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Dolat Capital Report
Bharat Forge Ltd.'s numbers were a mixed bag in Q2. Standalone margin remained stable at 24.3% (down 42 basis points QoQ) while consolidated margin slipped to 14% impacted by sharp fall in margin of overseas business due to increase in manufacturing cost in Europe.
We expect elevated energy cost and weaker geography mix will be key constraints for margin expansion in coming quarters.
Outlook is positive for India commercial vehicle and industrial business. However Bharat Forge's international Industrial business (oil and gas business mining and construction) business to be muted.
Although class 8 trucks FY23 outlook is stable due to order backlog but FY24 outlook is uncertain.
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