Bharat Forge - Quarter 4 results and Analyst Update
Posted on: 29/Jun/2020 6:40:46 PM
“The unprecedented events over the past few months and the subsequent lockdown has completely reversed the positive momentum we had started witnessing across some of our key verticals, especially in India. On the heels of robust growth over the past 3 years, a routine cyclical correction in CV markets in the US and Europe was forecasted for CY 2020. This was further accentuated with the COVID lockdowns from early March 2020. The full-year performance, especially H2 was impacted by the severe slump across sectors in India & globally as well. Despite the weak operating performance, we have continued to maintain a strong balance sheet which will further strengthen going forward.
All our facilities in India and globally have resumed operations in a phased manner since early May 2020, however, with utilization at sub-optimal levels. We continue to support our customer`s demand globally while also ensuring the safety and well-being of our employees.
FY21 has started on a difficult note with the lockdown impacting demand. Automotive production across Commercial & Passenger Vehicles Globally have been severely impacted. However, we expect the PV business to outperform underlying markets. We expect to see good demand traction in several industrial segments barring Oil & Gas sector. We are hopeful that sequentially things will start to improve from H2 FY21, as economies open up & stabilize. Although the current scenario is very different from what we have ever seen before, we are very confident that the company will come out from these difficult times stronger than before.
For Q4 FY 2019-20 Results Click Here
For FY20 Analyst Update Report Click Here
