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ICICI Securities Report
Bharat Dynamics Ltd. reported a significant improvement in the reported print, with H1 FY22 revenues up 142% YoY (still down 43.5% from H1 FY20).
Working capital witnessed a build-up of Rs 3 billion, which impacted the free cash flow in H1 FY22. Currently, it is the key domestic supplier of surface to air missile and anti-tank guided missiles to the Indian Armed Forces.
While July 2021 orderbook stands at Rs 87 billion (2.6 times book to bill), management has reiterated the possibility of orderbook expanding to Rs 230 billion over next two years.
We believe large part of the accretion is expected from Akash third and fourth squadrons (Indian Army) and ‘Astra beyond visual range' (air-to-air missiles).
Also, we believe Bharat Dynamics has the potential to benefit from India’s focus on defence exports.
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