Europe weighs on Bharat Forge Q2 topline, investments in subsidiaries announced

The company posted a modest rise of 3% on year in the EBITDA at Rs 625.4 crore, with margins coming in at 27.8% versus 27.1% on year. The company said revenue was impacted by weakness in the European automotive markets.

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Auto ancillary major Bharat Forge posted nearly flat sales on year for September quarter on November 14, weighed down by the European business, and also announced investments in key subsidiaries, as share prices traded a percent higher in a weak market.

Bharat Forge posted a standalone net profit of Rs 361 crore, higher by 4.4% on year on nearly flat (down 0.1%) revenue of Rs 2,246.6 crore. The company posted a modest rise of 3% on year in the EBITDA at Rs 625.4 crore, with margins coming in at 27.8% versus 27.1% on year. The company said revenue was impacted by weakness in the European automotive markets.

The export revenue too were down 9% on year, primarily due by weak CV demand in Europe. Outside Europe, the CV export business saw a 14% YoY growth, indicating resilience in underlying demand from North America.

The domestic CV business remained soft compared to Q2FY24, as demand stayed sluggish, Bharat Forge said, adding that the sector has seen “stupendous growth” over last 2-3 years. Centre’s capex push, higher construction and manufacturing activity augurs well for longer-term outlook of CVs in India, Bharat Forge said.

The forging company has given an in-principle approval for investment worth Rs 1,122 crore in three units, the company said. The three subsidiaries that are getting the investment are Bharat Forge Global, Bharat Forge America and Kalyani Powertrain. The company’s panel on strategic business will be deciding on the modalities and timing of this transaction.

Bharat Forge’s order wins for H1FY25 now stand at Rs 2,216 crore, with two-third coming from Defence, and the rest from components business. The company’s defence business posted a 67% on year growth in revenue, with order wins worth Rs 642 crore in September quarter, taking the executable order book to Rs 5,905 crore.

Shares of Bharat Forge were higher by 1.5% in mid-day trade in a weak market at 1:25pm.