IN : Bharat Forge - Exports jump; new business offers hope

The 4Q standalone EPS more than doubled qoq to Rs4.4, substantially ahead of our (46%) and Bloomberg consensus estimates. Management guided for sustained strong export momentum and announced a new plant for defence & EV components. We raise FY22F-23F EPS by 6%/3%. We maintain our Hold rating as the rich P/E valuation undermines the capital-intensive business, compounded by related-party land acquisition concerns.

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