Bharat Dynamics zooms 5.5% on order wins from defence ministry

Bharat Dynamics Ltd signed a Rs 8,161-crore contract to supply Akash Weapon System to the Indian Army. The defence PSU also received an order of Rs 261 crore for MLH Helicopters

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Shares of Bharat Dynamics Ltd (BDL) rose 5.5 percent in the morning trade on March 31 after the state-owned company announced contracts with the defence ministry.

At 9:25 am, shares of the defence PSU were trading 5.5 percent higher at Rs 1,007.15 on the BSE.

Bharat Dynamics signed a contract for Rs 8,161 crore with the defence ministry for the production and supply of the Akash Weapon System to the Indian Army. The contract is for two regiments of the army and is to be executed in three years.

Further BDL also received an order of Rs 261 crore for CMDS for MLH Helicopters.

“The consolidated order book position of BDL has now reached a staggering figure of Rs 24,021 crore approx. with the signing of this new contract,” the company said in an exchange filing.

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With indigenisation being the talk of the town and wealth managers dashing to add the right defence stocks in their portfolios, the defence pack had rallied on the back of a rosy outlook. Despite this, there are some who believe BDL will face a hiccup on the order inflow and supply side fronts, which could hamper FY23 earnings, but FY24 numbers may still strike a high note.

Read more | Bharat Dynamics: FY23 road a bit bumpy, but prospects bright for FY24

“The management had earlier indicated Rs 10,000 crore inflows in FY23, but this may be significantly lower due to delay in awarding (orders for) Akash missile system,” warned Elara Securities. However, the brokerage firm sounds optimistic when it comes to order inflow in FY24.

In FY24, Bharat Dynamics could expect orders worth Rs 10,000-12,000 crore for: Akash surface-to-air-missile (order size Rs 6,000-7,000 crore), medium range surface-to-air-missile, Nag (anti-tank guided missile), and Helina (air-to-surface missile), the brokerage firm highlighted.

While some analysts said that the revenue growth may come under pressure because of the electronics supply issue.