- 07 Nov 2023
- ICICI Securities
COMPANY REPORTS HEALTHY PERFORMANCE IN Q2FY24
BHARATFORG - 1309 Change: 4.30 (0.33 %)News: Standalone revenues for the quarter came in at ₹ 2,249 crore up 21% YoY, amid 15% tonnage growth to 70,316 MT. Standalone EBITDA in Q2FY24 stood at ₹ 607 crore, with consequent margins placed at 27% up 120 bps QoQ. Reported standalone PAT stood at ₹ 346 crore, up 29% YoY. On consolidated basis, key takeaway was 110 bps improvement in EBITDA margins to 16.5%. Cash flow generation was healthy for H1FY24 both on standalone & consolidated basis.
Views: Growth in standalone revenues was largely led by the exports in the passenger vehicle space (up 39% YoY). On the order book front, in H1FY24, the standalone business secured new orders worth ₹ 740 crore across various segment including ₹ 300 crore for E-Mobility. While on the defence front, company’s WOS i.e., KSSL secured new business worth ₹ 1,100 crore taking the executable order book to ₹ 3,000 crore over the coming 24 months. With proven frugal engineering capabilities across domains and turnaround being witnessed at its overseas subsidiaries, the company is well poised for a profitable growth going forward.
Impact: Positive