New Delhi: Financial services company Geojit Financial Services has given a 'buy' call for Bharat Forge shares with a target price of Rs785 per share. It sees an upside of 15 per cent over the next 12 months horizon. At the time of this report was filed, the shares of the company traded at Rs 699. Bharath Forge shares on Tuesday closed Rs21.75 or 3.17 per cent higher at Rs706.85 on BSE.
A leading player in the forging industry, Bharat Forge is serving in several sectors including automobile, power, oil and gas, rail and marine, aerospace and defence, construction, and mining.
The company's revenue during Q4FY22 grew by 49.2 per cent quarter on quarter on the back of sharp recovery in domestic and export markets and pass through of steel price inflation, the financial services company said in a report.
However, on a consolidated basis, the margin contracted by 490 basis points due to lower utilisation owing to supply chain and increase in raw material costs.
The demand for the automobile segment remains robust for both domestic and export markets.
