Operating performance in line

Company
09 May 2024
5 Min read 
  • Bharat Forge 4QFY24 results update
  •  Downgrade to Neutral with TP of INR1,370
  •  Operating performance in line, positives appear fully priced in
  •  Losses in subsidiaries rise sequentially
  •  Management interaction highlights demand outlook, new orders, and overseas subsidiaries
  •  Defense expected to be key growth driver over FY24-26E
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