CLSA downgrades Bharat Forge to underperform

CLSA has cited risk of a slowdown in revenue growth due to cyclical nature of commercial vehicle market in India, Europe and the US.

FP Archives|Dec 20, 2014, 04:26:17 IST

CLSA has downgraded Bharat Forge to " underperform" from "buy" and has reduced its target price to Rs 280 from Rs 375 citing risk of a slowdown in revenue growth due to cyclical nature of commercial vehicle market in India, Europe and the US.

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"We have downgraded our estimates for the overseas businesses, expecting a breakeven performance for FY12 but a loss for FY13 as the European businesses struggle," CLSA said in its note.

Earnings per share for FY12-13 has been cut 13-26 percent to reflect a cautious outlook for the overseas subsidiaries and the standalone business, CLSA added.

Bharat Forge, the world's second-largest forgings maker, reported a 64 percent rise in net proift to Rs 97.4 crore for the April to June period from Rs 59.4 crore in the year-ago period.

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