MM Forgings - Strong CV Growth In U.S., Europe The Key Growth Drivers: HDFC Securities Initiates Coverage

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .HDFC Securities Retail Equities.MM Forgings Ltd. is the third largest forging company in India with a significant share of forging products for the commercial vehicle segment in both the domestic and the export markets. The company has been increasing its capacity which is slated to increase to 130,000 tonnes by the end of FY23. It is focusing more on electric vehicle products and adding machined products to its portfolio driving higher margins. Medium and heavy commercial vehicle demand had remained muted for the past few years due to the global slowdown and the Covid pandemic. FY22 witnessed a revival in M&HCV sales and the momentum is expected to continue in FY23 as well driven by the huge capex envisaged by the Government for National infrastructure pipeline, improving economic demand and implementation of scrappage policy. Diversification in other high margin products for EV and consolidating its position for crankshafts would aid in margin expansion for MM Forgings. Exports have also remained strong despite increasing interest rates in North America and Europe..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

MM Forgings - Strong CV Growth In U.S., Europe The Key Growth Drivers: HDFC Securities Initiates Coverage

Exports have also remained strong despite increasing interest rates in North America and Europe.

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