BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Bharat Forge Ltd.’s robust performance in Q2 FY22 was driven by a strong beat in auto exports and the non-autos business, despite an impact from the semiconductor shortage.
While all core businesses are seeing a sharp cyclical recovery, Bharat Forge’s initiatives to diversify into aluminum/lightweighting and electric vehicle components are starting to fructify.
We raise our FY22E/FY23E consolidated earnings per share by 5%/2.5% to account for a strong recovery in non-auto. We are yet to build in a strong turnaround in its subsidiaries.
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