Motilal Oswal's research report on Bharat Forge
BHFC’s 4QFY23 standalone performance was operationally in line with EBITDA margin expanding ~90bp QoQ to 26.2% (est. 25.8%). While CV demand outlook remains stable for both domestic and exports market, PV witnessed subdued growth due to supply chain issues globally. Additionally, defense business continues to gain momentum with exports order book of INR20b and AON for 300 ATAGs.
Outlook
We have lowered our consolidated EPS estimates for FY24/FY25 by ~3.6%/4.7% to factor in moderation in revenue growth and higher interest cost. We reiterate our Buy rating on the stock with a TP of INR985 (25x Mar25E consolidated EPS).
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