Bharat Forge Limited's (BFL) Q1FY16 performance was broadly in line, supported by favourable exchange rate. In Q1FY16, its Revenue/EBIDTA/adj PAT grew by 14%/22%/35% YoY, but fell 8%/4%/3.7% QoQ to Rs 11.3bn/ 3.5bn/ 1.95bn as against our estimate of Rs 11.5bn/ 3.3bn / 1.88bn.