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Edelweiss upgrades Bharat Forge to buy, revises target price to Rs 625

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Edelweiss has upgraded Bharat Forge to buy in the long term with a revised target price of Rs 625.

Shares of Bharat Forge ended down 0.9% at Rs 486.55 on Friday while BSE Sensex closed 162.03 points up at 41,464.61. Company FinancialsFor the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 2155.20 crore, down -7.42 % from last quarter sales of Rs 2327.86 crore and down -17.02 % from last year same quarter sales of Rs 2597.27 crore.

The company has reported net profit after tax of Rs 212.77 crore in the latest quarter.

The company’s top management includes Mr.Amit B Kalyani, Mr.B N Kalyani, Mr.B P Kalyani, Mr.Dipak Mane, Mr.G K Agarwal, Mr.Kishore Saletore, Mr.Murali Sivaraman, Mr.P C Bhalerao, Mr.P H Ravikumar, Mr.Pratap G Pawar, Mr.S E Tandale, Mr.S M Thakore, Mr.Vimal Bhandari, Mrs.Lalita D Gupte.

Company has SRBC - Co LLP as its auditors.

As on 30-09-2019, the company has a total of 465,588,632 shares outstanding.

Investment RationaleBharat Forge has delivered superior returns/ growth across past business cycles led by judicious expansion in the right products, said Edelweiss.

The management’s sharpening focus on new product platforms will drive better returns/earnings over three-four years given first-mover advantage, the brokerage said.




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