Bharat Forge Ltd. share price target

BFL's new value added order 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 per vehicle for domestic trucks and cars. Despite higher RM price BFL has maintained its EBITDA margin...

Bharat Forge (BFL) reported a healthy Q3FY19 performance. The real surprise was beat on EBITDA margins, which came in at 31.1% Revenues for the quarter came in at | 1,693 crore, up 21.7% YoY. Domestic revenues came in at | 674 crore (up 16.8% YoY) while export revenues were at | 976 crore, up 25% YoY Revenue from the CV & PV segment (auto segment) grew 13% YoY to | 691 crore & 2.2% YoY to | 153 crore. Revenue from industrial segment grew 34% YoY to | 732 crore...

Bharat Forge (BHFC) reported standalone revenues of Rs 16.9bn (+22% YoY) in Q3FY19, led by a muted 3% rise in tonnage volumes and above-expected realisations (+18%). EBITDA/adj. PAT grew 17%/24% YoY to Rs 4.9bn/Rs 2.8bn. In our view, the buoyant growth phase in CVs is ebbing in India and the US, with a bleak demand environment in Europe as well we thus pare FY19FY21E earnings by 11-16% and lower our target P/E from 25x to 17x. On...

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....