BHARATFORG · Automobile and Auto Components
Bharat Forge Ltd. reported revenue of ₹4,164 cr for January to March 2024, — on the year and +7.7% on the quarter.
Operating profit (EBITDA) was ₹643 cr, a margin of 15.4%, — on the year and −261 bps on the quarter.
Net profit was ₹227 cr, — on the year and −10.6% on the quarter, with earnings per share of ₹5.07.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹20.43 over the last four quarters, the stock at ₹1,832.00 trades at 89.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,866 cr | ₹4,164 cr | ₹4,106 cr | ₹3,689 cr | ₹3,476 cr | ₹3,853 cr | ₹3,909 cr | ₹4,032 cr | ₹4,343 cr | ₹4,528 cr | ₹4,640 cr | ₹4,870 cr |
| YoY | — | — | +6% | −2% | −10% | −7% | −5% | +9% | +25% | +18% | +19% | +21% |
| EBITDA margin | 18.1% | 15.4% | 18.0% | 17.5% | 17.9% | 17.6% | 17.1% | 18.0% | 17.2% | 17.2% | 15.3% | 15.8% |
| Other income, % of PBT | 15% | 12% | −33% | 16% | 11% | 13% | 12% | 12% | −3% | −12% | 129% | 11% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | −₹358 cr | −₹24.6 cr |
| Tax rate | 36% | 38% | 42% | 37% | 39% | 33% | 31% | 34% | 33% | 40% | — | 33% |
| Net profit | ₹254 cr | ₹227 cr | ₹175 cr | ₹243 cr | ₹213 cr | ₹283 cr | ₹284 cr | ₹299 cr | ₹273 cr | ₹233 cr | −₹89.9 cr | ₹279 cr |
| YoY | — | — | −18% | +13% | −16% | +25% | +62% | +23% | +28% | −18% | −132% | −7% |
| Core profit YoY | — | — | +46% | +13% | −8% | +14% | −10% | +25% | +36% | +19% | −4% | −2% |
| EPS | ₹5.68 | ₹5.07 | ₹4.36 | ₹5.23 | ₹4.45 | ₹5.90 | ₹5.93 | ₹6.26 | ₹5.53 | ₹4.86 | −₹1.88 | ₹5.77 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | ✓ | 3 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Bharat Forge Ltd. reported revenue of ₹4,164 cr (— on the year) and net profit of ₹227 cr (— on the year) for January to March 2024.
None of the 2 checks that could run raised a question.
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