On consolidated basis
Quarter ended September 2024 compared with Quarter ended September 2023.
Net sales (including other operating income) of Bharat Forge has declined 2.27% to Rs 3688.51 crore. Sales of Forgings segment decreased 9.28% to Rs 3086.47 crore (accounting for 86.6% of total sales). Sales of Others segment has gone up 36.32% to Rs 233.89 crore (accounting for 6.11% of total sales). Sales of Defence segment has gone up 66.52% to Rs 508.93 crore (accounting for 13.29% of total sales). Inter-segment sales rose Rs 18.37 crore to Rs 140.79 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 9.62% to Rs 510.01 crore. PBIT of Forgings segment fell 6.06% to Rs 431.8 crore (accounting for 84.66% of total PBIT). PBIT of Others segment was Rs 15.33 crore (accounting for 3.01% of total PBIT). PBIT of Defence increased 203.4% to 62.88 crore. PBIT margin of Forgings segment rose from 13.51% to 13.99%. PBIT margin of Others segment rose from negative 8.17% to 6.55%. PBIT margin of Defence segment rose from 6.78% to 12.36%. Overall PBIT margin rose from 11.95% to 13.32%. Operating profit margin has jumped from 16.47% to 17.55%, leading to 4.16% rise in operating profit to Rs 647.28 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 46.88% to 43.41%. Purchase of finished goods cost rose from 1.33% to 1.84%. Employee cost increased from 11.92% to 12.04%. Other expenses rose from 23.85% to 26.02%. Other income rose 17.45% to Rs 61.65 crore. PBIDT rose 5.20% to Rs 708.93 crore. Provision for interest fell 11.68% to Rs 109.81 crore. Loan funds rose to Rs 7,740.23 crore as of 30 September 2024 from Rs 7,503.70 crore as of 30 September 2023. Inventories rose to Rs 3,510.86 crore as of 30 September 2024 from Rs 3,328.14 crore as of 30 September 2023. Sundry debtors were lower at Rs 2,804.77 crore as of 30 September 2024 compared to Rs 3,192.64 crore as of 30 September 2023. Cash and bank balance declined from Rs 1,279.55 crore as of 30 September 2023 to Rs 1,157.74 crore as of 30 September 2024. Investments declined from Rs 2,367.54 crore as of 30 September 2023 to Rs 1,698.56 crore as of 30 September 2024. PBDT rose 9.01% to Rs 599.12 crore. Provision for depreciation rose 0.96% to Rs 213.35 crore. Fixed assets increased to Rs 7,637.63 crore as of 30 September 2024 from Rs 6,580.41 crore as of 30 September 2023. Intangible assets declined from Rs 374.33 crore to Rs 268.45 crore. Profit before tax grew 14.05% to Rs 385.77 crore. Provision for tax was expense of Rs 141.88 crore, compared to Rs 121.79 crore. Effective tax rate was 36.83% compared to 36.18%. Minority interest increased 97.65% to Rs -0.29 crore. Net profit attributable to owners of the company increased 7.20% to Rs 243.59 crore. Equity capital stood at Rs 93.13 crore as of 30 September 2024 to Rs 93.13 crore as of 30 September 2023. Per share face Value remained same at Rs 2.00. Promoters’ stake was 45.25% as of 30 September 2024 ,compared to 45.25% as of 30 September 2023 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Bharat Forge has increased 1.87% to Rs 7794.65 crore. Sales of Forgings segment decreased 6.23% to Rs 6464.37 crore (accounting for 80.19% of total sales). Sales of Others segment has gone up 16% to Rs 446.63 crore (accounting for 5.54% of total sales). Sales of Defence segment has gone up 103.59% to Rs 1150.63 crore (accounting for 14.27% of total sales). Inter-segment sales rose 38.66% to Rs 266.98 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 19.72% to Rs 1103.69 crore. PBIT of Forgings segment up 4.55% to Rs 941.74 crore (accounting for 85.33% of total PBIT). PBIT of Others segment was Rs 13.1 crore (accounting for 1.19% of total PBIT). PBIT of Defence increased 181.3% to 148.86 crore. PBIT margin of Forgings segment rose from 13.07% to 14.57%. PBIT margin of Others segment rose from negative 8.26% to 2.93%. PBIT margin of Defence segment rose from 9.36% to 12.94%. Overall PBIT margin rose from 11.75% to 13.69%. Operating profit margin has jumped from 15.90% to 17.81%, leading to 14.09% rise in operating profit to Rs 1,388.25 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 46.81% to 42.52%. Purchase of finished goods cost rose from 1.13% to 1.98%. Employee cost increased from 12.15% to 12.20%. Other expenses rose from 24.12% to 25.76%. Other income fell 2.87% to Rs 113.29 crore. PBIDT rose 12.61% to Rs 1501.54 crore. Provision for interest fell 2.22% to Rs 233.53 crore. Loan funds rose to Rs 7,740.23 crore as of 30 September 2024 from Rs 7,503.70 crore as of 30 September 2023. Inventories rose to Rs 3,510.86 crore as of 30 September 2024 from Rs 3,328.14 crore as of 30 September 2023. Sundry debtors were lower at Rs 2,804.77 crore as of 30 September 2024 compared to Rs 3,192.64 crore as of 30 September 2023. Cash and bank balance declined from Rs 1,279.55 crore as of 30 September 2023 to Rs 1,157.74 crore as of 30 September 2024. Investments declined from Rs 2,367.54 crore as of 30 September 2023 to Rs 1,698.56 crore as of 30 September 2024. PBDT rose 15.84% to Rs 1268.01 crore. Provision for depreciation rose 3.40% to Rs 431.62 crore. Fixed assets increased to Rs 7,637.63 crore as of 30 September 2024 from Rs 6,580.41 crore as of 30 September 2023. Intangible assets declined from Rs 374.33 crore to Rs 268.45 crore. Profit before tax grew 23.51% to Rs 836.39 crore. Share of profit/loss was 96.72% lower at Rs 0.1 crore. Extraordinary items were decreased to Rs -151.77 crore. Provision for tax was expense of Rs 266.85 crore, compared to Rs 249.54 crore. Effective tax rate was 38.97% compared to 36.80%.Minority interest decreased 29.46% to Rs -28.52 crore. Net profit attributable to owners of the company decreased 0.94% to Rs 446.39 crore. Equity capital stood at Rs 93.13 crore as of 30 September 2024 to Rs 93.13 crore as of 30 September 2023. Per share face Value remained same at Rs 2.00. Promoters’ stake was 45.25% as of 30 September 2024 ,compared to 45.25% as of 30 September 2023 . Cash flow from operating activities increased to Rs 874.25 crore for YTD ended September 2024 from Rs 590.66 crore for YTD ended September 2023. Cash flow used in acquiring fixed assets during the YTD ended September 2024 stood at Rs 819.40 crore, compared to Rs 444.64 crore during the YTD ended September 2023.
Full year results analysis.
Net sales (including other operating income) of Bharat Forge has increased 21.47% to Rs 15682.07 crore. Sales of Forgings segment rose 14.19% to Rs 13,717.90 crore (accounting for 85.22% of total sales). Sales of Others segment has gone up 40.03% to Rs 818.34 crore (accounting for 5.08% of total sales). Sales of Defence segment has gone up 280.34% to Rs 1,560.55 crore (accounting for 9.69% of total sales). Inter-segment sales rose Rs 20.27 crore to Rs 414.72 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 59.12% to Rs 1,941.15 crore. PBIT of Forgings segment rose 41.94% to Rs 1,840.52 crore (accounting for 94.82% of total PBIT). PBIT of Others segment fell 9.13% to Rs -81.83 crore (accounting for -4.22% of total PBIT). PBIT of Defence reported profit of Rs 182.46 crore compared to loss of Rs 1.79 crore. PBIT margin of Forgings segment rose from 10.79% to 13.42%. PBIT margin of Others segment rose from negative 12.83% to negative 10.00%. PBIT margin of Defence segment rose from negative 0.44% to 11.69%. Overall PBIT margin rose from 9.38% to 12.06%. Operating profit margin has jumped from 13.69% to 16.31%, leading to 44.72% rise in operating profit to Rs 2,557.94 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 46.02% to 45.51%. Purchase of finished goods cost rose from 1.26% to 1.56%. Other expenses fell from 27.45% to 24.77%. Other income rose 31.56% to Rs 227.42 crore. PBIDT rose 43.55% to Rs 2785.36 crore. Provision for interest rose 64.48% to Rs 491.17 crore. Loan funds rose to Rs 7,947.53 crore as of 31 March 2024 from Rs 7,313.24 crore as of 31 March 2023. Inventories rose to Rs 3,216.08 crore as of 31 March 2024 from Rs 3,126.25 crore as of 31 March 2023. Sundry debtors were higher at Rs 3,167.15 crore as of 31 March 2024 compared to Rs 3,087.46 crore as of 31 March 2023. Cash and bank balance rose to Rs 1,689.92 crore as of 31 March 2024 from Rs 1,039.52 crore as of 31 March 2023. Investments declined from Rs 2,568.82 crore as of 31 March 2023 to Rs 1,848.98 crore as of 31 March 2024. PBDT rose 39.74% to Rs 2294.19 crore. Provision for depreciation rose 15.31% to Rs 848.2 crore. Fixed assets increased to Rs 7,004.64 crore as of 31 March 2024 from Rs 6,566.60 crore as of 31 March 2023. Intangible assets increased from Rs 295.47 crore to Rs 295.99 crore. Profit before tax grew 59.57% to Rs 1,445.99 crore. Extraordinary items were increased to Rs -12.32 crore. Provision for tax was expense of Rs 528.83 crore, compared to Rs 318.56 crore. Effective tax rate was 36.75% compared to 38.52%. Minority interest decreased 105.06% to Rs -40.97 crore. Net profit attributable to owners of the company increased 80.02% to Rs 951.13 crore. Equity capital stood at Rs 93.13 crore as of 31 March 2024 to Rs 93.13 crore as of 31 March 2023. Per share face Value remained same at Rs 2.00. Promoters’ stake was 45.25% as of 31 March 2024 ,compared to 45.25% as of 31 March 2023 . Cash flow from operating activities increased to Rs 1,664.40 crore for year ended March 2024 from Rs 1,294.47 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 1,524.03 crore, compared to Rs 996.18 crore during the year ended March 2023.
Other Highlights
In
Q2 FY25, America contributed 73% to total revenue, Europe 22% and Asia 5%.
Management Comments :
B.N.
Kalyani, Chairman & Managing Director said: “The
company reported a consolidated revenue of Rs 3,689 Crore and EBITDA of Rs 690
Crore. Despite a YoY revenue de-growth of 2.3% driven by weakness in European
automotive markets, EBITDA grew by 10.8% resulting in margin improvement by 220
bps YoY from 16.5% to 18.7%. In the quarter, the group secured new orders worth
Rs 1,207 Crores across Defence, castings (Ferrous & Aluminum) and the core
forging business. The order wins for H1 FY25 amounts to Rs 2,216 Crores with
2/3 coming from Defence & 1/3 from components business. BFL group’s defence
business posted revenue of Rs 509 Crore in Q2 registering a jump of 67% YoY.
With order wins of Rs 642 Crores in Q2, the executable order book as of
September 30th stands at Rs 5,905 Crores. The order book does not include any
potential orders from domestic or export market. JS Auto continues to register
impressive operating performance during the quarter with revenue growth of 32%
to Rs 165 Crore and EBITDA growth of 60% at Rs 20 Crores compared to Q2 FY24.
in H1 FY25, JSA won orders worth Rs 173 crores and is clearly benefitting from
the shift of manufacturing supply chain to India. We expect this business to
continue to register strong performance in the foreseeable future. The Overseas
operations recorded sales of Rs 1,145 Crores and EBITDA of Rs 16 Crores. The
sluggish economic condition in Europe and its impact on the automotive industry
is delaying the recovery in the overseas business. Looking ahead into H2 FY25,
we expect the performance to be stable as compared to H1 FY25 as we continue to
focus on revenue growth & profitability improvement in our subsidiaries
(Indian & Overseas).”
| Bharat Forge : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202409 | 202309 | Var.(%) | 202409 | 202309 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 3,688.51 | 3,774.19 | -2.27 | 7,794.65 | 7,651.46 | 1.87 | 15,682.07 | 12,910.26 | 21.47 | | OPM (%) | 17.55 | 16.47 | 108 bps | 17.81 | 15.90 | 191 bps | 16.31 | 13.69 | 262 bps | | OP | 647.28 | 621.42 | 4.16 | 1,388.25 | 1,216.80 | 14.09 | 2,557.94 | 1,767.52 | 44.72 | | Other Inc. | 61.65 | 52.49 | 17.45 | 113.29 | 116.64 | -2.87 | 227.42 | 172.86 | 31.56 | | PBIDT | 708.93 | 673.91 | 5.20 | 1,501.54 | 1,333.44 | 12.61 | 2,785.36 | 1,940.38 | 43.55 | | Interest | 109.81 | 124.33 | -11.68 | 233.53 | 238.83 | -2.22 | 491.17 | 298.62 | 64.48 | | PBDT | 599.12 | 549.58 | 9.01 | 1,268.01 | 1,094.61 | 15.84 | 2,294.19 | 1,641.76 | 39.74 | | Depreciation | 213.35 | 211.33 | 0.96 | 431.62 | 417.42 | 3.40 | 848.2 | 735.59 | 15.31 | | PBT | 385.77 | 338.25 | 14.05 | 836.39 | 677.19 | 23.51 | 1445.99 | 906.17 | 59.57 | | Share of Profit/(Loss) from Associates | -0.59 | 0.51 | PL | 0.1 | 3.05 | -96.72 | 5.32 | -33.44 | LP | | PBT before EO | 385.18 | 338.76 | 13.70 | 836.49 | 680.24 | 22.97 | 1451.31 | 872.73 | 66.30 | | EO Income | 0 | -2.1 | - | -151.77 | -2.1 | -7,127.14 | -12.32 | -45.79 | 73.09 | | PBT after EO | 385.18 | 336.66 | 14.41 | 684.72 | 678.14 | 0.97 | 1438.99 | 826.94 | 74.01 | | Taxation | 141.88 | 121.79 | 16.50 | 266.85 | 249.54 | 6.94 | 528.83 | 318.56 | 66.01 | | PAT | 243.3 | 214.87 | 13.23 | 417.87 | 428.6 | -2.50 | 910.16 | 508.38 | 79.03 | | Minority Interest (MI) | -0.29 | -12.36 | 97.65 | -28.52 | -22.03 | -29.46 | -40.97 | -19.98 | -105.06 | | Net profit | 243.59 | 227.23 | 7.20 | 446.39 | 450.63 | -0.94 | 951.13 | 528.36 | 80.02 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 243.59 | 227.23 | 7.20 | 446.39 | 450.63 | -0.94 | 951.13 | 528.36 | 80.02 | | EPS (Rs)* | 5.23 | 4.91 | 6.54 | 11.71 | 9.71 | 20.64 | 20.60 | 11.99 | 71.83 | | | * EPS is on current equity of Rs 93.12 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Bharat
forge : Consolidated Segment results |
|
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|
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|
| Sales |
%
of Total 2409 (3) |
2409
(3) |
2309
(3) |
Var. (%) |
%
of Total 2409 (6) |
2409
(6) |
2309
(6) |
Var. (%) |
%
of Total 2403 (12) |
2403
(12) |
2303
(12) |
Var. (%) |
| Forgings |
80.60% |
3086.47 |
3402.34 |
-9.28% |
80.19% |
6464.37 |
6893.81 |
-6.23% |
85.22% |
13717.90 |
12013.40 |
14.19% |
| Defence |
13.29% |
508.93 |
305.62 |
66.52% |
14.27% |
1150.63 |
565.17 |
103.59% |
9.69% |
1560.55 |
410.30 |
280.34% |
| Others |
6.11% |
233.89 |
185.16 |
26.32% |
5.54% |
446.63 |
385.01 |
16.00% |
5.08% |
818.34 |
584.39 |
40.03% |
| Total
Reportable Segment |
|
3829.29 |
3893.12 |
-1.64% |
|
8061.64 |
7844.00 |
2.77% |
|
16096.79 |
13008.09 |
23.74% |
| eleminations |
|
0.00 |
0.00 |
0.00% |
|
0.00 |
0.00 |
0.00% |
|
0.00 |
77.56 |
-100.00% |
| Total |
|
3829.29 |
3893.12 |
-1.64% |
|
8061.64 |
7844.00 |
2.77% |
|
16096.79 |
12930.53 |
24.49% |
| Less: Inter
segment revenues |
|
140.79 |
118.93 |
18.37% |
|
266.98 |
192.54 |
38.66% |
|
414.72 |
20.27 |
1945.87% |
| Net sales |
|
3688.51 |
3774.19 |
-2.27% |
|
7794.65 |
7651.46 |
1.87% |
|
15682.07 |
12910.26 |
21.47% |
| PBIT |
|
|
|
|
|
|
|
|
|
|
|
|
| Forgings |
84.66% |
431.80 |
459.67 |
-6.06% |
85.33% |
941.74 |
900.80 |
4.55% |
94.32% |
1842.62 |
1342.49 |
37.25% |
| Defence |
12.33% |
62.88 |
20.73 |
203.40% |
13.49% |
148.86 |
52.92 |
181.30% |
9.34% |
182.46 |
-1.79 |
LP |
| Others |
3.01% |
15.33 |
-15.14 |
LP |
1.19% |
13.10 |
-31.80 |
LP |
-3.67% |
-71.60 |
-74.98 |
4.50% |
| Total |
|
510.01 |
465.26 |
9.62% |
|
1103.69 |
921.92 |
19.72% |
|
1953.48 |
1265.72 |
54.34% |
| Less: Finance
cost |
|
109.81 |
124.33 |
-11.68% |
|
233.53 |
238.83 |
-2.22% |
|
491.17 |
298.62 |
64.48% |
| Add:
exceptional items |
|
0.00 |
-2.10 |
PL |
|
-151.77 |
-2.10 |
7137.24% |
|
-12.32 |
-45.79 |
73.09% |
| less:
unallocable income/ expenditure |
|
15.03 |
2.18 |
590.17% |
|
33.68 |
2.85 |
1080.13% |
|
11.00 |
94.37 |
-88.35% |
| PBT |
|
385.18 |
336.66 |
14.41% |
|
684.72 |
678.14 |
0.97% |
|
1438.99 |
826.95 |
74.01% |
| LP: Loss to
profit |
|
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|
|
|
| PL: Profit to
Loss |
|
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|
|
|
| Figures in Rs
crore |
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|
|
| Source:
Capitaline Corporate Database |
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