Key insights:

  1. Standalone recurring earnings fell 32% YoY to Rs1.74bn ) with EBITDAM contracting ~450bps YoY to 23.9%.
  2. Revenue fell 25% YoY (volume/realisation down 23%/2% YoY) due to continuation of inventory destocking for oil and gas clients besides extreme weakness in domestic CVs.
  3. BHFC revenue/EBITDA should remain under pressure in FY20E/21E amid continuation of weakness in domestic CV and North American heavy truck markets, with oil and gas segment only adding to the weakness.

Disclaimer: The above report is compiled from information available on public platforms. inChat team advises users to check with certified experts before taking any investment decisions.

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