Bharat Electronics Q2 Results Review


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Prabhudas Lilladher Report

Bharat Electronics Ltd. results were broadly in-line with estimates. The company reported revenue of Rs 39.5 billion (up 7.8% YoY) and profit after tax came in at Rs 6.1 billion (flat YoY) in Q2 FY23.

H1 FY23 Ebitda margin improved 204 basis points YoY to 19.4%, owing to better absorption of fixed overheads. Order inflows came in at ~Rs 13.6 billion (down 49.3% YoY) in Q2 FY23, while order book stood at ~Rs 528 billion (3.1 times trailing twelve months revenue), providing revenue visibility for next couple of years.

Order pipeline stands strong from Akash weapon system, quick reaction surface-to-air missile, long range surface-to-air missile and naval equipment’s like surveillance system, radars, navigation systems etc.

BEL has been focusing on diversification in non-defense verticals such as electric vehicle, metros, electronic warfare, healthcare, homeland security etc.

Moreover, BEL recently signed a memorandum of understanding with Triton Electric Vehicle Pvt. Ltd. for manufacturing Hydrogen Fuel cells, with technology transfer from TEV.

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