ICICI Direct: Bharat Forge’s Growth Challenges Remain, Cost Delivery Encouraging
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ICICI Direct Report
Bharat Forge Ltd. reported a weak Q1 FY21 performance. Standalone revenues fell 68.3% YoY to Rs 427 crore tracking 70.7% YoY tonnage drop to 17,840 metric tonne.
Total India revenues were at Rs 167.8 crore (down 71.7% YoY; commercial vehicle (CV) down 84.7%, passenger vehicle (PV) down 85.8%, industrial down 51.2%). On the international side, PV revenues de-grew 52.6% while CV revenues fell 78.9%, industrial revenues fell 50.7%.
Among geographies, Americas posted 74% revenue fall while the drop was more contained in Europe (down 41%). Standalone Ebitda was at negative Rs 3 crore, with margin performance likely impacted by inventory adjustment.
Reported standalone loss at profit after tax level was at Rs 56.3 crore, supported by higher other income. At the consolidated level, the company reported Rs 1.9 crore as share in loss at subsidiaries/associates, down sharply from loss of Rs 21.4 crore in the previous quarter.
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