BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Systematix Research Report
Bharat Forge Ltd.’s Q1 FY22 operating performance was 35-40% ahead of consensus and our estimates.
Ebitda margin at 28.5% (at ~70% utilisation) was driven by a sharp increase in export contribution.
Overseas subsidiaries reported the best-ever operating margins of 11.7% and remained profit before tax positive for the second consecutive quarter.
The management highlighted that the company is seeing improved traction across domestic and export segments.
While the near term order outlook for the domestic commercial vehicle segment remains weak, Bharat Forge expects a sharp recovery in H2 FY22.
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