Bharat Forge (500493) Q4 23/24 earnings summary

Executive summary

• Q4 FY24 standalone revenue rose 16.6% YoY to ₹23,286 million; EBITDA increased 25.1% to ₹6,541 million, with a 28.1% margin.

• FY24 consolidated revenue grew 21.5% to ₹156,821 million and EBITDA rose 44.4% to ₹25,661 million; defence deliveries and overseas aluminium ramp-up supported growth.

Financial highlights

• Standalone FY24 revenue increased 18.4% to ₹89,687 million; EBITDA rose 28.0% to ₹24,686 million and PAT grew 36.3% to ₹14,249 million.

• Q4 standalone PBT before exchange gain/loss and exceptional items was ₹5,210 million, up 33.2% YoY; PAT rose 59.3% to ₹3,897 million.

• Consolidated FY24 PBT before exchange gain/loss and exceptional items rose to ₹14,541 million from ₹9,160 million in FY23.

Outlook and guidance

• FY25 consolidated growth expected from defence, industrial castings, higher overseas capacity utilization and overseas business turnaround; margin gains expected to support strong profitability growth.

• Indian CV growth aim remains in line with the market; management expects more activity after elections as capex spend accelerates.