- 10 Aug 2023
- ICICI Securities
COMPANY REPORTS HEALTHY PERFORMANCE IN Q1FY24
BHARATFORG - 1309 Change: 4.30 (0.33 %)News: Standalone revenues for the quarter came in at ₹ 2,127 crore up 21% YoY, amid 17% tonnage growth to 67,780 MT. Standalone EBITDA in Q1FY24 stood at ₹ 549 crore, with consequent margins placed at 25.8% up 140 bps QoQ. Reported standalone PAT stood at ₹ 312 crore, up 28% YoY. On consolidated basis, key takeaway was positive EBITDA contribution by its European subsidiary with US subsidiary to turn positive by Q4FY24.
Views: Growth in standalone revenues was largely led by the industrial segment with company commencing execution of its key export defence orders. Management guided for steady growth outlook at its traditional CV and Oil & Gas business segments and is looking at robust growth at its aerospace as well as defence segments. 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