Q4 2024 Bharat Forge Ltd Earnings Call Transcript
Key Points
- Bharat Forge Ltd (BOM:500493) reported a 17% year-over-year revenue growth for Q4, reaching INR2,329 crores.
- Standalone EBITDA for the quarter increased by 25% to INR654 crores, with a margin of 28.1%.
- The company achieved record annual revenue of INR8,969 crores for FY24, with an EBITDA margin of 27.5%, a 200 basis points expansion.
- The defense business has shown significant growth, with 80% of its revenue coming from exports.
- The balance sheet remains robust, with surplus funds net of long-term loans at about INR800 crores and ROC net of cash at 20%.
- US operations posted a loss of INR34 crores in Q4 due to one-off costs, impacting overall performance.
- The European aluminum business, although stabilizing, is still working on securing price increases from customers.
- CapEx for FY24 was substantial, with INR800 crores for India operations and $60 million for overseas subsidiaries, indicating high capital expenditure.
- The oil and gas segment of the industrial business is experiencing specific weaknesses, affecting overall performance.
- The transition of the defense business to the 100% owned subsidiary KSSL may impact standalone earnings during the transition period.
Ladies and gentlemen, good day, and welcome to Bharat Forge Q4 and FY24 earnings conference. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Amit Kalyani, Joint Managing Director Bharat Forge Limited. Over to you sir.
Good afternoon, ladies and gentlemen. This is Amit Kalyani. I have with us our team from Finance, Investor Relations and Global business. I will hand over to our CFO, Kedra to give you an introduction and then I will start.
Good afternoon, ladies and gentlemen, and welcome to Bharat Forge conference call.
We had a strong performance in the quarter with revenues of INR2,329 crores, depicting a growth of about 17% compared to last year same quarter. Standalone EBITDA for the quarter driven by 25% to INR654 crore, translating into margin of 28.1%. PBT and PAT also grew by 48% and 59%,
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