Consolidated earnings of Bharat Forge in Q3FY23 missed estimates, largely due to higher-than-expected interest burden, although operational numbers (including standalone numbers) were close to consensus. Still, the management guidance was positive and appeared to be based on logic.
Essentially, the standalone performance of the company met expectations but there were operating losses at overseas subsidiaries. There are also significant risks to exports, given a global slowdown, and this is a serious issue because of Bharat Forge’s strong export profile since exports account for over 60 per cent of its revenue.
Standalone net sales stood at Rs 1,950 crore, up 22 per cent year-on-year (YoY), and up 5 per cent quarter-on-quarter (QoQ). Total volume stood at around 63,000 tonnes (up 18 per cent YoY, and up 3 per cent QoQ). Realisation increased 4 per cent YoY per tonne (up 2 per cent QoQ). The Ebitda margin was at 27.4 per cent (up 200 basis
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