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Buy Bharat Forge; target of Rs 875: ICICI Direct

ICICI Direct is bullish on Bharat Forge recommended buy rating on the stock with a target price of Rs 875 in its research report dated June 07, 2021.

June 08, 2021 / 06:36 PM IST
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ICICI Direct's research report on Bharat Forge

Bharat Forge (BFL) reported a robust performance in Q4FY21. Standalone revenues came in at Rs 1,307 crore (up 26.2% QoQ), amid 9.6% QoQ tonnage growth to 55,837 MT. Total India revenues were at Rs 565 crore (up 9.6% QoQ). Export revenues, on the other hand, were a real surprise and were up 42.9% QoQ to Rs 731 crore. Standalone EBITDA for the quarter was at Rs 359 crore, with consequent margins at 27.5%. EBITDA margins for the quarter were positively impacted by forex gains. Adjusting for this, margins were at 25.5%, up 300 bps QoQ. Standalone PAT was at Rs 205.5 crore.


We upgrade the stock from HOLD to BUY, valuing it at Rs 875 i.e. 35x P/E on FY23E EPS of Rs 25 (earlier target price Rs 670).

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Jun 8, 2021 07:25 am

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