Bharat Forge logs strong Q4 nos; What should investors do?

Bharat Forge share price: Investors will keep an eye on Bharat Forge shares on Thursday (May 9). The stock will be in the spotlight as numerous brokerages revise their target price on the stock after the company reported its Q4FY24 numbers, on Wednesday during market hours. 

Brokerage view on Bharat Forge

Jefferies maintained an 'underperform' rating and raised the target to Rs 1,075 from Rs 950 apiece. 

Additionally, CLSA maintained a 'sell' call and raised the target to Rs 1,038 from Rs 977 apiece. 

As per CLSA and Jefferies, the earnings before interest, tax, depreciation, and amortisation (EBITDA) were below estimated. CLSA also raised concerns about the company losing its market share in its domestic auto business.

Citi also iterated with a 'sell' call and raised the target to Rs 850 from Rs 800 apiece. 

Meanwhile, Morgan Stanley maintained an 'overweight' stance and raised the target to Rs 1,613 from Rs 1,346 apiece.
 
Similarly, JP Morgan continued with an 'overweight' rating and raised the target to Rs 1,490 from Rs 1,250 apiece.

How did Bharat Forge fare in Q4?

Auto components major Bharat Forge Ltd reported a 77.8 per cent rise in consolidated net profit at Rs 227.12 crore in the fourth quarter that ended March 31, 2024, riding on higher sales.

The company had posted a profit of Rs 127.74 crore in the corresponding period of the previous fiscal, Bharat Forge said in a regulatory filing.

The consolidated revenue from operations during the quarter under review stood at Rs 4,164.21 crore as against Rs 3,629.05 crore in the year-ago period, it added.

Total expenses in the fourth quarter were higher at Rs 3,843.55 crore as compared to Rs 3,469.05 crore in the same period a year ago.

Bharat Forge dividend 

The Board of Directors at its meeting held on May 8, 2024, recommended a final dividend of Rs 6.50 per equity share of the face value of Rs 2 for the financial year ended March 31, 2024, subject to approval of shareholders at the ensuing annual general meeting, Bharat Forge said.

Bharat Forge share price: Past performance 

In a year, shares of Bharat Forge have given a return of 85 per cent against Nifty50's rise of over 22 per cent.

May 9 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.

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