BHARATFORGNSEQ3 FY25February 12, 2025

Bharat Forge Limited

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Key numbers — 40 extracted
Rs 3,476 Crore
ommentary: Q3 FY25 Performance BFL 3 Month Report: “The company reported a consolidated revenue of Rs 3,476 Crore and EBITDA of Rs 638 Crore, a degrowth of 10% and 5% respectively. The primary factor for decline
Rs 638 Crore
e BFL 3 Month Report: “The company reported a consolidated revenue of Rs 3,476 Crore and EBITDA of Rs 638 Crore, a degrowth of 10% and 5% respectively. The primary factor for decline in performance is the anaem
10%
company reported a consolidated revenue of Rs 3,476 Crore and EBITDA of Rs 638 Crore, a degrowth of 10% and 5% respectively. The primary factor for decline in performance is the anaemic economic conditi
5%
reported a consolidated revenue of Rs 3,476 Crore and EBITDA of Rs 638 Crore, a degrowth of 10% and 5% respectively. The primary factor for decline in performance is the anaemic economic condition in E
Rs 830 Crore
mpacted the performance of the company in the quarter. Bharat Forge group secured new orders worth Rs 830 Crores across various business verticals in Q3FY25. BFL group’s defence business posted revenue of Rs 33
Rs 337 Crore
Crores across various business verticals in Q3FY25. BFL group’s defence business posted revenue of Rs 337 Crore in Q3. With order wins of Rs 97 Crores in Q3, the executable order book as of December 31st stands
Rs 97 Crore
s in Q3FY25. BFL group’s defence business posted revenue of Rs 337 Crore in Q3. With order wins of Rs 97 Crores in Q3, the executable order book as of December 31st stands at Rs 5,706 Crores. For the Aerospac
Rs 5,706 Crore
Q3. With order wins of Rs 97 Crores in Q3, the executable order book as of December 31st stands at Rs 5,706 Crores. For the Aerospace business, we have approved an investment for setting up a dedicated state of t
20%
years. JS Auto continued registering strong performance during the quarter with revenue growing by 20% to Rs 166 Crore and EBITDA growth of 24% at Rs 23 Crores as compared to Q3 FY24. During 9M FY25, J
Rs 166 Crore
JS Auto continued registering strong performance during the quarter with revenue growing by 20% to Rs 166 Crore and EBITDA growth of 24% at Rs 23 Crores as compared to Q3 FY24. During 9M FY25, JSA won orders wo
24%
ong performance during the quarter with revenue growing by 20% to Rs 166 Crore and EBITDA growth of 24% at Rs 23 Crores as compared to Q3 FY24. During 9M FY25, JSA won orders worth Rs 183 crores benefit
Rs 23 Crore
formance during the quarter with revenue growing by 20% to Rs 166 Crore and EBITDA growth of 24% at Rs 23 Crores as compared to Q3 FY24. During 9M FY25, JSA won orders worth Rs 183 crores benefiting from the po
Guidance — 20 items
Sub.
opening
“Phone : + 91 20 6704 2476 / 6704 2850 (Secretarial) Fax : 020 2682 2163 Email : secretarial@bharatforge.com Website : www.bharatforge.com Q3 FY25 ANALYST UPDATE Inspiring Innovation.”
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“Automotive | Renewable Energy | Oil & Gas | Defence | Aerospace | Marine | Construction & Mining | Rail Management Commentary: Q3 FY25 Performance BFL 3 Month Report: “The company reported a consolidated revenue of Rs 3,476 Crore and EBITDA of Rs 638 Crore, a degrowth of 10% and 5% respectively.”
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“We expect the aerospace business to witness strong growth over the coming 3 - 4 years.”
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“During 9M FY25, JSA won orders worth Rs 183 crores benefiting from the positive momentum built around Indian manufacturing.”
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“We expect this business to surpass the Rs 1,000 Crs revenue milestone in the next 2-3 years.”
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“Looking ahead into Q4 FY25 & FY26, we expect the consolidated performance to be stable, as pockets of strength emerge from the newer businesses to offset the slowdown in the automotive sector globally.”
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“Q3 FY25 Q2 FY25 Q3 FY24 • Lower sales of defence products on QoQ & YoY basis.”
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“EBITDA 5,893 6,477 6,452 Q3 FY25 Q2 FY25 Q3 FY24 PBT before Ex.”
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“Gain/ Loss 4,530 5,107 4,865 Q3 FY25 Q2 FY25 Q3 FY24 Despite a lower topline, EBITDA margin at 28.1% was sustained due to a favorable product mix in Q3FY25.”
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“Operational performance weighed in as PBT before Exchange gain/ (loss) came in at Rs 4,530 million in Q3 FY25,down 11.3% compared to the previous quarter.”
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Risks & concerns — 6 flagged
The primary factor for decline in performance is the anaemic economic condition in EU which impacted the performance of the European operations and exports into Europe.
— Sub.
Looking ahead into Q4 FY25 & FY26, we expect the consolidated performance to be stable, as pockets of strength emerge from the newer businesses to offset the slowdown in the automotive sector globally.
— Sub.
Kalyani, Chairman & Managing Director Standalone Financial Highlights Q3FY25 Rs Million Revenue 20,960 22,467 22,634 Revenues at Rs 20,959 million in Q3FY25 were lower on account of two key factors • Weak demand conditions in EU impacting exports.
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The decline on sequential & annual basis is primarily a function of lower defence sales during the quarter.
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Million Particulars Q3FY25 Q2FY25 Q3FY24 Americas Europe Asia Total 8,540 2,333 637 11,510 8,555 2,651 543 11,749 8,076 2,820 1,238 12,135 Consolidated Financial Highlights – Q3FY25 Revenues 34,756 36,885 38,664 Q3FY25 Q2FY25 Q3FY24 10% decline in revenues primarily driven by weakness in the European markets.
— Industrials Business
EBITDA 6,895 6,378 6,727 EBITDA margins have improved by 100 bps YoY driven by improvement in performance of Indian entities Q3FY25 Q2FY25 Q3FY24 PBT before Forex & Exceptional item 3,522 4,030 3,683 Q3FY25 Q2FY25 Q3FY24 PBT decline of ~4% YoY is primarily on account of losses in the overseas business.
— Industrials Business
Speaking time
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Industrials Business
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Opening remarks
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Earnings Update for Q3 of FY 2024-25 Dear Sir / Madam, With reference to the captioned subject, please find enclosed herewith Earnings Update issued by the Company for Q3 for FY 2024-25. Please take note of the same. Thanking you, Yours faithfully, For Bharat Forge Limited Tejaswini Chaudhari Company Secretary & Compliance Officer Membership No.: A18907 CIN L25209PN1961PLC012046 BHARAT FORGE LIMITED, MUNDHWA, PUNE 411 036, MAHARASHTRA, INDIA. Phone : + 91 20 6704 2476 / 6704 2850 (Secretarial) Fax : 020 2682 2163 Email : secretarial@bharatforge.com Website : www.bharatforge.com Q3 FY25 ANALYST UPDATE Inspiring Innovation. Worldwide. Automotive | Renewable Energy | Oil & Gas | Defence | Aerospace | Marine | Construction & Mining | Rail Management Commentary: Q3 FY25 Performance BFL 3 Month Report: “The company reported a consolidated revenue of Rs 3,476 Crore and EBITDA of Rs 638 Crore, a degrowth of 10% and 5% respectively. The primary factor for decline in performance is the anaemic e
Industrials Business
diversification strategy. The sanguine YoY performance was across-the-board with all verticals registering growth. Aerospace is a sector which should finally see strong traction in the coming few years. continued to benefit 5 Export Break up by Geography Rs. Million Particulars Q3FY25 Q2FY25 Q3FY24 Americas Europe Asia Total 8,540 2,333 637 11,510 8,555 2,651 543 11,749 8,076 2,820 1,238 12,135 Consolidated Financial Highlights – Q3FY25 Revenues 34,756 36,885 38,664 Q3FY25 Q2FY25 Q3FY24 10% decline in revenues primarily driven by weakness in the European markets. EBITDA 6,895 6,378 6,727 EBITDA margins have improved by 100 bps YoY driven by improvement in performance of Indian entities Q3FY25 Q2FY25 Q3FY24 PBT before Forex & Exceptional item 3,522 4,030 3,683 Q3FY25 Q2FY25 Q3FY24 PBT decline of ~4% YoY is primarily on account of losses in the overseas business. Particulars December 31, 2024 March 31, 2024 Rs. Million Long Term Debt WC & Bill Discounting Equity Cash D/E D/E (Net) RoCE (
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