Prabhudas Lilladher Recommends Buying Bharat Forge with a Target Price of Rs 1170

Prabhudas Lilladher has issued a buy call on Bharat Forge Ltd., setting a target price of Rs 1170. As of the latest market data, Bharat Forge Ltd.’s current market price stands at Rs 1096.3.

Bharat Forge Ltd., a key player in the Auto Ancillaries sector, was incorporated in the year 1961. With a market capitalization of Rs 50,898.15 Crore, it operates as a Large Cap company.

Bharat Forge Ltd.’s key Products/Revenue Segments include Steel Forgings, Scrap, Export Incentives, Job Work, and Wind Mills, as per the financial year ending on March 31, 2022.

In the financial quarter ending on June 30, 2023, Bharat Forge reported a Consolidated Total Income of Rs 3941.42 Crore. This figure represents an increase of 6.90% compared to the Total Income of Rs 3686.85 Crore in the previous quarter and a significant rise of 36.66% compared to the Total Income of Rs 2884.04 Crore during the same quarter of the previous year. Moreover, the company achieved a net profit after tax amounting to Rs 211.19 Crore during the latest quarter.

Promoters continue to have a significant stake in Bharat Forge, holding 45.25% of the company as of June 30, 2023. Furthermore, FIIs (Foreign Institutional Investors) have an ownership of 15.79%, while DIIs (Domestic Institutional Investors) own 28.31%.

This recommendation by Prabhudas Lilladher reflects its positive outlook on Bharat Forge, indicating potential growth opportunities for investors in the company’s stock.

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