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Motilal Oswal Report
Bharat Forge Ltd.’s Q1 FY21 operating performance was commendable considering Ebitda breakeven at 20% utilization.
With enhanced capabilities, improved efficiency, low gearing, and a strengthened position in the global supply chain, Bharat Forge would come out stronger from this downcycle.
Standalone revenue declined approximately 68% YoY to approximately 4.3 billion; however, Ebitda/profit after tax loss of approximately Rs 74 million/Rs 563 million was reported.
While tonnage declined 71% YoY, realizations grew 8% YoY (9% QoQ) to Rs 239.3 kilo/tonne (estimate Rs 223.7k).
The Auto segment’s revenues declined 78% YoY, impacted by decline across segments, with 85%/86% and approximately 79%/53% declines in commercial vehicle/passenger vehicle (domestic and exports, respectively).
The Non-Auto segment’s revenue declined approximately 51%, impacted by similar declines in both domestic and export revenues.
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