Defence business to drive growth for auto component major Bharat Forge

The company had won a new export order of Rs 280 crore in the quarter taking its total order book to Rs 2,300 crore

Since its results for the first quarter of the 2023-24 financial year (Q1FY24) earlier this month, the stock of auto component major Bharat Forge is up nearly 15 per cent and hit its all-time high in the process. The recent gains have extended th returns over the last three months to over 34 per cent. After a strong Q1 performance which beat expectations, brokerages had revised their earnings estimates upwards to factor in the improved outlook. 

The company recently announced that Kalyani Strategic Systems, its wholly owned defence subsidiary, won two export orders worth Rs 850 crore for supply of