Buy Bharat Forge, target price Rs 980: IIFL

IIFL has buy call on Bharat Forge with a target price of Rs 980. The current market price of Bharat Forge Ltd. is Rs 806.55.

Bharat Forge Ltd., incorporated in the year 1961, is a Large Cap company (having a market cap of Rs 37556.71 Crore) operating in Auto Ancillaries sector.

Bharat Forge Ltd. 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 30-06-2022, the company reported a Consolidated Total Income of Rs 2884.04 Crore, down -21.12 % from last quarter Total Income of Rs 3656.05 Crore and up 34.24 % from last year same quarter Total Income of Rs 2148.39 Crore. Company reported net profit after tax of Rs 162.84 Crore in latest quarter.

Investment Rationale
The stock has given a consolidation breakout.

Promoter/FII Holdings
Promoters held 45.25 per cent stake in the company as of 30-Jun-2022, while FIIs owned 18.82 per cent, DIIs 24.33 per cent.