Bharat Forge Q3FY25 consolidated revenue declined for 2nd consecutive quarter as revenue was down by 10.1% YoY, 21%/8% lower than PLe/consensus estimates. The de-growth in revenue was due to persistent challenges in European business as well as a slowdown in defence business. Consequently, this led its gross profit to decline by 3.9% YoY, however, margin improved by 376bps YoY to 57.7%. EBITDA declined by 10.5% YoY while margin remained flat at 18%. Subdued overall performance led its PAT to decline by 12.3% YoY. BHFC delivered weak Q3FY25 performance with the outlook for European...