Bharat Electronics down after Q3 profit disappoints but ICICI Securities sees 37% upside

The company’s board on January 28 recommended an interim dividend of Re 0.60 per share (on face value of Rs 1 each) on the enhanced share capital of the company post Bonus Issue of equity shares in September 2022.

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Shares of Bharat Electronics (BEL) declined 4 percent in the first hour of trade on January 30 after the company declared its December quarter earnings.

The Navratna PSU firm missed estimates in terms of profitability during the third quarter of FY23 while higher raw material costs impacted the EBITDA margins.

However, revenue was in line with expectations. The company’s board had on January 28 recommended an interim dividend of Re 0.60 per share (on a face value of Rs 1 each) on the enhanced share capital of the company after the bonus issue of equity shares in September 2022. The dividend will be payable to all the eligible shareholders holding shares as of the record date or February 10, 2023.

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