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Motilal Oswal Report
Bharat Forge Ltd.'s Q3 FY24 standalone performance was in line with our estimates. While the near-term outlook is cautious, Bharat Forge has several long term growth drivers to sustain its outperformance over the industry. The turnaround of its overseas subsidiaries seems on track and on expected lines.
We cut our FY24E/25E earning per share by 7%/ 6% to factor in weak demand, especially in auto exports. Reiterate 'Buy' with a target price of Rs 1,315 (based on 28 times March- 26E consolidated EPS plus Rs 133 for two gun platforms).
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