Bharat Forge - Demand Picture Improving, Most Positives Priced In: ICICI Direct
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ICICI Direct Report
Bharat Forge Ltd. reported a steady Q3 FY21 performance.
Standalone revenues came in at Rs 1,036 crore (down 3.8% YoY) despite 8.4% YoY tonnage growth to 50,943 metric tonne.
Total India revenues were at Rs 516 crore (up 26.5% YoY; commercial vehicle up 49.4%, passenger vehicle up 27.5%, industrial up 16%).
Export revenues, on the other hand, were down 19.5% YoY to Rs 512 crore (commercial vehicle up 7.1%, passenger vehicle down 8.4%, industrials down 60.1%).
Standalone Ebitda for the quarter was at Rs 215 crore, with consequent margins at 20.7%.
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