External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li><span style="font-size: var(--content-font-size);">Domestic business sees strong growth momentum in key segments</span></li></ul><div><div><ul><li>New order wins to drive strong export growth - BHFC’s strong export momentum is likely to continue over FY22-24E, <span style="font-size: var(--content-font-size);">(1) strong demand in CV segment, both in the US and Europe, which would be visible in BHFC numbers as the chip shortage impact gradually wanes away in the coming quarters; (2) new order wins in PVs (management has guided for 30% growth in FY23E); (3) huge opportunities in renewable business globally in multiple sectors and stable demand from oil and gas segment.</span></li></ul><div><div><div><ul><li>Subsidiary business performance likely to improve further - Post the restructuring of overseas subsidiaries, its margin has improved to 10% in FY22, from 5% in FY21.</li></ul></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Domestic business sees strong growth momentum in key segmentsNew order wins to drive strong export growth - BHFC’s strong export momentum is likely to continue over FY22-24E, (1) strong demand in CV segment, both in the US and Europe, which would be visible in BHFC numbers as the chip shortage impact gradually wanes away in the coming quarters; (2) new order wins in PVs (management has guided for 30% growth in FY23E); (3) huge opportunities in renewable business globally in multiple sectors and stable demand from oil and gas segment.Subsidiary business performance likely to improve further - Post the restructuring of overseas subsidiaries, its margin has improved to 10% in FY22, from 5% in FY21.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharat Forge (Initiating Coverage): Multiple Growth Drivers in Place. BUY

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>Consequent PAT in Q1FY22 was at Rs 79.1 crore with a tax rate of 25.2% R&amp;D; and has made significant inroads in REP. Going ahead, a recovery in auto, upcoming e-market &amp; commencement of DFC should augur well for the company....</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Consequent PAT in Q1FY22 was at Rs 79.1 crore with a tax rate of 25.2% R&amp;D; and has made significant inroads in REP. Going ahead, a recovery in auto, upcoming e-market &amp; commencement of DFC should augur well for the company....Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SKF India: Industrials Keep Margins Buoyant

India

SKF India Ltd. manufactures a wide range of ball and roller bearings, such as deep groove, taper roller and other types.  Bearings are used by a number of industries, including the automotive, electrical, power generation, cement, steel, petrochemical and textile industries.

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SKF India Ltd (SKF IN)

Bharat Forge (Initiating Coverage): Multiple Growth Drivers in Place. BUY

BHFC’s recent stock underperformance has been attributed to: (1) concerns around slowdown in Europe and US amid geopolitical tensions

HDFC Securities

SKF India: Industrials Keep Margins Buoyant

Consequent PAT in Q1FY22 was at Rs 79.1 crore with a tax rate of 25.2% R&D; and has made significant inroads in REP. Going ahead, a recovery in...

ICICI Securities Limited

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