Slide 1: Bharat Forge Ltd Q2 FY24 Analyst Update
BHARAT FORGE LTD Q2 FY24 ANALYST UPDATE 1
Slide 2: Management Commentary: Q2 FY24 Performance
Management Commentary: Q2 FY24 Performance BFL 3 Month Report: “During the quarter, the company registered a strong performance across segments & geographies, with robust YoY growth of 20.7% in revenues and 29.3% in profitability. EBITDA margins at 27.4% expanded by 310 bps driven by operating lever
Slide 3: Standalone Financial Highlights Q2FY24
Standalone Financial Highlights Q2FY24 Revenue 22,494 21,273 18,639 • Revenues at Rs 22,494 million in Q2FY24 grew by 21% YoY driven by 21% growth in export and 21% growth in domestic revenue. Q2FY24 saw stellar performance on the exports front with PV exports growing 39% YoY. Growth in domestic rev
Slide 4: Review of India business
Review of India business Commercial Vehicles 2,603 2,734 Automotive Business: The CV business registered a 12% YoY growth in 2,428 H1FY24 outperforming the overall market. The sector’s long term trajectory is very promising driven by the government’s focus on Infrastructure spending and positive eco
Slide 5: Review of Export business
Review of Export business Commercial Vehicles Automotive Business: CV business continued to be marginally positive. North American Class 8 build rates, inventory levels and sales remain steady. 5,474 5,151 4,777 European CV sales remained stable as economic activity continued to recover gradually. O
Slide 6: Review of Export Revenue by Geography
Review of Export Revenue by Geography Rs. Million Particulars Q2 FY24 Q1 FY24 Q2 FY23 Americas 8,151 7,645 7,186 Europe 3,327 3,404 2,860 Asia 1,393 740 618 Total 12,871 11,789 10,664 6
Slide 7: Consolidated Financial Highlights Q2 FY24
Consolidated Financial Highlights Q2 FY24 Revenues 37,742 38,773 Rs. Million 30,763 Revenues have increased by 23% on a Particulars September 30, 2023 March 31, 2023 YoY basis driven by contribution from all businesses. Long Term Debt 21,750 24,436 Q2FY24 Q1FY24 Q2FY23 WC & Bill Discounting 49,001 4
Slide 8: Financials Annexures
z BHARAT FORGE | Financials Annexures
Slide 9: Standalone P&L Highlights Q2 FY24
Standalone P&L Highlights Q2 FY24 Rs. Million Standalone Financials Q2 FY24 Q1 FY24 QoQ Q1 FY23 YoY Shipment Tonnage 70,316 67,780 3.7% 61,149 15.0% Domestic Revenue 9,310 9,210 1.1% 7,723 20.5% Export Revenue 12,871 11,789 9.2% 10,664 20.7% Other Operating Income 313 274 252 Total Revenue 22,494 21
Slide 10: Standalone Financial Highlights Q2 FY24
Standalone Financial Highlights Q2 FY24 Rs. Million Particulars (Standalone) September 30, 2023 March 31, 2023 Long Term Debt 14,611 17,661 Working Capital & Bill Discounting 27,776 26,386 Equity 81,577 77,000 Cash 22,132 22,067 ROCE (Net of Cash) 19.9% 16.2% RONW 17.0% 13.6% D/E (Net) 0.25 0.29 Net
Slide 11: Consolidated Financial Reconciliation
Consolidated Financial Reconciliation Rs. Million Q2 FY2024 BFL + BFIL Overseas Subs Indian Subs Total Total Revenue 21,112 12,053 4,577 37,742 EBITDA 6,090 90 43 6,222 EBITDA % 28.8% 0.7% 0.9% 16.5% PBT 4,590 (1,156) (45) 3,389 Exchange Gain/(loss) (111) 76 29 (6) Exceptional Items (21) - - (21) PB
Slide 12: Overseas Subsidiary Financials – Q2 FY24
Overseas Subsidiary Financials – Q2 FY24 Rs. Million Overseas Mfg. Ops Jul – Sep 2023 Apr – Jun 2023 Jul – Sep 2022 Total Revenue 12,053 13,336 9,470 EBITDA 90 158 (341) EBITDA % 0.7% 1.2% (3.6)% PBT Before Ex Gain/(Loss) (1,156) (930) (1,157) EBITDA - European Operations 353 507 (141) EBITDA % 3.5%
Slide 13: Indian Subsidiary Financials
Indian Subsidiary Financials KSSL Jul – Sep 2023 Apr – Jun 2023 Jul – Sep 2022 Total Revenue 2,962 2,255 278 EBITDA 169 109 (21) EBITDA% 5.7% 4.8% - PBT Before Exchange Gain/(Loss) 311 241 (32) KPTL Jul – Sep 2023 Apr – Jun 2023 Jul – Sep 2022 Total Revenue 99 261 66 EBITDA (299) (345) (20) EBITDA%
Slide 14: Thank You
Thank You Rajhagopalan S Tel: +91 9860144866 Email: srajhagopalan@bharatforge.com Chinmay Chhatre Tel: +91 9930512932 Email: chinmay.chhatre@bharatforge.com 14