Buy Bharat Forge, target price Rs 850:  Motilal Oswal

Buy Bharat Forge, target price Rs 850: Motilal Oswal

Motilal Oswal has buy call on with a target price of Rs 850. The current market price of Bharat Forge Ltd. is Rs 771.85. Time period given by analyst is one year when Bharat Forge price can reach defined target.

Bharat Forge Ltd., incorporated in the year 1961, is a Large Cap company (having a market cap of Rs 35424.31 Crore) operating in Auto Ancillaries sector.

For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 2135.23 Crore, up 21.24 % from last quarter Total Income of Rs 1761.11 Crore and up 18.91 % from last year same quarter Total Income of Rs 1795.60 Crore. Company reported net profit after tax of Rs 236.65 Crore in latest quarter.

Investment Rationale
The brokerage raises consolidated EPS by 17%/18% for FY22E/FY23E, driven by revenue upgrades due to a strong cyclical recovery. The brokerage maintains Buy rating with a TP of INR850/share (28x Mar’23E EPS).

Promoter/FII Holdings
Promoters held 45.8 per cent stake in the company as of March 31, 2021, while FIIs held 24.9 per cent, DIIs 12.5 per cent and public and others 16.9 per cent.

(Views and recommendations given in this section are the analysts’ own and do not represent those of Please consult your financial adviser before taking any position in the stock/s mentioned.)

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