Motilal Oswal's research report on Bharat Forge
Bharat Forge (BHFC)’s 2QFY24 standalone performance was in line. The company reported record high shipment tonnage at 70.3k tons during the quarter, registering 15% YoY growth. However, the overall demand commentary was a mixed bag, as outlook for the India business remains positive while overseas business growth is anticipated to remain flattish.
Outlook
We cut our EPS by 8%/ 3% for FY24E/25E to factor in slower-than-expected ramp up in overseas subsidiaries. Reiterate BUY with a TP of INR1,250 (based on 27x Dec-25E consolidated EPS + INR133 for two gun platforms).
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