Bharat Forge Ltd. share price target

Q1FY18 revenue growth at 33% YoY (7% QoQ) beat our estimate of 20% YoY growth. The beat was driven by exports (+65% YoY), as the low base kicks in and, oil & gas and US Class-8 trucks recover.

ICICI Securities Ltd | Retail Equity Research Bharat Forge (BFL) reported its Q1FY18 numbers, which were above our estimates on the topline & bottomline front but below estimates on the margin front. Revenues came in at | 1201 crore, up 32.8% YoY, 6.7% QoQ against our estimate of | 1081 crore. Domestic revenues came in at | 560.2 crore (up 5% YoY, flat QoQ), against our estimate of | 503 crore. Export revenues increased 64.6% YoY, 12.4% QoQ to | 671 crore against our estimate of | 567 crore...

Bharat Forge Ltd Q1FY18 results comment Revenue grew by 6.67% to Rs. 1200.79 Cr in Q1FY18 when compared to the previous quarter

Maintain NEUTRAL with a TP of Rs 1,088, based on 25x Jun-19E EPS. Bharat Forges (BHFC) 1QFY18 performance was in-line with expectations of APAT, while strong exports aided revenue beat. With a revival in the overseas industrial segment, the outlook for BHFC remains healthy. Its strategies for Aerospace, Defense and Auto transmission parts provide reason for optimism. However, all these segments contributions would be visible only from FY20E. North American truck demand has also recovered from the bottom, and production volumes are expected to accelerate in CY18.

Company's Net Sales for Q1 FY18 stood at INR 12,578 Mn which was up by 31.4% Y-o-Y and 6.3% Q-o-Q on the back of increase in export revenues due to robust demand in automotive and industrial sectors. Revenues for the quarter were mainly driven by Industrial business that grew by 80% Y-o-Y. EBIDTA stood at INR 3,333 Mn which grew by 36.37% y-o-y and 4.18% q-o-q. EBIDTA margin came in at 26.5% below our estimate of 28.1% but improved by 96bps Y-o-Y but remained low by 54bps Q-o-Q on back of increase in other expenses by 112bps Q-o-Q. Company's PAT stood at INR 1,503 Mn which was up by 61.27% Y-o-Y but decreased by 56.91% Q-o-Q. PAT Margin stood at 13.9%...

Q4FY17 results beat estimates with its 11% YoY revenue growth. ASP (+6% YoY) was strong and exports (+12% YoY) recovered after 6 quarters of de-growth. EBITDA margin at 28.4% was in line.

Revenue rose by 19.28% to Rs. 1125.66 Cr in Q4FY17 when compared to the previous quarter

ICICI Securities Ltd | Retail Equity Research Bharat Forge reported its Q4FY17 numbers, which were above our estimates. Net revenues came in at | 1126 crore, up 11.3% YoY/19.3% QoQ against our estimate of | 1081 crore Domestic revenues came in at | 504 crore (up 9.4% YoY/16.1% QoQ), against our estimate of | 543 crore. Export revenues increased 13.5% YoY, 23.1% QoQ to | 597 crore vs. our estimate of | 514 crore The shipment tonnage is up 5.3% YoY, 17.3% QoQ to 55189 MT. The...

Bharat Forges (BHFC)s standalone exports witnessed 12% YoY growth (after 5 successive quarters of YoY decline), while domestic revenue was up 17% YoY. EBITDA margins improved by 80bps QoQ, driven by lower other expenses.

Medium term revenue outlook is strong in US Class-8 trucks, PV exports and non-auto. Further, upcoming BS6 emission norms can aid a sharp increase in content.