Buy Bharat Forge, target price Rs 970: Religare Broking

Religare Broking has buy call on Bharat Forge with a target price of Rs 970. The current market price of Bharat Forge is Rs 877.6. Religare Broking recommended to keep stop loss at Rs 830.

Bharat Forge, incorporated in the year 1961, is a Large Cap company (having a market cap of Rs 40811.17 Crore) operating in Auto Ancillaries sector.

Bharat Forge key Products/Revenue Segments include Steel Forgings, Scrap, Export Incentives, Job Work, Wind Mills for the year ending 31-Mar-2022.


Financials
For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 3122.27 Crore, up 8.26 % from last quarter Total Income of Rs 2884.04 Crore and up 28.81 % from last year same quarter Total Income of Rs 2423.90 Crore. Company has reported net profit after tax of Rs 141.81 Crore in latest quarter.

The company’s top management includes Mr.B N Kalyani, Mr.Dipak B Mane, Mr.Vimal R Bhandari, Mr.P H Ravikumar, Mrs.Lalita D Gupte, Mr.Pratap G Pawar, Mr.P C Bhalerao, Mr.Kishore M Saletore, Mr.S E Tandale, Mr.B P Kalyani, Mr.Amit B Kalyani, Mr.G K Agarwal, Mr.Murali G Sivaraman. Company has SRBC & Co LLP as its auditors. As on 31-12-2022, the company has a total of 47 Crore shares outstanding.

Investment Rationale
Consolidating in a narrow range around its record high. Likely to resume the up-trend soon.