Bharat Forge Ltd. share price target

Results Ahead of Estimates Maintain BUY: BFL's Q3FY19 PAT was above our estimates supported by robust operational performance on volume growth and average realization front.

Bharat Forge Ltd (BFL) is a leading player in the forgings industry. The company is serving several sectors including automobile, power, oil and gas, rail & marine, aerospace, construction, mining etc. BFL's new valued added order's received on aluminum forging is on track from the new AP plant. Further implementation of BS-6 emission norms will witness an increase in content for domestic trucks and cars. Q2FY19 standalone revenue grew by 34%YoY due to 19%YoY growth in the tonnage volume and superior product mix....

Growth outlook remain intact Retain HOLD: BFL's Q2FY19 results were mixed bag. The Company is currently witnessing improved business outlook in India and in the international market.

ICICI Securities Ltd | Retail Equity Research Bharat Forge's Q2FY19 revenues came in at | 1,679 crore, up 33.5% YoY, 13.5% QoQ above our estimate of | 1,558 crore. Domestic revenues came in at | 695 crore (up 31.5% YoY, 15.8% QoQ) while export revenues increased 34% YoY, 11.7% QoQ to | 943 crore. Its other operating income grew 59% YoY to | 41 crore Reported EBITDA margins came in at 25.9%, down 350 YoY, 310 bps QoQ, against our estimate of 29.4%. Reported PAT was at | 227.5...

2 November 2018 Revenue grew 34% YoY to INR222.6k). Both Auto and Non-auto segment revenue increased ~30% YoY. at INR4.3b; growth was restricted by higher RM cost (+290bp QoQ due to RM inflation and mix) and forex revaluation (impact of 240bp). EBITDA margin of 25.9%, thus, was below our estimate of 28.8%. PAT of INR2.3b also came in lower than our estimate of INR2.4b due to higher depreciation and tax. 1HFY19 S/A revenue/PAT grew by 28%/22% YoY, implying second-half residual growth of ~28%/18%. (a) Management expects continued broad-based growth in 2HFY19. (b) Expect ~25%/5% growth in US Class 8 truck orders in CY18/19; billing growth expected to be much higher in CY19.

Bharat Forge Ltd (BFL) is a leading player in the forgings industry. The company is serving several sectors including automobile, power, oil and gas, rail & marine, aerospace, construction, mining etc....

BHFC is the flagship company of Kalyani Group, which has significant presence in the...

ICICI Securities Ltd | Retail Equity Research Bharat Forge reported its Q1FY19 numbers that were above our estimates. Revenues came in at | 1480 crore, up 23.1% YoY, 0.9% QoQ against our estimate of | 1393 crore. Domestic revenues came in at | 600 crore (up 7.1% YoY, down 3% QoQ) vs. our estimate of | 588 crore. Export revenues increased 25.8% YoY, 3.6% QoQ to | 844 crore against our estimate of | 778 crore The domestic auto business grew ~42.5% YoY to | 359.5 crore but...

BPCL's Q1FY19 earnings at Rs 22.9bn (14.2% QoQ) beat estimates on inventory gains of Rs 26.8bn. Core earnings, however, disappointed due to: (a) weak GRMs (ex-inventory gains) at US$ 4.15/bbl (US$ 5.6/bbl QoQ), (b) market share loss in MS/HSD, and (c) lower marketing EBITDA of Rs 1,639/mt (ex-inventory; 26.9% QoQ). Our Mar'19 target price for BPCL reduces to Rs 435 (from Rs 545) as we cut earnings on high interest cost and...