Pune-headquartered Bharat Forge has reported its financial results for FY2022, with revenues of Rs 6,254 crore, a growth of 71 percent over the same period last year. The profit after tax (PAT) at Rs 1,077 crore was higher by 245 percent albeit a low-year ago base.
For Q4 FY22, the company reported revenue of Rs 1,674 crore, a growth of 4.5 percent over the previous quarter, while the PAT at Rs 261 crore was down 22.4 percent.
Commenting on the results, Baba Kalyani, chairman and MD said, “The company ended the year on a strong note with topline growing by 28% to Rs 16,741 million driven by pickup in both domestic and export markets. EBITDA margins at 25.7% in Q4 FY22 were maintained as compared to Q4 FY21, despite cost inflationary pressures. In FY22, the Indian operations has secured new orders worth around Rs 1,000 crore across automotive and industrial application.”
“This includes a healthy mix of existing and new customers across traditional and new products. In the international operations, new orders worth $150 million (Rs 1,160 crore) have been secured across steel and aluminum forging operations in North America. These orders wins from marquee OEMs provides a lot of growth visibility in the medium to long term.”
“The EV vertical has secured orders from a global EV OEM for supply of aluminum castings and its maiden order from an Indian OEM for supply of DC-DC converters. At a consolidated level, we expect FY2023 to be a strong year characterised by topline growth coupled with strong cashflows, ramp up of the US aluminium operations, revenue contribution from the newer verticals and a further diversified revenue mix. For the standalone business, we expect continued growth in the key markets across all sectors. Easing of cost pressures and supply chain tightness will provide a fillip to the end demand across geographies.”