Bharat Forge shares fall after Q2 prints. Should you buy this auto stock?
- In Q2FY23, in terms of profitability, Bharat Forge posted a 13.99% drop in standalone net profit to ₹268.12 crore compared to a PAT of ₹311.76 crore in the same period a year ago. EBITDA margins were at 24.3% -- declining from 26.1% in Q1FY23.
Bharat Forge erased early gains and dropped by nearly 5% after the company disappointed streets in terms of margins for the quarter ending September 30, 2022 (Q2FY23) period. In the second quarter, Bharat Forge's profitability dipped on a year-on-year basis, however, revenue was in line with estimates. Also, the company's long-term debt increased in Q2. However, analysts are optimistic about Bharat Forge on a long-term basis due to the company's initiatives towards diversifying into other businesses.
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