at 28.5% were a substantial beat on our estimates of 25.2%, largely due to QoQ gross margin uptick of ~230 basis points, favourable product mix and previously implemented cost reduction measures.
At the consolidated level, Bharat Forge reported share of loss from joint ventures/associates at Rs 9.1 crore versus Rs 24.5 crore in Q4 FY21.
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