BEL loses early gains despite 33% increase in Q2FY24 net profit

The company’s revenue and earnings before interest, taxes, depreciation, and amortisation (EBITDA), was Rs 1,004.3 crore. around 17.4 percent higher last fiscal.

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Shares of Bharat Electronics opened at Rs 132.75, around 0.5 percent higher on the NSE on October 30, after the defence equipment manufacturer announced its Q2FY24 results on Saturday, October 28. BEL reported a net profit of Rs 812.3 crore, a 33 percent year-on-year increase from last fiscal’s Rs 611 crore. But by 9:51 am, the stock was trading at Rs 131.75, around 0.3 percent lower than close on October 27.

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For the September quarter, Bharat Electronics (BEL) reported revenue of Rs 3,993 crore, a 1.2 percent increase in revenue but below street estimate of around Rs 4,600 crore. The company’s revenue and earnings before interest, taxes, depreciation, and amortisation (EBITDA), was Rs 1,004.3 crore. around  17.4 percent higher last fiscal. EBITDA margin for the same period grew to 25.2 percent, around 350 bps higher than last years.

Also read: Bullish on India: BEL, An evergreen defence equipment PSU eyeing sustained growth, strong order inflow

For FY2023-2024, BEL received orders worth Rs 14,384 crore including a latest order in early September worth Rs 2,118.57 crore from Cochin Shipyard. The order is for the supply of next-generation missile vessels equipped with state-of-the-art technology to the Indian Navy. It has also received orders worth Rs 886 crore to “upgrade AFNET SATCOM N/W, upgrade of Akash Missiles with RF Seeker, Inertial Navigation System, and other equipment with accessories and spares, etc.”

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