Bharat Forge - Adverse Mix, Operating Deleverage Hurts Q3 Margin: Motilal Oswal
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Motilal Oswal Report
Bharat Forge Ltd.’s Q3 FY21 performance was severely impacted by a further drop in the oil and gas business despite a good recovery in commercial vehicles and passenger vehicles.
With enhanced capabilities, improved efficiency, low gearing, and a strengthened position in the global supply chain, the company is well prepared for an impending cyclical recovery.
We lower our consolidated earning per share estimate for FY21E/FY22E by 15%/4% as we factor in a weaker mix.
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