Bharat Forge reported its Q1FY17 numbers, which were below our estimates. Net revenues came in at | 904 crore (our estimate | 1,032 crore), down 21% YoY, as the 11% growth in gross domestic revenues was offset by 40% de-growth in export revenues, mainly affected by declining US heavy truck market (> 50% of America’s revenues) & commodity related sectors in the industrial segment..