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Dolat Capital Report
Bharat Forge Ltd.'s Q4 numbers were broadly in line estimates. Standalone adjusted operating margin improved to 26.2% (100 basis points QoQ). Overseas operations posted an Ebitda loss of Rs 495 million (versus 620 million in Q3) due to ramp up related issues of the new aluminium forgings capacities in U.S. and Germany.
Standalone revenue grew 2.3 % QoQ to Rs 19.97 billion driven by 3.8% growth in domestic and 1.2% growth in export sales.
Although class 8 trucks volume outlook looks elusive, rising contribution from defense, aerospace, JS Autocast Foundry India Pvt. Ltd. and ramp up in volume of aluminium forgings capacities in Germany and USA to aid revenue growth and margin expansion.
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