Bharat Forge Q3 Review - Auto Shines While Non-Auto Export Struggles: Prabhudas Lilladher
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.
Prabhudas Lilladher Report
Bharat Forge Ltd.’s Q3 FY21 performance was weak as realisations declined to three- year low by approximately 11% YoY to Rs 2.03 lakh/tonne (our estimate Rs 2.33 lakh/tonne).
This was led by weak sales in oil and gas segment (sales at $3 million versus normalized rate of $25-30 million) and higher passenger vehicle share.
Tonnage growth of 8% was led by strong traction in auto demand in both India and exports.
While pickup is visible in class 8 trucks for Europe/U.S. along with ramp-up in PVs/tractors, outlook for industrial remains weak with no major improvement in global oil and gas, aerospace segments.
Click on the attachment to read the full report:
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.