Dolat Capital: Bharat Forge Posts A Weak Q2; Improving Prospects
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Dolat Capital Report
Bharat Forge Ltd.’s reported Q2 numbers below estimates dragged by sharp fall in export revenue (down 40% YoY, weak revenue from oil and gas and class eight truck segment).
Standalone revenues declined 30% YoY to Rs 8.8 billion while Ebitda margin stood at 17.8% (down 766 basis points YoY) due to negative operating leverage and weaker product mix.
Oil and gas being a major contributor (approximately 25% of non-auto business) to the company’s revenue dented the company’s non-auto business.
The aerospace sector is also under stress and facing severe headwinds.
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