Bharat Forge net profit surges over 220% YoY in Q3, stock down nearly 14%

EBITDA surged 30.9% to Rs 645 Crores, with EBITDA margins expanding to 28.5%, a 330 bps increase fueled by a favorable product mix and cost optimization focus

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Pune based leading forging firm Bharat Forge Ltd reported over 220 percent surge in year on year consolidated net profit for the December quarter 2023 due to higher revenues.

Consolidated net profit for the quarter stood at Rs 254.45 crore, up 223 percent from Rs 78.71 crore last year. Revenue jumped 15.7 percent to Rs 3922.96 crore against Rs 3389.95 crore a year ago.

The defence business significantly boosted revenues, while the Oil & Gas and Agri sectors experienced a decline compared to a year ago.

The stock at 2.51pm, was trading at Rs 1161 on BSE, down 11.7 percent from its previous close while India’s benchmark Sensex fell 0.6 percent to 71,168 points.

The firm declared an interim dividend of Rs 2.5 a share. It also approved raising funds of Rs 500 crore via term loans, debentures or any other debt instrument. The board also approved re-appointment of Dipak Mane as the Non-Executive Independent Director for the next five years.

EBITDA surged 30.9% to Rs 645 crore, with EBITDA margins expanding to 28.5%, a 330 bps increase fueled by a favorable product mix and cost optimization focus. The balance sheet remains robust, boasting a cash reserve of Rs 1,000 crore.

In Q3 FY24, exports from Indian manufacturing operations in components, defense, and industrial sectors reached $ 200 million, marking a 36% growth over Q3 FY23.

The company anticipates further growth in this figure as new verticals expand and its presence in the industrial sector strengthens. During the quarter, the company secured new business worth Rs 550 crore across various sectors.

In overseas operations, operational improvements were achieved in the Aluminum business in Europe, with similar expectations for the US plant.

The company said it is focused on creating sustained profitability in overseas business through improvements in aluminum and steel sectors, expected to materialize in the next 12-18 months. Looking ahead to Q4 and FY25, the company expects moderate growth in both domestic and export markets but aims to outperform the market due to its diversified business mix.

Overseas Business
The company said its North American CV business remained marginally positive, with steady Class 8 build rates, inventory levels, and sales. European CV performance was subdued due to a patchy economic recovery. Despite a decline in European markets, US CV revenues increased in the quarter. The PV business achieved a robust 34% YoY growth in 9MFY24, focusing on tapping new customers and enhancing engagement in various geographies.

The Industrial business thrived, growing 35% YoY for 9MFY24, driven by new products and increased engagements with existing clients, particularly in Mining & Construction and Aerospace. These promising new verticals inspire ongoing efforts to explore new markets and customers, with a focus on building relationships in Construction & Mining, Railways, Agri equipment, Aerospace, and more, it added.

Domestic business
The India CV business achieved a 9% YoY growth in 9MFY24, aligning with overall market growth. The sector’s long-term trajectory is supported by government capex and infrastructure development. In the India PV business, growth is anticipated through premiumization and the shift towards Utility Vehicles, driven by the expanding middle class and higher disposable income. The Industrial segment performed positively, with stellar YoY results attributed to component supply to KSSL. Infrastructure spend and rising private capex are expected to sustain demand. However, this quarter saw a decline in sales to the Agri sector and the Construction & Mining space, it added.