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RA
ILW
AY
S
MIN
ING
MA
KIN
G I
N I
ND
IA F
OR
TH
E W
OR
LD
AV
IAT
ION
M
AR
INE
TH
ER
MA
L P
OW
ER
O
IL &
GA
S
CO
NST
RU
CT
ION
EN
ER
GY
AN
ALY
ST
ME
ET
De
cem
be
r 2
01
5 |
Bh
ara
t Fo
rge
Ltd
. |
Mu
mb
ai
AU
TO
MO
TIV
E
AU
TO
MO
TIV
E
12
/9/2
01
5
2
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/////99999/////22222
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55555
Glo
ba
l T
ruck
In
du
stry
Ou
tlo
ok
Pa
rtic
ula
rs
20
14
2
01
5
20
16
2
01
7
NA
2
90
3
20
2
70
2
45
EU
2
25
2
51
2
64
2
68
Bra
zil
93
4
5
45
5
0
Ma
jor
Ma
rke
ts
60
8
61
6
57
9
56
3
% c
ha
ng
e
1.3
%
(6.0
)%
(2.8
)%
Pa
rtic
ula
rs
20
14
2
01
5
20
16
2
01
7
NA
5
02
5
35
4
97
4
84
EU
2
71
3
06
3
22
3
27
Bra
zil
12
7
62
6
2
68
Ma
jor
Ma
rke
ts
90
1
90
3
88
1
87
9
% c
ha
ng
e
- (2
.4)%
-
He
av
y T
ruck
s
‘000
Tru
cks
> 6
T
‘000
So
urc
e:
DB
Re
po
rt,
De
c 2
01
5
12
/9/2
01
5
3
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55555
Pa
rtic
ula
rs
IND
IA
NO
RT
H A
ME
RIC
AE
UR
OP
E
Co
mm
erc
ial
Ve
hic
les
Pa
sse
ng
er
Ve
hic
les
–H
igh
En
d--
---
Pa
sse
ng
er
Ve
hic
les
– M
ass
Ma
rke
t
Oil
& G
as
----
-
Co
nst
ruct
ion
Min
ing
Ae
rosp
ace
--
---
Po
we
r (R
en
ew
ab
le &
Th
erm
al)
--
---
Sta
te o
f M
ark
ets
12
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5
4
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0000011111
55555
Ou
tlo
ok
fo
r F
Y2
01
6
Ma
cro
En
vir
on
me
nt
•In
cre
ase
d v
ola
tility
an
d u
nce
rta
inty
ove
r th
e p
ast
3 m
on
ths.
•S
ha
rp v
olu
me
dro
p i
n c
om
mo
dit
y a
nd
all
ied
bu
sin
ess
(O
& G
, C
on
stru
ctio
n &
min
ing
, H
HP
).
•Te
mp
ora
ry in
cre
ase
in
in
ven
tory
of
cla
ss 8
tru
cks
fro
m 2
mo
nth
s to
3.5
mo
nth
s. P
rod
uct
ion
at
OE
M’s
to
b
e
ad
just
ed
a
s a
co
nse
qu
en
ce
of
low
er
de
ma
nd
a
nd
h
igh
in
ve
nto
ry
in
the
dis
trib
uti
on
ch
an
ne
l .
BF
L P
erf
orm
an
ce
•D
esp
ite
ab
ove
he
ad
win
ds,
ex
pe
ct t
o m
ain
tain
re
ve
nu
es
co
mp
are
d t
o F
Y1
5 d
riv
en
by
ra
mp
up
of
Pa
sse
ng
er
Ve
hic
le b
usi
ne
ss,
ma
rke
t sh
are
gro
wth
in
NA
tru
cks
an
d p
ick
up
in
In
dia
n
bu
sin
ess
als
o d
rive
nb
y m
ark
et
sha
re g
ain
s.
•E
xhib
its
the
b
en
efi
t o
f d
e-r
isk
ing
a
nd
th
e
fun
gib
ilit
y
of
ass
ets
to
d
ive
rt
cap
aci
ty
to
sect
ors
/ge
og
rap
hy
wh
ere
gro
wth
is
vis
ible
.
12
/9/2
01
5
5
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55555
Co
pin
g w
ith
th
e n
ew
en
vir
on
me
nt
De
spit
e u
nce
rta
inty
in
so
me
of
ou
r b
usi
ne
ss s
eg
me
nts
, B
FL
con
tin
ue
s to
cre
ate
an
d
imp
lem
en
t o
pp
ort
un
itie
s fo
r g
row
ing
bu
sin
ess
. N
ew
pro
du
cts/
sect
ors
& c
ust
om
ers
are
be
ing
ad
de
d.
We
co
nti
nu
e t
o in
vest
in
R
& D
an
d T
ale
nt
po
ol
cre
ati
on
• T
ech
no
log
y d
ev
elo
pm
en
t S
tra
teg
y
• N
ew
Pro
du
ct d
ev
elo
pm
en
t st
rate
gy
acr
oss
ap
pli
cati
on
s
•P
ass
en
ge
r V
eh
icle
s
•C
om
me
rcia
l V
eh
icle
s
•In
du
stri
al
sect
ors
•M
ak
e i
n I
nd
ia
12
/9/2
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5
6
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55555
§Q
uic
k r
esp
on
se f
or
NP
D a
nd
exe
cuti
on
in
se
ria
l p
rod
uct
ion
§In
cre
ase
ma
rke
t sh
are
wit
h e
xis
tin
g c
ust
om
ers–
In
dia
& G
lob
al
(kn
ow
n p
rod
uct
s)
§B
roa
de
n p
rod
uct
off
eri
ng
.
Re
ve
nu
e e
nh
an
cem
en
t st
rate
gy
TR
UC
KS
§A
dd
ne
w c
ust
om
ers
in
In
dia
an
d G
lob
al
§D
ev
elo
p n
ew
pro
du
cts.
§V
alu
e A
dd
itio
n :
Fo
rgin
g à
Ma
chin
ing
CA
RS
§P
urs
ue
clo
sely
wit
h c
ust
om
ers
fo
r a
ny
im
me
dia
te o
pp
ort
un
ity
wit
hin
kn
ow
n b
ask
et
of
pa
rts.
CO
NS
TR
UC
T /
MIN
ING
12
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7
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55555
§C
om
ple
te a
pp
rov
als
fo
r e
ng
ine
co
mp
on
en
ts w
ith
OEM’s.
§O
the
r fo
rgin
gs
un
de
r d
ev
elo
pm
en
t
§Tr
ial
ord
er
for
ne
w p
rod
uct
/ a
sse
mb
ly e
xp
ect
ed
§G
row
ex
po
rt b
usi
ne
ss o
n e
xis
tin
g p
rod
uct
s. R
oa
d-m
ap
in
pla
ce a
nd
Act
ion
s in
itia
ted
.
§Ta
rge
tin
g c
om
po
ne
nts
se
rvic
es
bu
sin
ess
. A
ctio
ns
init
iate
d.
LOC
O
Re
ve
nu
e e
nh
an
cem
en
t st
rate
gy
12
/9/2
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5
8
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55555
§P
rep
ari
ng
fo
r th
e n
ex
t u
ptu
rn
§S
tro
ng
cu
sto
me
r a
lig
nm
en
t b
ein
g d
ev
elo
pe
d.
§P
en
etr
ate
su
b-s
ea
- n
o c
urr
en
t sh
are
. C
ust
om
er
act
ivit
y i
nit
iate
d.
§Id
en
tifi
ed
ne
w a
rea
s o
f b
usi
ne
ss w
he
re e
xoti
c m
ate
ria
l is
use
d,
wil
l
pro
vid
e g
oo
d v
alu
e a
dd
itio
n p
ote
nti
al.
§A
dd
va
lue
to
cu
rre
nt
pro
du
cts
by
pro
vid
ing
mo
re p
roce
ssin
g
act
ivit
ies.
Wil
l e
nh
an
ce s
tick
ine
ss q
uo
tie
nt
an
d p
ote
nti
all
y a
dd
vo
lum
e a
nd
re
ve
nu
e.
Fir
st-t
ime
ev
er
for
an
OE
M t
o o
uts
ou
rce
!
OIL
& G
AS
§ R
en
ew
ed
fo
cus
on
re
ne
wa
ble
se
cto
r
§ F
ocu
s o
n n
ew
pro
du
ct d
ev
elo
pm
en
t &
v
alu
e a
dd
ed
pro
du
cts
Re
ne
wa
ble
Re
ve
nu
e e
nh
an
cem
en
t st
rate
gy
12
/9/2
01
5
9
1111122222
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0000011111
55555
Ke
y I
nte
rna
l In
itia
tiv
es
•H
igh
org
an
iza
tio
na
l fo
cus
on
exe
cuti
on
in
clu
din
g v
elo
city
in
re
spo
nd
ing
to
op
po
rtu
nit
ies
an
d e
nga
ge
me
nt
wit
h c
ust
om
ers
•S
tre
ng
the
n C
RM
acr
oss
all
le
vels
.
•H
igh
fo
cus
on
Sh
ort
– M
ed
ium
– L
on
g t
erm
re
ven
ue
en
ha
nce
me
nts
•H
igh
fo
cus
on
incr
ea
sin
g S
ha
re o
f B
usi
ne
ss w
ith
Do
me
stic
an
d E
xpo
rts
cust
om
ers
•S
tro
ng
fo
cus
on
co
st c
om
pre
ssio
n &
ra
tio
na
liza
tio
n a
nd
pro
du
ctiv
ity
im
pro
vem
en
t
to m
itig
ate
im
pa
ct o
f p
rofi
tab
ilit
y.
12
/9/2
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5
10
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1111155555
•D
eri
va
tive
of
the
“M
ake
In
In
dia
” in
itia
tive
is
the
fo
cus
on
im
po
rt s
ub
stit
uti
on
.
•B
FL
ha
s id
en
tifi
ed
4 s
ect
ors
(M
inin
g,
Po
we
r, R
ail
wa
ys,
Ma
rin
e &
De
fen
se)
•T
he
se s
ect
ors
are
to
da
y c
ate
red
to
by
hu
ge
im
po
rts
of
con
sum
ab
les.
Th
ese
are
als
o t
he
se
cto
rs w
he
re g
row
th is
exp
ect
ed
to
acc
ele
rate
.
•C
rea
ted
a d
ed
ica
ted
cr
oss
fu
nct
ion
al
tea
m t
o i
de
nti
fy a
nd
ad
dre
ss o
pp
ort
un
itie
s.
•Fo
cus
on
de
live
rin
g d
iffe
ren
tia
ted
so
luti
on
s vi
s-a
-vis
exi
stin
g v
en
do
rs.
•H
ave
ma
de
sig
nif
ica
nt
pro
gre
ss i
n t
he
pa
st 6
mo
nth
s to
ge
t a
ccre
dit
ed
wit
h t
he
go
vern
me
nt
ag
en
cie
s, d
eve
lop
sa
mp
les
for
vali
da
tio
n a
nd
re
ceiv
e i
nit
ial
ord
ers
.
Ma
ke
In
In
dia
fo
cus
12
/9/2
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5
11
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BF
L D
efe
nse
Op
po
rtu
nit
y
•B
FL
ha
s b
ee
n s
up
ply
ing
co
mp
on
en
ts
an
d s
ub
sys
tem
s f
or
the
In
dia
n D
efe
nse
est
ab
lish
me
nts
.
•O
pp
ort
un
itie
s B
FL
is p
urs
uin
g a
re a
s b
elo
w
•C
om
po
ne
nts
•A
rtil
lery
pro
gra
ms
•D
RD
O P
rog
ram
s
•O
ffse
t p
rog
ram
s
•S
erv
ice
bu
sin
ess
ALL
CA
PE
X A
ND
CA
PA
BIL
ITIE
S I
N P
LAC
E T
O C
AP
TU
RE
TH
E A
BO
VE
GR
OW
TH
OP
PO
RT
UN
ITIE
S
12
/9/2
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5
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Up
da
te o
n S
tra
teg
ic G
oa
ls -
20
18
S .
No
G
oa
ls
Sta
tus
1
Incr
ea
se P
ass
en
ge
r V
eh
icle
reve
nu
es
fro
m 5
% t
o 1
5%
of
sale
s
Pro
gre
ssin
g s
mo
oth
ly w
ith
ra
mp
of
ord
ers
rece
ive
d f
rom
Exp
ort
ma
rke
t. W
itn
ess
ing
tra
ctio
n f
rom
Do
me
stic
ma
rke
ts a
lso
.
2
En
try
in
to A
ero
spa
ce s
ect
or
Sig
ne
d c
on
tra
cts
wit
h 4
ma
rqu
ee
cu
sto
me
rs.
3E
BIT
DA
ma
rgin
sE
xpe
ct l
on
g t
erm
ma
rgin
s to
re
ma
in i
n t
he
sta
ted
ra
ng
e.
4
Ne
t D
eb
t fr
ee
by
20
18
V
ery
lo
w N
et
De
bt/
Eq
uit
y a
s o
f S
ep
tem
be
r
20
15
5
Imp
rove
re
turn
ra
tio
s
RO
CE
& R
ON
W i
n e
xce
ss o
f 2
0%
6
Do
ub
lin
g r
eve
nu
e t
o R
s 7
,00
0
Cro
res
by
FY
20
18
Wo
rkin
g v
ery
ha
rd t
o a
chie
ve t
he
go
al.
12
/9/2
01
5
13
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1111155555
Dis
cla
ime
r
Th
is p
rese
nta
tio
n c
on
tain
s ce
rta
in f
orw
ard
lo
okin
g s
tate
me
nts
co
nce
rnin
g B
ha
rat
Fo
rge
’s f
utu
re
bu
sin
ess
pro
spe
cts
an
d b
usi
ne
ss p
rofi
tab
ilit
y, w
hic
h a
re s
ub
ject
to
a n
um
be
r o
f ri
sks
an
d
un
cert
ain
tie
s a
nd
th
e a
ctu
al
resu
lts
cou
ld m
ate
ria
lly d
iffe
r fr
om
th
ose
in
su
ch f
orw
ard
lo
okin
g
sta
tem
en
ts.
Th
e r
isks
an
d u
nce
rta
inti
es
rela
tin
g t
o t
he
se s
tate
me
nts
in
clu
de
, b
ut
no
t lim
ite
d t
o,
risk
s
an
d u
nce
rta
inti
es,
re
ga
rdin
g f
luct
ua
tio
ns
in e
arn
ing
s, o
ur
ab
ilit
y t
o m
an
ag
e g
row
th,
com
pe
titi
on
(
bo
th d
om
est
ic a
nd
in
tern
ati
on
al)
, e
con
om
ic g
row
th i
n I
nd
ia a
nd
th
e t
arg
et
cou
ntr
ies
for
exp
ort
s,
ab
ilit
y t
o a
ttra
ct a
nd
re
tain
hig
hly
skille
d p
rofe
ssio
na
ls,
tim
e a
nd
co
st o
ve
r ru
ns
on
co
ntr
act
s, o
ur
ab
ilit
y t
o m
an
ag
e o
ur
inte
rna
tio
na
l o
pe
rati
on
s, g
ove
rnm
en
t p
olici
es
an
d a
ctio
ns
wit
h r
esp
ect
to
inve
stm
en
ts,
fisc
al d
efi
cits
, re
gu
lati
on
s, e
tc.,
in
tere
st a
nd
oth
er
fisc
al
cost
s g
en
era
lly p
reva
ilin
g in
th
e
eco
no
my.
T
he
co
mp
an
y d
oe
s n
ot
un
de
rta
ke t
o m
ake
an
y a
nn
ou
nce
me
nt
in c
ase
an
y o
f th
ese
forw
ard
lo
okin
g s
tate
me
nts
be
com
e m
ate
ria
lly i
nco
rre
ct i
n f
utu
re o
r u
pd
ate
an
y f
orw
ard
lo
okin
g
sta
tem
en
ts m
ad
e f
rom
tim
e t
o t
ime
by o
r o
n b
eh
alf
of
the
co
mp
an
y. N
o p
art
of
this
pre
sen
tati
on
sha
ll b
e r
ep
rod
uce
d,
cop
ied
, fo
rwa
rde
d t
o a
ny t
hir
d p
art
y e
ith
er
in p
rin
t o
f in
ele
ctro
nic
fo
rm w
ith
ou
t
pri
or
exp
ress
co
nse
nt
of
the
co
mp
an
y.
12
/9/2
01
5
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1111155555
Thank Y
ou