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Dolat Capital Report
Bharat Electronics Ltd.’s Annual Report 2021 analysis indicates that FY22 guidance (sales growth of 15 -17%) is very much realistic in nature as the company has contracts worth ~Rs 186 billion to be executed within a year, which is 12 -14% higher than sales guidance of Rs 162 -165 billion.
Notably, it has achieved execution of Rs 141 billion / Rs 130 billion in FY21 / FY20 versus targeted Rs 162 billion / Rs 131 billion.
Covid-19 disruptions resulted into ~15% miss during FY21.
Ramp up of non -defense opportunities, exports, improved share of high margin service business and growth opportunity for Bharat Electronics from private sector forays into defense are all medium term catalysts.
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