BEL shares rise 3.5% on strong Q1 results

In the June quarter, the defence PSU’s order book stood at Rs 65,400 crore, up 18 percent YoY, Morgan Stanley said. The order book implies 3.7 times FY23 revenue, which provides strong revenue visibility, ICICI Securities has said.

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Bharat Electronics Ltd (BEL) gained 3.5 percent in the morning trade on July 28,  a day after the state-owned aerospace and defence electronics manufacturer reported a 23 percent year-on-year (YoY) rise in net profit at Rs 530.84 crore for the June quarter.

In the corresponding period last year, profit after tax came in at Rs 431.49 crore. Revenue from operations stood at Rs 3,446.69 crore, up from Rs 3,063.58 crore in the year-ago period.

The EBITDA margin expanded to 18.9 percent from 16.5 percent in the year- ago quarter, supported by a decline in the cost of materials consumed and consumption of stock-in-trade.

At 9.47 am, Bharat Electronics Ltd was trading at Rs 129.5 on the BSE, up 1.7 percent from the previous close.

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Brokerage firm Morgan Stanley said the orderbook stood at Rs 65,400 crore, up 18 percent YoY. It has an “overweight” call on the stock with a target price of Rs 136.

The order book implies 3.7 times FY23 revenue, which provides strong revenue visibility, according to ICICI Securities. Order inflow also remained healthy at around Rs 8,200 crore in Q1 led by large-scale order of Akash weapon system and other orders of defence electronic systems.

There is a strong order pipeline for BEL in defence electronics led by increasing usage of electronic systems like electronic warfare, radars, communication systems in defence platforms. Moreover, the company’s strategy to diversify into non-defence electronics, where opportunities are there for scalability in the long term, shows strong prospects, the domestic brokerage firm said.

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