Pune-based leading forging firm, Bharat Forge Q3FY23 standalone revenue of Rs 1,950 crore +22% y-y was 1-3% was above our forecast and the Bloomberg consensus estimate. Ebitda margin at 25.3% was impacted by -40 bp q-q decline in raw material (RM)/sales at 44.1%. Overseas subs Ebitda margin remained weak at -5.8%. Management commentary: Our view: […]
Energy segment of of Reliance Industries (RIL) performed well in Q4FY23, exceeding market expectations for Ebitda by about 5%. This was primarily due to the recovery of chemical margins, a decline in gas costs, and an increase in refining margins. The store expansion was key to growth in retail and Ebitda was in-line. Profit beat […]
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