Bharat Forge Ltd (BHFC IN) - Adjusted

In Millions of INR except Per Share FY 2012 FY 2013 FY 2014 FY 2015

12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Revenue 61,795.1 50,986.5 67,158.4 74,763.7
+ Sales & Services Revenue 61,795.1 50,986.5 67,158.4 74,763.7
Gross Profit — — — —
+ Other Operating Income 984.2 1,795.9 1,246.8 1,458.3
- Operating Expenses 55,833.2 46,940.4 60,426.4 65,436.9
+ Selling & Marketing 159.3 113.6 — —
+ Research & Development 74.2 130.2 229.4 297.7
+ Depreciation & Amortization 3,021.8 3,195.3 3,571.5 3,623.3
+ Prov For Doubtful Accts 7.6 4.4 -72.4 148.8
+ Other Operating Expense 52,570.4 43,496.8 56,697.9 61,367.1
Operating Income (Loss) 6,946.0 5,842.1 7,978.9 10,785.1
- Non-Operating (Income) Loss 994.0 1,375.9 712.7 -10.7
+ Interest Expense, Net 1,573.0 1,105.3 1,486.5 1,156.4
+ Interest Expense 1,859.6 1,443.3 1,691.5 1,355.8
- Interest Income 286.6 338.0 205.0 199.4
+ Other Investment (Inc) Loss -221.3 -243.6 -394.8 -402.7
+ Foreign Exch (Gain) Loss 0.0 95.8 -164.2 311.6
+ (Income) Loss from Affiliates — — — —
+ Other Non-Op (Income) Loss -357.7 418.4 -214.9 -1,076.0
Pretax Income (Loss), Adjusted 5,952.0 4,466.2 7,266.2 10,795.9
- Abnormal Losses (Gains) -46.4 -68.6 -56.3 -426.6
+ Abnormal Derivatives — — — —
+ Disposal of Assets -8.1 1.5 2.0 1.0
+ Asset Write-Down — — — —
+ Impairment of Intangibles — — — —
+ Gain/Loss on Sale/Acquisition of Busin — — — -132.7
+ Sale of Investments -38.3 -70.0 -58.3 —
+ Unrealized Investments — — — —
+ Other Abnormal Items — — — -294.9
Pretax Income (Loss), GAAP 5,998.4 4,534.8 7,322.4 11,222.4
- Income Tax Expense (Benefit) 1,796.1 1,529.2 2,100.2 3,586.9
+ Current Income Tax 1,870.8 832.7 1,754.1 3,609.1
+ Deferred Income Tax -74.7 696.5 346.0 -22.2
+ Tax Allowance/Credit — — — —
- (Income) Loss from Affiliates 3.2 -2.0 0.0 0.0
Income (Loss) from Cont Ops 4,199.1 3,007.6 5,222.3 7,635.6
- Net Extraordinary Losses (Gains) 0.0 945.3 265.5 40.0
+ Discontinued Operations 0.0 984.4 265.5 40.0
+ XO & Accounting Changes 0.0 -39.1 0.0 0.0
Income (Loss) Incl. MI 4,199.1 2,062.3 4,956.8 7,595.6
 - Minority Interest 68.6 -413.5 -28.5 -29.8
Net Income, GAAP 4,130.5 2,475.8 4,985.3 7,625.4
- Preferred Dividends 0.0 0.0 0.0 0.0
- Other Adjustments 0.0 0.0 0.0 0.0
Net Income Avail to Common, GAAP 4,130.5 2,475.8 4,985.3 7,625.4

Net Income Avail to Common, Adj 4,099.2 3,375.8 5,213.6 7,386.4

Net Abnormal Losses (Gains) -31.3 -45.3 -37.1 -278.9
Net Extraordinary Losses (Gains) 0.0 945.3 265.5 40.0

Basic Weighted Avg Shares 465.6 465.6 465.6 465.6

Basic EPS, GAAP 8.87 5.32 10.71 16.38
Basic EPS from Cont Ops 8.87 7.35 11.28 16.47
Basic EPS from Cont Ops, Adjusted 8.80 7.25 11.20 15.86

Diluted Weighted Avg Shares 466.2 465.6 465.6 465.6

Diluted EPS, GAAP 8.86 5.32 10.71 16.38
Diluted EPS from Cont Ops 8.86 7.35 11.28 16.47
Diluted EPS from Cont Ops, Adjusted 8.79 7.25 11.20 15.86

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
EBITDA 9,967.8 9,037.4 11,550.4 14,408.4
EBITDA Margin (T12M) 16.13 17.73 17.20 19.27
EBITA 6,946.0 5,790.2 8,187.3 10,894.1
EBIT 6,946.0 5,842.1 7,978.9 10,785.1
Gross Margin — — — —
Operating Margin 11.24 11.46 11.88 14.43
Profit Margin 6.63 6.62 7.76 9.88
Sales per Employee — — ### —
Dividends per Share 2.00 1.70 2.25 3.75
Total Cash Common Dividends 931.2 791.5 1,047.6 1,746.0
Capitalized Interest Expense — — — —
Personnel Expenses 7,800.2 7,015.9 7,887.7 9,044.8
Depreciation Expense 3,021.8 3,247.2 3,363.1 3,514.3
Rental Expense 153.1 132.3 214.5 254.4
Source: Bloomberg
 FY 2016 FY 2017 FY 2018 Last 12M FY 2019 Est FY 2020 Est
03/31/2016 03/31/2017 03/31/2018 03/31/2018 03/31/2019 03/31/2020
68,091.5 62,769.3 79,653.6 79,653.6 98,315.1 109,345.1
68,091.5 62,769.3 79,653.6 79,653.6
— — — 55,520.5 62,156.1
0.0 1,192.1 3,923.3 3,923.3
58,491.7 55,950.8 70,801.6 70,801.6
379.9 94.0 139.3 139.3
357.7 310.9 367.8 367.8
4,529.8 4,520.5 4,668.8 4,668.8
45.6 61.4 66.1 66.1
53,178.8 50,964.0 65,559.7 65,559.7
9,599.8 8,010.7 12,775.3 12,775.3 16,773.9 19,197.4
-25.4 -2,555.6 196.8 196.8
771.5 653.7 773.8 773.8
1,016.8 854.9 941.8 941.8
245.3 201.2 168.1 168.1
-375.2 -370.0 -228.5 -228.5
395.0 207.5 405.2 405.2
— — 3.8 3.8
-816.7 -3,046.8 -757.5 -757.5
9,625.2 10,566.3 12,578.6 12,578.6 16,491.5 19,171.2
-32.8 1,098.6 621.0 621.0
— — 151.7 151.7
48.7 20.6 -33.2 -33.2
-12.5 1,291.5 17.7 17.7
— — 44.1 44.1
— — —
— -186.5 -513.8 -513.8
-26.9 -27.1 954.5 954.5
-42.2 — —
9,658.0 9,467.7 11,957.6 11,957.6 16,491.5 19,171.2
3,164.8 2,491.9 4,417.9 4,417.9
3,219.9 2,704.8 4,318.5 4,318.5
-55.1 -213.1 99.4 99.4
— 0.2 —
— -0.2 —
6,493.3 6,976.0 7,539.7 7,539.7 11,208.4 13,128.8
-260.3 -131.2 0.0 0.0
-260.3 -131.2 0.0 0.0
0.0 0.0 0.0 0.0
6,753.6 7,107.2 7,539.7 7,539.7
 -31.0 61.0 -84.8 -84.8
6,784.6 7,046.2 7,624.4 7,624.4 11,208.4 13,128.8
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
6,784.6 7,046.2 7,624.4 7,624.4 11,208.4 13,128.8

6,502.7 7,684.0 8,059.1 8,059.1 11,238.3 13,131.9

-21.5 769.0 434.7 434.7
-260.3 -131.2 0.0 0.0

465.6 465.6 465.6 465.6

14.58 15.13 16.38 16.38 24.02 28.02
14.02 14.85 16.38 16.38 24.02 28.02
13.97 16.51 17.31 17.31 24.14 28.19

465.6 465.6 465.6 465.6

14.58 15.13 16.38 16.38 24.02 28.02
14.02 14.85 16.38 16.38 24.02 28.02
13.97 16.51 17.31 17.31 24.14 28.19

IN GAAP IN GAAP IN GAAP

14,129.5 12,531.1 17,444.1 17,444.1 21,201.9 24,017.7
20.75 19.96 21.90 21.90 21.57 21.97
9,721.1 8,093.4 12,915.3 12,915.3
9,599.8 8,010.7 12,775.3 12,775.3 16,773.9 19,197.4
— — — 56.47 56.84
14.10 12.76 16.04 16.04 17.06 17.56
9.55 12.24 10.12 10.12 11.43 12.01
— — —
3.75 3.75 4.50 4.50 6.20 7.30
1,746.0 1,746.0 2,095.1 2,095.1
— — —
9,152.6 9,309.2 10,892.0 10,892.0
4,408.4 4,437.7 4,528.9 4,528.9
227.0 259.4 280.2 280.2