Hold Bharat Forge; target of Rs 481: Prabhudas Lilladher

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Prabhudas Lilladher's research report on Bharat Forge

BHFC's 3QFY20 performance were weak with margins at 21 quarter low at 21.9% (PLe 26%). While the management plans to neutralize the impact of current OEM production decline by way of a) increased focus on PV segment and b) expected recovery in exports from 2HFY21 led by addition of new clients/products. These along with commissioning of its Baramati, Nelor and other capacity, should also help BHFC.

Outlook

We cut FY21/22 consol EPS estimates by 8%/2% and maintain Hold with a target price of Rs481 (earlier Rs479), based on 18x roll forwarded to Mar'22E Consolidated EPS.

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