{"id":129602,"date":"2022-05-18T09:26:33","date_gmt":"2022-05-18T13:26:33","guid":{"rendered":"https:\/\/44.250.171.167\/?p=129602"},"modified":"2022-05-18T09:26:38","modified_gmt":"2022-05-18T13:26:38","slug":"bharat-forge-ltd-bharatforg-q4-fy22-earnings-concall-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/bharat-forge-ltd-bharatforg-q4-fy22-earnings-concall-transcript\/","title":{"rendered":"Bharat Forge Ltd. (BHARATFORG) Q4 FY22 Earnings Concall Transcript"},"content":{"rendered":"

Bharat Forge Ltd. (NSE: BHARATFORG<\/a>) Q4 FY22 Earnings Concall dated May 16, 2022<\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Subodh Tandale<\/strong>\u00a0—\u00a0Head Sales & Business Development<\/em><\/p>\n

Analysts:<\/h2>\n

Binay Singh<\/strong>\u00a0—\u00a0Morgan Stanley — Analyst<\/em><\/p>\n

Kapil Singh<\/strong>\u00a0—\u00a0Nomura — Analyst\u00a0<\/em><\/p>\n

Puneet Gulati<\/strong>\u00a0—\u00a0HSBC — Analyst<\/em><\/p>\n

Amyn Pirani<\/strong>\u00a0—\u00a0JPMorgan — Analyst<\/em><\/p>\n

Ronak Sarda<\/strong>\u00a0—\u00a0Systematix — Analyst<\/em><\/p>\n

Basudeb Banerjee<\/strong>\u00a0—\u00a0ICICI Securities — Analyst<\/em><\/p>\n

Pramod Amthe<\/strong>\u00a0—\u00a0InCred Capital — Analyst<\/em><\/p>\n

Raghunandhan NL<\/strong>\u00a0—\u00a0Emkay Global — Analyst<\/em><\/p>\n

Pramod Kumar<\/strong>\u00a0—\u00a0UBS — Analyst<\/em><\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

Mumuksh Mandlesha<\/strong>\u00a0—\u00a0Emkay Global — Analyst<\/em><\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal — Analyst<\/em><\/p>\n

Gunjan Prithyani<\/strong>\u00a0—\u00a0Bank of America — Analyst<\/em><\/p>\n

Aniket Mhatre<\/strong>\u00a0—\u00a0HDFC Securities — Analyst\u00a0<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen. Good day and welcome to Bharat Forge Q4 FY ’22 Earnings Conference Call. [Operator Instructions]<\/p>\n

I now hand the conference over to Mr. Amit Kalyani. Thank you, and over to you, sir.<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Good afternoon, ladies and gentlemen, and thank you for joining our Q4 and full year analyst call. As usual, I’ll take you through a short commentary and then open up for Q&A. We have — I have with us members of our Finance, Investor Relations and management teams.<\/p>\n

So just to sum up the year, I think we had a strong finish to the year. At a standalone level we witnessed about 71% growth in revenues, more than doubling of EBITDA and a 3x jump in PBT. EBITDA margins at 27% despite the inflationary pressures across all cost elements. We have a strong balance sheet with a net debt equity of 0.2, we’ve won over INR1,000 crores of new orders for Bharat Forge India, this is both for Indian and domestic — domestic and export markets. We have also won over $150 million of orders for steel and aluminum forgings for U.S. operations, which will be made and supplied in the U.S. to U.S. customers. I’m happy to note and report that we have won our first order for power electronics for automotive application from our EV division and also aluminum — high pressure aluminum die-cast parts from prestigious OEMs. We’ve had a 20% EBITDA margin at a consolidated level, we’ve crossed about INR10,000 crore revenue and our artillery gun has completed all trials by the users and passed with flying colors.<\/p>\n

Just to look at the three months of the year, we ended again by growing our top line by about 28% to INR1,675 crores, driven by a pickup in both domestic and export markets. EBITDA margin at 25.7% are optically depressed due to the pass-through effect of the steel price increase. If that were not there, this would be about 27%. PBT for the quarter was INR352 crores, a growth of 40% over quarter four of ’21.<\/p>\n

As I was just to say at a consolidated level, we expect in 2022 to be a stronger year driven both by top line growth and strong cash flow, wrapping up of our U.S. operations, growth in our aluminum operations in Germany, and significant growth starting to kick in for our industrial recovery [Phonetic].<\/p>\n

So, I will now be happy to take your questions and answers.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much sir. [Operator Instructions] The first question is from the line of Binay Singh from Morgan Stanley. Please go ahead.<\/p>\n

Binay Singh<\/strong>\u00a0—\u00a0Morgan Stanley — Analyst<\/em><\/p>\n

Okay. Hi team. Thanks for the opportunity. My first question is on the order book. In the December quarter we had called out that the EV order book is around $50 million. So, this order that we are talking about, on the power electronics side is over and above that, so this is something you’ve got in the March quarter, is that correct understanding? And if so, what is the EV order book now, out of the…<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

This is an increase, because this is something which we had done a product development and supplied to the customer for testing and trial, and this has now been approved and it will go into finished product.<\/p>\n

Binay Singh<\/strong>\u00a0—\u00a0Morgan Stanley — Analyst<\/em><\/p>\n

Okay. So within the INR1,000 crore, what will be the EV order book now?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Sorry?<\/p>\n

Binay Singh<\/strong>\u00a0—\u00a0Morgan Stanley — Analyst<\/em><\/p>\n

Within the INR1,000 crore number that we’ve given, what will be the EV percentage for the order book?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

I would say probably about 50%. 50% out of this INR1,000 crore, India and all of the German orders are — out of the orders in the U.S. for aluminum, 80% of those are EV and hybrids.<\/p>\n

Binay Singh<\/strong>\u00a0—\u00a0Morgan Stanley — Analyst<\/em><\/p>\n

Right. Those are, I guess, the casting parts that are going into EV cars.<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Yes, no for the other quarter. Our total EV order book would be well in excess of, I would say INR1500 crores, between forging, casting and other parts. Between Germany, U.S. and India.<\/p>\n

Binay Singh<\/strong>\u00a0—\u00a0Morgan Stanley — Analyst<\/em><\/p>\n

And what sort of execution timeline should we look at like over — will it be executed over one year or over two years?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

So this will ramp up this year, and it will be running at full volume. These orders will be running at full volume in ’24-’25. But by then we anticipate significant more orders.<\/p>\n

Binay Singh<\/strong>\u00a0—\u00a0Morgan Stanley — Analyst<\/em><\/p>\n

Okay. That’s good to know. And just lastly on inflation, in the last call, we had specifically called out inflationary [Technical Issues].<\/p>\n

Operator<\/strong><\/p>\n

Sir, sorry to interrupt, there seems to be some disturbance in your line.<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Sorry, I couldn’t hear at all. Hello?<\/p>\n

Operator<\/strong><\/p>\n

It seems like we lost the connection for the current participant. We move to the next question from the line of Kapil Singh from Nomura. Please go ahead.<\/p>\n

Kapil Singh<\/strong>\u00a0—\u00a0Nomura — Analyst<\/em><\/p>\n

Yeah, good afternoon sir. First thing I wanted to check, what is the total order book that we have? This INR1,000 crores is per annum kind of orders that we have fund [Phonetic]?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

When it’s fully ramped up, it will be INR1,000 crores, yes.<\/p>\n

Binay Singh<\/strong>\u00a0—\u00a0Morgan Stanley — Analyst<\/em><\/p>\n

INR1,000 crores per annum, right? So I wanted to check, what is the — because you have orders from last year or maybe periods before that also, which are yet to go into production. I just wanted to check, what is the order book, which is yet to go into production?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

I would say more than INR1,000 crores for sure. It would be closer to about INR1,400 crores, INR1,500 crores.<\/p>\n

Binay Singh<\/strong>\u00a0—\u00a0Morgan Stanley — Analyst<\/em><\/p>\n

Sir, this INR1,500 crores — roughly around INR1,500 crores will be for the Indian operations, right?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Yes. And that is the overall automotive side.<\/p>\n

Binay Singh<\/strong>\u00a0—\u00a0Morgan Stanley — Analyst<\/em><\/p>\n

And for the overseas operation?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Overseas, as we have mentioned, right now it is $150 million in in the U.S.<\/p>\n

Binay Singh<\/strong>\u00a0—\u00a0Morgan Stanley — Analyst<\/em><\/p>\n

Okay. Got it. And sir, could you repeat, how much is the EV order book out of this INR1,000 crore that is…<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

INR500 crores, and additionally, what we have in the U.S. and Germany.<\/p>\n

Binay Singh<\/strong>\u00a0—\u00a0Morgan Stanley — Analyst<\/em><\/p>\n

And sir, this INR500 crores is in which segment? Just asking?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

…Break it down, but it’s in the automotive segment, automotive electronics — automotive EV.<\/p>\n

Binay Singh<\/strong>\u00a0—\u00a0Morgan Stanley — Analyst<\/em><\/p>\n

No I meant these are like structural parts or…<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

This is a variety of component, that goes across forgings castings power and control, electronics, etc.<\/p>\n

Binay Singh<\/strong>\u00a0—\u00a0Morgan Stanley — Analyst<\/em><\/p>\n

Okay. And sir, we also announced this maintained [Phonetic] order for DC-DC converters from Indian OEMs. This is which product category?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

This is the powertrain [Phonetic].<\/p>\n

Binay Singh<\/strong>\u00a0—\u00a0Morgan Stanley — Analyst<\/em><\/p>\n

No I mean, the — the final product, is it a similar, what kind of product is it?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

It’s a truck and bus application, commercial vehicle.<\/p>\n

Binay Singh<\/strong>\u00a0—\u00a0Morgan Stanley — Analyst<\/em><\/p>\n

Okay, understood. And secondly, could you also share the outlook for various markets in terms of market size, particularly the global markets, what do we see in terms of industry size for U.S. Class 8 and also for Europe market for next one to three years? How much production loss are the OEMs having right now, some color on that also too?<\/p>\n

Subodh Tandale<\/strong>\u00a0—\u00a0Head Sales & Business Development<\/em><\/p>\n

So, the US and European commercial vehicle market. We see them at least as of now fairly robust for this year and next year. That is the forecast. The order backlogs are quite healthy right now. So most of these guys have slots booked for the next 12 to 15 months as well. So as of today, all of this is fairly robust.<\/p>\n

As far as the supply chain disruption is concerned, I would say that’s normal supply chain disruptions. There is nothing that is a very significant showstopper right now. There is a lot of volatility and there is a lot of, let me say disruptions, if you will, but they are able to manage and that is still supporting the production outlook.<\/p>\n

Binay Singh<\/strong>\u00a0—\u00a0Morgan Stanley — Analyst<\/em><\/p>\n

Do they require to raise our production significantly from current numbers? It’s around 25,000 for example [Indecipherable] do we need to go much higher than that, or current levels with that we should expect the same?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

They have maintained production at a stable level. So they have not — it’s fairly stable. You can call that.<\/p>\n

Binay Singh<\/strong>\u00a0—\u00a0Morgan Stanley — Analyst<\/em><\/p>\n

Okay, sir. I’ll come back in the queue. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Puneet from HSBC. Please go ahead.<\/p>\n

Puneet Gulati<\/strong>\u00a0—\u00a0HSBC — Analyst<\/em><\/p>\n

Yeah, thank you so much. My first question is on…<\/p>\n

Operator<\/strong><\/p>\n

Yes sir, please proceed.<\/p>\n

Puneet Gulati<\/strong>\u00a0—\u00a0HSBC — Analyst<\/em><\/p>\n

Yeah. Great. Yeah, thank you so much for the opportunity. My question is, if you’re seeing any increase workflow flow or new orders coming on account of opportunities that may have arisen from the lack of supply chain in China, or any extra moment that you’re seeing in terms of additional export opportunities for your industrial products?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Okay. Yeah, so for industrial, I think this is early days, but we are definitely seeing, let’s say, a new supply chain demand from India across sectors and that is our entire foray into castings, forgings, heavier forgings, with the acquisition of the Baroda unit, and then as we complete the acquisition of JS Auto, will allow us to cater to a much larger segment of the market and increase those companies’ revenues manifold, and grow our industrial business as well.<\/p>\n

Puneet Gulati<\/strong>\u00a0—\u00a0HSBC — Analyst<\/em><\/p>\n

Can you talk about specific industrial products, which are being asked?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

No, I am not going to talk about any specific industry, because this is competitive information, and I don’t want to share it. But it will be across sectors.<\/p>\n

Puneet Gulati<\/strong>\u00a0—\u00a0HSBC — Analyst<\/em><\/p>\n

Okay. And this is new in last — this is something that you’ve seen in last one year?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Yeah, absolutely, absolutely.<\/p>\n

Puneet Gulati<\/strong>\u00a0—\u00a0HSBC — Analyst<\/em><\/p>\n

Okay, great. That’s all from my side. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Amyn Pirani from JPMorgan. Please go ahead.<\/p>\n

Amyn Pirani<\/strong>\u00a0—\u00a0JPMorgan — Analyst<\/em><\/p>\n

Yes, hi, thanks for the opportunity. On the industrial business, I think you already answered partly that question. So, which are the areas you mentioned which are 100% dependency on imports? Is it possible for you to highlight some — like broad areas where we can have a medium-term opportunity because of the…<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Roughly all in capital goods and replacement of imports. So it’s across sectors, it goes across many-many sectors, but it’s largely all in capital goods.<\/p>\n

Amyn Pirani<\/strong>\u00a0—\u00a0JPMorgan — Analyst<\/em><\/p>\n

Okay. And on the, on the oil and gas side, you mentioned that you expect stable revenues going forward. So right now, you are still below the peak that we used to have like four, five years ago?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Yes. Yeah. We are at, I would say two-thirds of the peak.<\/p>\n

Amyn Pirani<\/strong>\u00a0—\u00a0JPMorgan — Analyst<\/em><\/p>\n

So despite higher oil prices, you are not seeing incremental investments going into that area, basically?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

No, there is incremental investment, but what has also happened is asset utilization, asset lifecycle has gone up substantially.<\/p>\n

Amyn Pirani<\/strong>\u00a0—\u00a0JPMorgan — Analyst<\/em><\/p>\n

Okay. Okay, okay. And sometime back, you had talked about trying to get into new products in terms of offshore, is there any development on that?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

No, no, we have developed new products and got new orders also for new products for the fracking sector. They will all start slowly this year and then increase next year.<\/p>\n

Amyn Pirani<\/strong>\u00a0—\u00a0JPMorgan — Analyst<\/em><\/p>\n

Okay. Okay.<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Not offshore.<\/p>\n

Amyn Pirani<\/strong>\u00a0—\u00a0JPMorgan — Analyst<\/em><\/p>\n

Okay. Not offshore. Okay. All right. Okay, great, thanks. I’ll come back in the queue.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Ronak Sarda from Systematix. Please go ahead.<\/p>\n

Ronak Sarda<\/strong>\u00a0—\u00a0Systematix — Analyst<\/em><\/p>\n

Yeah, hi, thanks for the opportunity. First question on the India CV demand, how do you see the demand for current year, especially given the inventory in the system is pretty low, so how do we see…<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Right now, quarter one is looking like it’s back at peak volumes of 2016, 2017. Very close. I mean, quarter one is at about 50,000 numbers — sorry, 97,000 numbers.<\/p>\n

Ronak Sarda<\/strong>\u00a0—\u00a0Systematix — Analyst<\/em><\/p>\n

And how do you see this sustaining, let’s say over the full year?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Right now everybody is bullish. Right now people are bullish for Q2 also. But I think we have to go quarter-to-quarter at a time.<\/p>\n

Ronak Sarda<\/strong>\u00a0—\u00a0Systematix — Analyst<\/em><\/p>\n

Yeah. Right. Great.<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

But outlooks is strong, because the EV market has been depressed for a very long time.<\/p>\n

Ronak Sarda<\/strong>\u00a0—\u00a0Systematix — Analyst<\/em><\/p>\n

And we also we’re gaining — we had new content supply starting in the BS-VI regime. So should we see the full impact or full benefit of that as well? Or we should — our revenue growth will be largely linked to the production growth?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Yes. Whatever new products we have developed, are for BS-VI. We have significant market share, 100% market share, and those are going well and that will continue. It will basically be in line with market demand.<\/p>\n

Ronak Sarda<\/strong>\u00a0—\u00a0Systematix — Analyst<\/em><\/p>\n

Right, okay. And also wanted your thoughts on the EBITDA margin. How should we look at the EBITDA margin, because commodity costs are increasing, at the same time, we will have operating leverage benefits coming through, and also the various cost reduction measures you have taken over the last few years.<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

The problem is one can’t comment on what is the cost pressures, etc right now, and energy cost is also going up, freight cost is going up. So I think on a overall basis, if we are able to maintain at this level, between — say around 26, 26.5, I think that would be a pretty good number.<\/p>\n

Ronak Sarda<\/strong>\u00a0—\u00a0Systematix — Analyst<\/em><\/p>\n

Okay, all right. And finally, the question, your question on the India Industrial Parks, right. Last year we had a one-time revenue from supplies of [Indecipherable] lenders. How do you see the overall full year revenues from industrial division? Should we…<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Again, our Industrial division revenues will be strong this year, and it will be a continuing trend now.<\/p>\n

Ronak Sarda<\/strong>\u00a0—\u00a0Systematix — Analyst<\/em><\/p>\n

Right. So we shouldn’t see a major dip from what we did in FY ’22?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

No.<\/p>\n

Ronak Sarda<\/strong>\u00a0—\u00a0Systematix — Analyst<\/em><\/p>\n

Okay, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Basudeb Banerjee from ICICI Securities, please go ahead.<\/p>\n

Basudeb Banerjee<\/strong>\u00a0—\u00a0ICICI Securities — Analyst<\/em><\/p>\n

Thanks. Congrats for decent set of numbers. Couple of things. One, sir, If I look at your cash flows for last four years, you have done consolidated level in excess of INR,1000 crore capex, and only FY ’20 was a free cash flow here. So, you have added U.S. capability, low [Phonetic] capability in between revenues back to FY ’19 levels. So what is the outlook for consol capex for the coming two years…<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

We repaid lot of loans. So you’re saying we haven’t had free cash flow? I couldn’t understand what you were saying, it was very garbled and it was very incoherent. And so maybe I just…<\/p>\n

Basudeb Banerjee<\/strong>\u00a0—\u00a0ICICI Securities — Analyst<\/em><\/p>\n

Out of last four years sir, we could see free cash flow only in FY ’20 and revenue is back to INR10,000 crore plus. So how do you see free cash flow generation in coming years? And what should be the consol capex…<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

…free cash flow generation even this year. If you account for — if you look at our debt repayment, we have repaid almost INR250 crores of debt, our loan has gone down. So yes, net of debt there is — free cash flow is not there. But we have the opportunity to raise more capital and raise more debt and finance cash flow — finance our capex. So I’m not concerned about that, because our balance sheet is very, very thin. And [Speech Overlap] between INR300 crores to INR350 crores of capex this year and next year.<\/p>\n

Basudeb Banerjee<\/strong>\u00a0—\u00a0ICICI Securities — Analyst<\/em><\/p>\n

At the consol level sir, including project growth maintenance capex.<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Except for acquisitions.<\/p>\n

Basudeb Banerjee<\/strong>\u00a0—\u00a0ICICI Securities — Analyst<\/em><\/p>\n

Okay.<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

We have announced the acquisition of JS Autio, which when it gets completed, we will have to pay the money that is due. But without the acquisition, our consolidated capex will be in the region of about INR350 crores, [Indecipherable] next year.<\/p>\n

Basudeb Banerjee<\/strong>\u00a0—\u00a0ICICI Securities — Analyst<\/em><\/p>\n

And second question, sir, as you rightly said that U.S. truck — Class 8 truck manufacturing capacity is roughly 25,000 per month and order books are there, giving you visibility of that much production. So how to look at growth for Bharat Forge perspective, like what kind of parts per vehicle addition, new customer addition, amid static production outlook you would say?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

There’s lots of opportunity, because as all the customers are moving towards electric mobility, they are going to deintegrate and deemphasize in-house manufacturing. So that is a very big opportunity for us, and our teams are already engaged with customers on those matters.<\/p>\n

Basudeb Banerjee<\/strong>\u00a0—\u00a0ICICI Securities — Analyst<\/em><\/p>\n

Sure. Okay, thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Pramod Amthe from InCred Capital. Please go ahead.<\/p>\n

Pramod Amthe<\/strong>\u00a0—\u00a0InCred Capital — Analyst<\/em><\/p>\n

Hi. Two questions, one is with regard to the international aluminum forging. What has been the experience in terms of ramp-up? I think this quarterly in the financials, you indicate some revenues being booked. Second, are there any advancement of capex for aluminum forgings on the integration?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

So our aluminum being ramp up is going as planned. There has been a few months of slowdown, because of some of our customers being impacted by Ukraine etc. So, we’re using that time to do more product development, for future growth. And we have now, more business than we have capacity. So we will have to look at setting up additional capacity, to take care of that demand.<\/p>\n

Pramod Amthe<\/strong>\u00a0—\u00a0InCred Capital — Analyst<\/em><\/p>\n

And when do you plan to look into it and announce per se?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

We will in the following — next quarter.<\/p>\n

Pramod Amthe<\/strong>\u00a0—\u00a0InCred Capital — Analyst<\/em><\/p>\n

Thanks. And second one is with regard to EV components, you have indicated in the presentation, some win in the EV component space in the domestic market, if I’m not wrong. How do you see with all these questions being raised about, call it year-end concerns on safety. Do you see an opportunity for a quality player like you, to play a bigger role in EV components, as compared to currently imported?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Absolutely. You’re absolutely right, Pramod, and we definitely do see that opportunity. But we are also being cautious in over-committing on timeframe etc, because we want to be sure that our products all go through the required steps, and we are represent 100% sure that they are going to meet the safety requirements. Because, the vehicle safety depends on all the system safety and the system here has one externality, which is the charging infrastructure and voltage and the current and voltage drops that we face in India. So these are not things that all over the world people are used to. In India you have to be conscious that this is a serious issue, and design your product for that.<\/p>\n

Pramod Amthe<\/strong>\u00a0—\u00a0InCred Capital — Analyst<\/em><\/p>\n

But you expect the — ultimately OEM to bear it, or you also have a role to play, in terms of providing better…<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

In this product, the customer gives you a specification, and the actual design of the product is yours.<\/p>\n

Pramod Amthe<\/strong>\u00a0—\u00a0InCred Capital — Analyst<\/em><\/p>\n

Okay. Okay. That’s helpful. Thanks. All the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Raghunandhan NL from Emkay Global. Please go ahead.<\/p>\n

Raghunandhan NL<\/strong>\u00a0—\u00a0Emkay Global — Analyst<\/em><\/p>\n

Thank you, sir. For the opportunity. The first question is on ATAGS. As you said the army trials have been successful. So media reports indicate that, the RFQ is expected in June for over INR3,000 crore worth of orders. Can you talk about your expectations, opportunity size and capacity for this business?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

I will tell you that, we expect that this whole ordering process should pick up steam, and hopefully get completed in this financial year. In terms of capacity. I think in our first year we will have a capacity of about 100 tons, and after that we will have an increase in our capacity to 200.<\/p>\n

Raghunandhan NL<\/strong>\u00a0—\u00a0Emkay Global — Analyst<\/em><\/p>\n

Thank you. What has been the investments sir?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Investments so far has been about INR250 crores. But you know, please remember, this is only the investment for the [Indecipherable], the machining, forging, heat treatment all that was already in place. All that was already in place. So we’re leveraging the Group’s capabilities in that.<\/p>\n

Raghunandhan NL<\/strong>\u00a0—\u00a0Emkay Global — Analyst<\/em><\/p>\n

Sir, on Tork Motorcycles, can you talk about how has been the initial vehicle demand and the opportunity on the component supplies?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

So vehicle demand has been pretty good. We have closed the order book at a 1,000 orders. Because again after reading all the issues with safety and fires and explosions and reversals of certain products, we initiated a full testing regimen, including outside agencies, to make sure that our product is completely robust and will not have any of these issues. So I believe that it is better to take a little time, but do it right. And in terms of number of opportunities, we are very clear to what we know, what we will be making and supplying. And our plants are right now under construction.<\/p>\n

Raghunandhan NL<\/strong>\u00a0—\u00a0Emkay Global — Analyst<\/em><\/p>\n

Thank you, sir. Lastly, sir, on Nellore light-weighting plant, how much was the FY ’22 revenue and what is the expectation on the production ramp-up going forward?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Our revenue in ’22 was very small, I would say hardly INR20 crores, INR30 crores. This will be a year of ramp up for us. We have received export orders for some marquee global customers and I think the real pickup in growth will happen in ’24. We will see growth, but ’24 will be the real growth year.<\/p>\n

Raghunandhan NL<\/strong>\u00a0—\u00a0Emkay Global — Analyst<\/em><\/p>\n

So we should be able to reach that INR200 crore kind of revenue target there? I think…<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

I think so. I think we should be pretty close.<\/p>\n

Raghunandhan NL<\/strong>\u00a0—\u00a0Emkay Global — Analyst<\/em><\/p>\n

Thank you, sir. Thank you so much. I’ll come back in the queue.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Pramod Kumar from UBS. Please go ahead.<\/p>\n

Pramod Amthe<\/strong>\u00a0—\u00a0InCred Capital — Analyst<\/em><\/p>\n

Yeah. Thanks a lot for the opportunity. Amit, my first question is related to exports. You did talk about some order wins and the fact that even now some of the segments that two-thirds of the peak, and even on the export industrial side, if you can just share outlook, given the fact that there is increasing concerns about recession fears in the developed markets. So if you can just provide some context on where do we stand in terms of our order book, what’s been the kind of share gain what we’re seeing and the incremental order win opportunity? So just to put things in perspective, from a two year perspective, whether exports, can we expect a double-digit growth, on a sustainable basis?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Yes. So I’m going to have my colleague Subodh answer that question. He is far more active in the market.<\/p>\n

Subodh Tandale<\/strong>\u00a0—\u00a0Head Sales & Business Development<\/em><\/p>\n

So to answer your question, yes, we are expecting growth, whether it is double digits or more or less, that time will tell. But we are definitely working for growth.<\/p>\n

Pramod Amthe<\/strong>\u00a0—\u00a0InCred Capital — Analyst<\/em><\/p>\n

That’s very helpful. But if you can just provide some color as to what are the areas where you’re seeing some traction, because there are some areas, which are not coming back on the expected lines, in terms of say, oil and gas and how is renewable doing? If you can just give some more color? Yeah. Thank you.<\/p>\n

Subodh Tandale<\/strong>\u00a0—\u00a0Head Sales & Business Development<\/em><\/p>\n

Yeah. See, we are targeting growth in all the segments we operate in, which is right from commercial vehicle automotive, as well as industrial. And we have — we are putting together a strategy, which also focuses on development of different products. So even if the market remains stagnant to a certain extent, we see growth opportunities and we are engaged in that process in any case. This includes certain products in the oil and gas side as well.<\/p>\n

Pramod Kumar<\/strong>\u00a0—\u00a0UBS — Analyst<\/em><\/p>\n

Sir. And related to that with the transition to EVs, there was expectation that on the legacy parts, there’ll be more consolidation of vendors, wherein large OEMs will move their legacy parts vendor of supplies to larger consolidated vendors, who can — who have larger scale, and basically reduce their investments on those parts. So, are we seeing anything like that play out on the global side, especially in markets like North America and Europe?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

So while we are already seeing RFQs and proposals and discussions around that line. Right now, everybody has been very caught up in addressing day to day opportunities and issues of supply chain, stemming from all the macroeconomic and global issues that are happening. So they are started, but they’re not picking up pace, because people are worried about maintaining their day-to-day supply chain and running their plants.<\/p>\n

Pramod Kumar<\/strong>\u00a0—\u00a0UBS — Analyst<\/em><\/p>\n

Okay. So in a way, is it fair to assume, Amit, that once these things stabilize and probably from FY ’24 perspective, you should see some of these activities kind of contributing meaningfully, on the export side?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

So, so I don’t — we haven’t entered into any such agreements or contracts yet. So I don’t know if ’24, it will happen, but — in terms of revenue recognition. But I think directionally that’s definitely a path that we are on.<\/p>\n

Pramod Kumar<\/strong>\u00a0—\u00a0UBS — Analyst<\/em><\/p>\n

Yes, thanks a lot. Second one is on defense, understand that availability of proving ground the areas where these guns are tested and all that, that’s been the biggest handy bottleneck for defense new equipment order by trials basically. So is there any change there, or we should expect…<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

No, no, that problem was solved during Mr. Parrikar’s time itself. He was the one who opened up the government test ranges for private players to use. That happened almost four years ago. Before that, we were not able to do testing, because there are no private testing fields in India.<\/p>\n

Pramod Kumar<\/strong>\u00a0—\u00a0UBS — Analyst<\/em><\/p>\n

Okay. And outside of the artillery gun, which is the next big opportunity you are looking forward to Amit, on the defense side?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Beside the artillery gun, we have vehicle programs, and we have multiple artillery guns, not just this one, and then we also have opportunities to export our products across the world.<\/p>\n

Pramod Amthe<\/strong>\u00a0—\u00a0InCred Capital — Analyst<\/em><\/p>\n

Fair enough sir. Thanks a lot for that and wish you all the best. Thank you.<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Jinesh Gandhi from Motilal Oswal Financial Services. Please go ahead.<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

Hi. I mean, just wanted to clarify on this export order of $150 million. You mentioned that in the state, forging would be made in the U.S.?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

This is not export order. These are orders received by our subsidiary in the U.S. for tin and aluminum forgings, which will be made in the U.S. and supplied.<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

Okay, sir. Would we need to put up a clean forging capacity there also, or…<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

No, we are not going to put up forging capacity, they’re going to do automation of our forging line, and some amount of maintenance capex, which will allow us to debottleneck our facilities and produce — make them more productive.<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

Kay, got it. Second question pertains to the European aluminum forgings business. So can you talk about, what was the utilization or the 30,000 ton capacity which we have in Europe in fourth quarter and for the full year FY ’22?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

I would say capacity utilization in Europe was about 40%.<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

For the full year?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Yeah.<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

Okay. Okay. And the ramp-up has been — is it slower than expected, just because of the geopolitical issues which the customers are facing, or also there are…<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Those are planned, because — this was planned because we have to develop so many new products, because the product development happening in Germany, for both the U.S. and the German plant. Therefore we needed one extra-year for product development.<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

Okay. Okay. Got it. And talking about the European operation, did we see a material impact of energy cost inflation in fourth quarter, was that the key reason why our margins, excluding EU — sorry excluding U.S. aluminum were done?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

We do have turns [Phonetic] off the recoveries which are still pending, which will happen in the course of the next few months.<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

Okay. Got it. And coming to the foundry forging operation, so have we seen implementing utilizations…<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

For industrial…<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

Right, BFIT [Phonetic]?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Technologies and solutions.<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

Yeah. So do we see any improvement in utilizations there?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Yeah, so I think we will increase our sales there by at least 50% this year.<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

In FY ’23, we should increase by 50%, but what — how did we close FY ’22?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

INR75 crores to INR80 crores [Phonetic] for the year. Sorry for nine months. So close to INR100 crores odd kind of run rate.<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

Right, right, right, got it. And our India operations subsidiary, primarily India’s [Indecipherable] and losses and that widened in fourth quarter. So is it largely because of foundry forging, or there are pressures in other operations as well?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

No losses. It’s defense and other things, it’s basically defense. That’s an area, where we are investing.<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

Got it. I have a few more questions, I’ll fall back in queue.<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Mumuksh Mandlesha from Emkay Global. Please go ahead.<\/p>\n

Mumuksh Mandlesha<\/strong>\u00a0—\u00a0Emkay Global — Analyst<\/em><\/p>\n

Thank you so much for the opportunity, sir. Sir, on the — first, one the PV signal side, what kind of outperformance do you expect led by the order wheels? So what kind of growth is expected for the…<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Who is the — this conferencing system is very unclear. I don’t know what is happening. Very, very muffled voices are coming. It’s very unclear to hear.<\/p>\n

Operator<\/strong><\/p>\n

Mr. Mandlesha?<\/p>\n

Mumuksh Mandlesha<\/strong>\u00a0—\u00a0Emkay Global — Analyst<\/em><\/p>\n

Yeah, can you hear me?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Yeah, can you just maybe put the speakerphone off or something?<\/p>\n

Mumuksh Mandlesha<\/strong>\u00a0—\u00a0Emkay Global — Analyst<\/em><\/p>\n

Yeah, yeah, I’ll speak loudly. Is it fine, sir?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

It’s not very clear. [Foreign Speech] Yeah, okay.<\/p>\n

Mumuksh Mandlesha<\/strong>\u00a0—\u00a0Emkay Global — Analyst<\/em><\/p>\n

Yeah, just on the PV segment, what kind of outperformance you expected over the industry growth, based on the order, sir?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

For PV segment, we will have definite outperformance, because we have won lots of business globally, Subodh?<\/p>\n

Subodh Tandale<\/strong>\u00a0—\u00a0Head Sales & Business Development<\/em><\/p>\n

Yes, absolutely.<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

So I think we should be able to grow our PV business, even if there is no change in the underlying markets by at least 30% this year.<\/p>\n

Mumuksh Mandlesha<\/strong>\u00a0—\u00a0Emkay Global — Analyst<\/em><\/p>\n

And this is across domestic and overseas?<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal — Analyst<\/em><\/p>\n

No, I’m talking about for India. And of course in Germany also, it will increase because of our aluminum forging business.<\/p>\n

Mumuksh Mandlesha<\/strong>\u00a0—\u00a0Emkay Global — Analyst<\/em><\/p>\n

Okay, and the second question sir, on aerospace [Indecipherable], what kind of revenues we are seeing in FY ’22, and what is outlook for FY ’23 sir?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Aerospace, again, we are seeing I would say between 30% and 40% growth this year, and possibly 25%, 30% growth year after next. Railways, there’s not much growth, because of the whole electrification and you know the lack of diesel business?<\/p>\n

Mumuksh Mandlesha<\/strong>\u00a0—\u00a0Emkay Global — Analyst<\/em><\/p>\n

And since it’s — Kalyani M4 order, has the order started soon?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Yeah, yeah, yeah.<\/p>\n

Mumuksh Mandlesha<\/strong>\u00a0—\u00a0Emkay Global — Analyst<\/em><\/p>\n

So what kind of revenue was it this quarter sir?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

I think it was about INR20 crores, INR25 crores this quarter.<\/p>\n

Mumuksh Mandlesha<\/strong>\u00a0—\u00a0Emkay Global — Analyst<\/em><\/p>\n

Thank you so much sir.<\/p>\n

Operator<\/strong><\/p>\n

[Operator Instructions] The next question is from the line of Gunjan Prithyani from Bank of America. Please go ahead.<\/p>\n

Gunjan Prithyani<\/strong>\u00a0—\u00a0Bank of America — Analyst<\/em><\/p>\n

Yeah hi Sir, thanks for taking my questions. I just had two follow-ups. Firstly on the industrial business…<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

[Speech Overlap] coming in very clear. I don’t know what is the difference between one line versus the other. So I can hear completely what you’re saying. So sorry, we need to start again, ma’am.<\/p>\n

Gunjan Prithyani<\/strong>\u00a0—\u00a0Bank of America — Analyst<\/em><\/p>\n

Okay. So now just follow ups on your India industrial business. Now if you can share some color on the various segments, I mean little bit of the mix, you know where is it coming from, agri, aerospace, construction, the way you spell it out for F ’22. And you know when you’re giving your comments, clearly there’s a lot of confidence on the growth from this segment. So you know which are the categories where you are seeing you know…<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

I have mentioned earlier, this is competitive information, and I don’t want to share it anymore. Because you know, there are lots of people who can listen to what we say and you know, I don’t want to create competition for myself. So let’s just say that, we’re going to grow this business. We have a good strategy. We have a new person who’s heading this business in our company and we have a very good plan.<\/p>\n

Gunjan Prithyani<\/strong>\u00a0—\u00a0Bank of America — Analyst<\/em><\/p>\n

Okay, no worries, only on JS Autocast, now if you can just give you know the timeline for the closure and you know what is the kind of…<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

It will happen in this quarter.<\/p>\n

Gunjan Prithyani<\/strong>\u00a0—\u00a0Bank of America — Analyst<\/em><\/p>\n

It will happen?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

This quarter.<\/p>\n

Gunjan Prithyani<\/strong>\u00a0—\u00a0Bank of America — Analyst<\/em><\/p>\n

And anything that you want to give us a sense that how that business should scale up in terms of revenues, the way you put it for the Sanghvi?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

So the way I see it is, when we buy it, it will be at about INR380 crores, INR390 crores or so in top line. Our goal is that, in five years, we should be able to triple it.<\/p>\n

Gunjan Prithyani<\/strong>\u00a0—\u00a0Bank of America — Analyst<\/em><\/p>\n

And how much investment for that?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

We will talk about that later. You asked me the revenue, I have given you the revenue target in terms of my own business.<\/p>\n

Gunjan Prithyani<\/strong>\u00a0—\u00a0Bank of America — Analyst<\/em><\/p>\n

Okay, got it just the last bit from my side. I mean on the U.S. classic trucks, now clearly the orders have been seeing significant decline, and that I understand is because of the slots being closed. But are you sensing any increase in the cancellation or any change in outlook, you know, going by some of the other indicators, you know that you see in the industry?<\/p>\n

Subodh Tandale<\/strong>\u00a0—\u00a0Head Sales & Business Development<\/em><\/p>\n

Not for the moment.<\/p>\n

Gunjan Prithyani<\/strong>\u00a0—\u00a0Bank of America — Analyst<\/em><\/p>\n

Okay. So you expect that it stays stable, at least for next 12-15 months?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Correct.<\/p>\n

Subodh Tandale<\/strong>\u00a0—\u00a0Head Sales & Business Development<\/em><\/p>\n

That is the expectation for now.<\/p>\n

Gunjan Prithyani<\/strong>\u00a0—\u00a0Bank of America — Analyst<\/em><\/p>\n

Okay, got it. Thank you so much.<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Aniket Mhatre from HDFC Securities. Please go ahead.<\/p>\n

Aniket Mhatre<\/strong>\u00a0—\u00a0HDFC Securities — Analyst<\/em><\/p>\n

Hi sir, thank you for the opportunity. So would you be able to share the Sanghvi Forgings EBITDA please?<\/p>\n

Subodh Tandale<\/strong>\u00a0—\u00a0Head Sales & Business Development<\/em><\/p>\n

It’s a smaller number, it’s about INR55 crore top line, and [Indecipherable]. And an EBITDA of about — this is the first year, of about 15%, 16%. But this is the first year, so I don’t think you know…<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

I don’t think [Speech Overlap]. Backstage, we didn’t lose any money. We made PBT and an EBITDA profit.<\/p>\n

Aniket Mhatre<\/strong>\u00a0—\u00a0HDFC Securities — Analyst<\/em><\/p>\n

No, I mean the — frankly, the reason for asking the question was, to just decipher between you know — we understand Sanghvi Forgings is a very profitable entity, but we still see losses in the India subs. So just trying to understand…<\/p>\n

Subodh Tandale<\/strong>\u00a0—\u00a0Head Sales & Business Development<\/em><\/p>\n

This is nothing.<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Subs are, which are moving money are in defense [Speech Overlap] when you want to trial, there’s a huge cost.<\/p>\n

Subodh Tandale<\/strong>\u00a0—\u00a0Head Sales & Business Development<\/em><\/p>\n

Yeah, yeah. And what has happened is we have taken over Sanghvi from the 1st of July.<\/p>\n

Aniket Mhatre<\/strong>\u00a0—\u00a0HDFC Securities — Analyst<\/em><\/p>\n

Correct.<\/p>\n

Subodh Tandale<\/strong>\u00a0—\u00a0Head Sales & Business Development<\/em><\/p>\n

So in the first quarter there was — it was between [Speech Overlap]. So I think the point that you need to look at is, since we have taken over, there are no losses and we are poised for some very strong growth there.<\/p>\n

Aniket Mhatre<\/strong>\u00a0—\u00a0HDFC Securities — Analyst<\/em><\/p>\n

Sure understood Sir. And when you talk about 50% growth in FY ’23, for Sanghvi Forgings, sir, you’re talking about an annualized run rate from FY ’22, the nine month level.<\/p>\n

Subodh Tandale<\/strong>\u00a0—\u00a0Head Sales & Business Development<\/em><\/p>\n

Annualized run rate.<\/p>\n

Aniket Mhatre<\/strong>\u00a0—\u00a0HDFC Securities — Analyst<\/em><\/p>\n

Got it. And sir, just one clarification, this Kalyani M4 order and in the ATAGS order, that will come under the India subsidiary, right?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Yeah, yeah. In India, yes.<\/p>\n

Aniket Mhatre<\/strong>\u00a0—\u00a0HDFC Securities — Analyst<\/em><\/p>\n

No, no, India’s subsidiary, it’s not in the standalone?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

No, that comes in standalone.<\/p>\n

Aniket Mhatre<\/strong>\u00a0—\u00a0HDFC Securities — Analyst<\/em><\/p>\n

Okay, both will come in standalone.<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

India had bid for those order. We didn’t have KSSF [Phonetic]. So the orders were bid and won in BSF.<\/p>\n

Aniket Mhatre<\/strong>\u00a0—\u00a0HDFC Securities — Analyst<\/em><\/p>\n

Sure, one other clarification you just talked about a very strong 30% growth in the PV business, that was for PV exports, right?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Yes. But even on PV domestic and PV overall, we will have a strong growth, because of lots of new order wins from new customers.<\/p>\n

Aniket Mhatre<\/strong>\u00a0—\u00a0HDFC Securities — Analyst<\/em><\/p>\n

Sure, understood. And just one final thing, you said CV domestic is — OEM’s are talking about very strong growth. Would we go back to the FY ’19 peak this year in your view, or as per customer, what is the…<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Q1 is tracking at close to peak numbers.<\/p>\n

Aniket Mhatre<\/strong>\u00a0—\u00a0HDFC Securities — Analyst<\/em><\/p>\n

Okay. Okay.<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

If it sustains, then yes, the answer is yes.<\/p>\n

Aniket Mhatre<\/strong>\u00a0—\u00a0HDFC Securities — Analyst<\/em><\/p>\n

Great Sir, thank you and all the best. Thanks for the opportunity.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Jinesh Gandhi from Motilal Oswal Financial Services. Please go ahead.<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

So for FY ’22 of this 71% growth, what would be work-in, how much can you attribute it to the iron cost pass through and how much is organic?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Iron costs. Well, you know what I would suggest, that our finance team, they will come back to you on this.<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

Sure. Secondly, we have seen in the fourth quarter, particularly, there is substantial increase in other income and interest costs. Is there any change in accounting which has happened which will continue?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Explain?<\/p>\n

Subodh Tandale<\/strong>\u00a0—\u00a0Head Sales & Business Development<\/em><\/p>\n

No, we have planned disposal of assets.<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

Okay, and on the interest costs?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

[Speech Overlap] disposal of assets, and it’s actual cash received.<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

Okay. And interest costs also has gone up quite materially to INR40 crores.<\/p>\n

Subodh Tandale<\/strong>\u00a0—\u00a0Head Sales & Business Development<\/em><\/p>\n

The question of the exchange — part of exchange now, because of the [Speech Overlap].<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

Okay, Okay. Got it.<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Our coverage [Phonetic] for interest costs is INR20 crores per quarter. I think that’s the way to look at it. And everything is [Speech Overlap] from the exchange impact.<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

Got it. And what was USD-INR realization for the quarter?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

Yes, INR76.<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

INR76. Got it. And last question on our working capital, so in FY ’22 on a standalone basis, we have seen roughly about INR1,000 crore of outflow. So do you expect this to reverse or is this the normal course of business?<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

So I just have one request, you know this is Amit Kalyani, I have to unfortunately head out, I have a flight to visit a customer. So I have to leave. If anybody has any last question for me, I will take that, otherwise our finance team will continue, our business team will continue with you.<\/p>\n

Subodh Tandale<\/strong>\u00a0—\u00a0Head Sales & Business Development<\/em><\/p>\n

Closing points.<\/p>\n

Amit Kalyani<\/strong>\u00a0—\u00a0Deputy Managing Director<\/em><\/p>\n

I’d just, you know, like to thank you all for your participation and your interest in our company and your encouragement and questions. Please do keep in touch and we will keep updating you on matters of importance with regards to investor relations and what the communication, in terms of new things at the company. And I wish you all good health and I leave you to our team here. Thank you very much.<\/p>\n

Subodh Tandale<\/strong>\u00a0—\u00a0Head Sales & Business Development<\/em><\/p>\n

Yeah, go ahead Jinesh, you had some question?<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

Yeah, it was on the working capital site, so FY ’22 we had seen outflow of close to INR1000 crore on standalone basis. Do you expect this to reverse partly, or there’s no abnormality over here?<\/p>\n

Subodh Tandale<\/strong>\u00a0—\u00a0Head Sales & Business Development<\/em><\/p>\n

So the increase in the absolute number, on the basis of volume, if you compare it to the sales — percentage to the sales, it’s a kind of a flat LWC — in terms of absolute numbers. We are seeing year-on-year growth by almost 70%, and the increase in working capital is the reflection of that.<\/p>\n

Jinesh Gandhi<\/strong>\u00a0—\u00a0Motilal Oswal Financial Services — Analyst<\/em><\/p>\n

Got it, got it. Thanks, I am done. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you ladies and gentlemen, that was the last question for today. On behalf of Bharat Forge, that concludes this conference. We thank you all for joining us and you may now disconnect your lines.<\/p>\n

Subodh Tandale<\/strong>\u00a0—\u00a0Head Sales & Business Development<\/em><\/p>\n

Thank you, bye.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bharat Forge Ltd. (NSE: BHARATFORG) Q4 FY22 Earnings Concall dated May 16, 2022 Corporate Participants: Amit Kalyani\u00a0—\u00a0Deputy Managing Director Subodh Tandale\u00a0—\u00a0Head Sales & Business Development Analysts: Binay Singh\u00a0—\u00a0Morgan Stanley — Analyst Kapil Singh\u00a0—\u00a0Nomura — Analyst\u00a0 Puneet Gulati\u00a0—\u00a0HSBC — Analyst Amyn Pirani\u00a0—\u00a0JPMorgan — Analyst Ronak Sarda\u00a0—\u00a0Systematix — Analyst Basudeb Banerjee\u00a0—\u00a0ICICI Securities — Analyst Pramod Amthe\u00a0—\u00a0InCred Capital […]<\/p>\n","protected":false},"author":12,"featured_media":49402,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[8874],"class_list":["post-129602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-industrials"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":143240,"url":"https:\/\/alphastreet.com\/india\/bharat-forge-ltd-q3-fy23-earnings-conference-call-insights\/","url_meta":{"origin":129602,"position":0},"title":"Bharat Forge Ltd Q3 FY23 Earnings Conference Call Insights","author":"Praveen","date":"March 10, 2023","format":false,"excerpt":"Key highlights from Bharat Forge Ltd (BHARATFORG) Q3 FY23 Earnings Concall Management Update: [00:01:35] BHARATFORG had a successful quarter with high revenues and export of INR11,066 crores, the highest ever. Passenger vehicles contributed to 20% of total revenue, up from mid-low single digits 3-4 years ago. [00:03:15] BHARATFORG said its\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":137712,"url":"https:\/\/alphastreet.com\/india\/bharat-forge-ltd-bharatforg-q2-fy23-earnings-concall-transcript\/","url_meta":{"origin":129602,"position":1},"title":"Bharat Forge Ltd (BHARATFORG) Q2 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"November 14, 2022","format":false,"excerpt":"Bharat Forge Ltd (NSE: BHARATFORG) Q2 FY23 Earnings Concall dated Nov. 14, 2022 Corporate Participants: Amit Kalyani\u00a0--\u00a0Deputy Managing Director Subodh Tandale\u00a0--\u00a0Executive Director Analysts: Gunjan Prithyani\u00a0--\u00a0Bank of America -- Analyst Kapil Singh\u00a0--\u00a0Nomura -- Analyst Pramod Kumar\u00a0--\u00a0UBS -- Analyst Pramod Amthe\u00a0--\u00a0InCred Capital -- Analyst Unidentified Participant\u00a0--\u00a0-- Analyst Aman Vij\u00a0--\u00a0Astute Investment -- Analyst\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":141726,"url":"https:\/\/alphastreet.com\/india\/bharat-forge-ltd-bharatforg-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":129602,"position":2},"title":"Bharat Forge Ltd (BHARATFORG) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 15, 2023","format":false,"excerpt":"Bharat Forge Ltd (NSE:BHARATFORG) Q3 FY23 Earnings Concall dated Feb. 14, 2023. Corporate Participants: Amit B Kalyani\u00a0--\u00a0Deputy Managing Director Subodh Tandale\u00a0--\u00a0Executive Director Sanjeev Nimkar\u00a0--\u00a0Head of Industrial Business Analysts: Pramod Kumar\u00a0--\u00a0UBS -- Analyst Jinesh Gandhi\u00a0--\u00a0Motilal Oswal Financial Services -- Analyst Mumuksh Mandlesh\u00a0--\u00a0Emkay Global -- Analyst Pramod Amte\u00a0--\u00a0Incred Capital -- Analyst Gunjan\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":130726,"url":"https:\/\/alphastreet.com\/india\/aether-industries-ltd-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":129602,"position":3},"title":"Aether Industries Ltd Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 20, 2022","format":false,"excerpt":"Key highlights from Aether Industries Ltd (AETHER) Q4 FY22 Earnings Concall \u00a0 Q&A Highlights: Gagan Thareja - ASK Investment Managers - Analyst Would growth get constrained due to lack of capacity for the first 3 quarters of FY23? Rohan Desai - Whole-time Director Currently at 80% of utilization. Constantly debottlenecking\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":145228,"url":"https:\/\/alphastreet.com\/india\/bharat-forge-ltd-bharatforg-q4-fy23-earnings-concall-transcript\/","url_meta":{"origin":129602,"position":4},"title":"Bharat Forge Ltd (BHARATFORG) Q4 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"May 7, 2023","format":false,"excerpt":"Bharat Forge Ltd (NSE:BHARATFORG) Q4 FY23 Earnings Concall dated May. 05, 2023. Corporate Participants: Amit B. Kalyani\u00a0--\u00a0Deputy Managing Director Subodh Tandale\u00a0--\u00a0Executive Director Analysts: Amyn Pirani\u00a0--\u00a0JPMorgan -- Analyst Gunjan Prithyani\u00a0--\u00a0Bank of America -- Analyst Kapil Singh\u00a0--\u00a0Nomura Group -- Analyst Mumuksh Mandlesha\u00a0--\u00a0Anand Rathi -- Analyst Pramod Amte\u00a0--\u00a0Incred Capital -- Analyst Mahesh\u00a0--\u00a0LIC Mutual\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":130743,"url":"https:\/\/alphastreet.com\/india\/international-conveyors-ltd-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":129602,"position":5},"title":"International Conveyors Ltd Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 21, 2022","format":false,"excerpt":"Key highlights from International Conveyors Ltd (INTLCONV) Q4 FY22 Earnings Concall \u00a0 Q&A Highlights: Muzammil Usmani \u2013 Paramount - Analyst Replacement and the new demand from the revenue generated and outlook? Prasad Deshpande \u2013 ED Each mines have their own blocks and they also explore new blocks. As on date,\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/129602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=129602"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/129602\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/49402"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=129602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=129602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=129602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}