Bharat Forge Ltd

Bharat Forge Ltd

₹ 1,181 0.88%
16 Apr - close price
About

Bharat Forge is engaged in the manufacturing and selling of forged and machined Compoundant for auto and industry sector.(Source : 201903 Annual Report Page No: 123)

Key Points

Part of Kalyani Group
Bharat Forge Ltd (BFL) belongs to the Kalyani Group which has an annual turnover of more than USD 3 Billion. Apart from the forging Industry, the group has their presence in Engineering Steel, Automotive, Industrial, Renewable Energy, Urban Infrastructure and Specialty Chemicals and the group maintains several leading positions in various business segments. [1]

  • Market Cap 54,970 Cr.
  • Current Price 1,181
  • High / Low 1,330 / 748
  • Stock P/E 66.2
  • Book Value 151
  • Dividend Yield 0.59 %
  • ROCE 7.70 %
  • ROE 6.88 %
  • Face Value 2.00

Pros

Cons

  • Stock is trading at 7.84 times its book value
  • Company has a low return on equity of 8.93% over last 3 years.
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 6.04% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,723 2,083 2,108 2,386 2,395 3,573 2,851 3,076 3,353 3,629 3,877 3,774 3,866
1,443 1,682 1,667 1,886 1,895 3,030 2,426 2,645 2,914 3,191 3,282 3,153 3,169
Operating Profit 280 401 441 499 499 543 425 432 439 438 595 621 698
OPM % 16% 19% 21% 21% 21% 15% 15% 14% 13% 12% 15% 16% 18%
-261 52 -21 38 201 70 30 44 37 17 67 51 58
Interest 34 23 50 23 24 63 40 53 109 97 114 124 137
Depreciation 161 161 167 174 176 214 181 188 186 181 206 211 224
Profit before tax -176 269 203 341 500 337 235 235 181 177 341 337 395
Tax % -20% 21% 25% 21% 16% 31% 32% 40% 56% 28% 37% 36% 36%
-210 212 153 270 422 232 160 142 79 128 214 215 254
EPS in Rs -4.49 4.48 3.30 5.82 9.05 5.06 3.53 3.13 1.77 2.91 4.80 4.88 5.68
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
6,279 5,167 6,704 7,622 6,809 6,396 8,358 10,146 8,056 6,336 10,461 12,910 15,147
5,282 4,419 5,783 6,232 5,397 5,276 6,635 8,098 6,984 5,504 8,478 11,174 12,794
Operating Profit 997 748 921 1,390 1,413 1,121 1,723 2,048 1,072 832 1,983 1,737 2,353
OPM % 16% 14% 14% 18% 21% 18% 21% 20% 13% 13% 19% 13% 16%
91 94 298 226 148 391 46 199 109 -138 288 124 192
Interest 186 167 169 136 116 100 107 127 171 108 160 299 473
Depreciation 302 320 357 362 453 452 467 521 548 612 730 736 822
Profit before tax 600 355 693 1,118 992 960 1,196 1,599 462 -25 1,381 827 1,250
Tax % 30% 43% 30% 32% 32% 26% 37% 35% 24% -399% 22% 39%
420 202 482 760 675 711 754 1,033 349 -127 1,077 508 811
EPS in Rs 8.87 5.32 10.71 16.38 14.57 15.13 16.38 22.17 7.51 -2.71 23.23 11.35 18.27
Dividend Payout % 23% 32% 21% 23% 26% 25% 27% 23% 47% -74% 30% 62%
Compounded Sales Growth
10 Years: 10%
5 Years: 9%
3 Years: 17%
TTM: 18%
Compounded Profit Growth
10 Years: 6%
5 Years: -11%
3 Years: 7%
TTM: 33%
Stock Price CAGR
10 Years: 19%
5 Years: 19%
3 Years: 26%
1 Year: 50%
Return on Equity
10 Years: 14%
5 Years: 11%
3 Years: 9%
Last Year: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 47 47 47 47 47 47 93 93 93 93 93 93 93
Reserves 2,137 2,210 2,637 3,398 3,367 4,070 4,557 5,282 5,125 5,321 6,476 6,611 6,919
2,761 2,784 2,561 2,546 3,375 3,124 3,257 4,029 4,469 5,271 5,972 7,313 7,504
2,390 2,554 2,290 2,245 1,504 1,600 2,069 2,174 1,795 2,403 2,951 4,217 4,463
Total Liabilities 7,334 7,595 7,534 8,236 8,292 8,841 9,977 11,578 11,482 13,088 15,492 18,235 18,979
2,653 2,910 2,534 2,629 3,134 3,277 3,500 3,625 4,002 4,750 4,870 6,161 6,239
CWIP 517 632 583 870 409 453 344 831 1,143 900 1,125 701 716
Investments 445 416 801 496 886 1,192 1,501 1,524 1,618 2,607 2,604 2,569 2,368
3,720 3,636 3,617 4,242 3,863 3,919 4,632 5,599 4,720 4,831 6,893 8,804 9,657
Total Assets 7,334 7,595 7,534 8,236 8,292 8,841 9,977 11,578 11,482 13,088 15,492 18,235 18,979

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
686 735 716 1,035 1,356 1,052 967 911 1,522 1,020 506 1,294
-1,034 -232 -244 -467 -888 -737 -722 -1,196 -1,114 -1,511 -690 -1,666
462 -330 -640 -360 -448 -401 -314 368 -381 578 310 280
Net Cash Flow 115 173 -168 208 19 -86 -69 83 26 87 126 -91

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 47 56 47 41 75 77 85 77 68 81 75 87
Inventory Days 137 188 154 131 142 161 151 160 177 249 235 191
Days Payable 148 153 157 144 119 127 148 118 105 167 141 132
Cash Conversion Cycle 37 91 45 28 98 111 88 119 140 163 169 147
Working Capital Days 18 18 22 58 81 64 75 90 77 114 112 107
ROCE % 17% 11% 15% 21% 17% 13% 18% 20% 7% 3% 11% 8%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
46.25% 45.25% 45.25% 45.25% 45.25% 45.25% 45.26% 45.26% 45.26% 45.26% 45.26% 45.26%
24.94% 25.30% 25.10% 23.36% 19.80% 18.82% 19.30% 17.88% 16.17% 15.79% 16.28% 16.60%
12.17% 12.13% 15.67% 20.02% 23.55% 24.33% 24.55% 26.09% 27.70% 28.61% 27.95% 27.74%
0.28% 0.16% 0.16% 0.16% 0.16% 0.16% 0.16% 0.18% 0.18% 0.18% 0.18% 0.18%
16.36% 17.16% 13.81% 11.20% 11.23% 11.44% 10.72% 10.60% 10.70% 10.17% 10.35% 10.22%
No. of Shareholders 1,44,2971,36,9441,41,3461,51,0591,53,7181,56,4451,58,8451,55,7341,62,1051,56,6861,69,9541,79,683

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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