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Entry Price

640.00

Target

670.00

Recommend Date

14-02-2021

Return

4.69 %
BUY

Date : 14-02-2021

Bharat Forge (BFL) reported a steady Q3FY21 performance. Standalone revenues came in at | 1,036 crore (down 3.8% YoY) despite 8.4% YoY tonnage growth to 50,943 MT. Total India revenues were at | 516 crore (up 26.5% YoY; CV up 49.4%, PV up 27.5%, industrial up 16%). Export revenues, on the other hand, were down 19.5% YoY to | 512 crore (CV up 7.1%, PV down 8.4%, industrials down 60.1%). Standalone EBITDA for the quarter was at | 215 crore, with consequent margins at 20.7%. Margin performance was positively impacted by operating leverage, with gross margin contraction at 70 bps. Standalone PAT was at | 92.6 crore, down 27.6% YoY. At the consolidated level, BFL reported share of loss from subsidiaries/associates at | 3.6 crore vs. loss of | 8.6 crore in Q3FY20