ECONOMY

Bharat Forge Q1 Review – Poised To Encash Cyclical Recovery In User Industries: ICICI Direct

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Bharat Forge Ltd. posted robust Q1 FY22 results.

Total operating income was higher sequentially despite 4.2% tonnage decline to 53,512 million tonne.

The growth was on account of 25.3% sequential increase in export sales to Rs 916 crore, with India revenues down 21.8%.

Among segments, industrial revenues grew 29% while passenger vehicle and commercial vehicle revenues declined ~6% each.

On the geographical front, Americas posted ~31% increase in revenues, with Europe following behind at ~16%.

Margins at 28.5% were a substantial beat on our estimates of 25.2%, largely due to QoQ gross margin uptick of ~230 basis points, favourable product mix and previously implemented cost reduction measures.

At the consolidated level, Bharat Forge reported share of loss from joint ventures/associates at Rs 9.1 crore versus Rs 24.5 crore in Q4 FY21.

Click on the attachment to read the full report:

ICICI Direct Bharat Forge Q1FY22 Result Update.pdf

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