Bharat forge’s Q3FY16 PAT declines by 15.4% YoY; EBITDA margin up by 100 bps
DSIJ Intelligence / 09 Feb 2016
Bharat Forge Limited (BFL), the flagship company of the USD 2.4 billion Kalyani Group, declared its Q3FY16 result on Tuesday, which was below market estimates. BFL standalone Profit after tax declined by 15.4% YoY basis and 5.1% QoQ basis at Rs.166.16 crore.
Bharat Forge Limited (BFL), the flagship company of the USD 2.4 billion Kalyani Group, declared its Q3FY16 result on Tuesday, which was below market estimates. BFL standalone Profit after tax declined by 15.4% YoY basis and 5.1% QoQ basis at Rs.166.16 crore.
The reported EBITDA is at Rs.340.36 crore down by 1.9% QoQ & 10.8% YoY basis. BFL has seen margin expansion of over a 100 basis points (bps) on QoQ basis and 60 bps YoY basis due to favourable product mix coupled with cost control measures & low commodity price.
Net operating Sales stands at Rs 1,052.02 crore compared with Rs 1,197.76 crore down by 12.2% YoY. Domestic sales were marginally up at Rs 449.68 crore as against Rs 447.04 crore on a YoY basis whereas international business is down by 14.2%.
The BFL management in its press release said "During the quarter, despite higher automotive sales, continued weakness in the industrial sector across both, domestic and international market adversely impacted the overall topline”.
The company has declared an interim dividend of 150% or Rs.3 per equity share of Rs.2 each.
On valuation front, BFL is available at 23.59 times of price to earnings ratio with an earning of Rs. 33.06 per share on TTM basis. Today it closed at Rs. 786 per share, up by 1.9%.
BFL is the country’s largest manufacturer and exporter of automotive components and leading chassis component manufacturer in the world. With significant global market share, it is ranked among the leading forging companies in the world. With manufacturing facilities spread over 9 locations, 2 in India, 3 in Germany, and 1 each in Sweden, U.K., U.S.A. and China, the company manufactures a wide range of safety and critical components for passenger cars, commercial vehicles and diesel engines. It also manufactures specialised components for railways, construction equipment, oil & gas and other industries. Its capabilities to manufacture complex forgings out of both steel and aluminium are a unique feature of BFL‘s competitiveness.
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