Healthy performance despite weakness in core segments Order book stands at INR6.5b, of which 60% is attributable to exports
4QFY24 results were operationally in line with our expectations, whilehigher ‘other income’ and lower tax led to PAT beat at INR658m (est.INR607m), up by 30% YoY. Happy Forgings (HFL) maintains its focus ondiversifying into industrials and exports, which contributed ~12%/20% ofFY24 revenue, compared to 4%/12% in FY23.