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Dolat Capital Report
Bharat Electronics Ltd. delivered a stellar Q2 FY22 with sales/Ebitda/profit after tax growth of 15%/37%/54% YoY (6%/19%/33% ahead of consensus estimate) respectively.
Ebitda margin expanded by 384 basis points YoY as operating leverage benefits negated the gross margin contraction of 145 bps.
Balance sheet strengthening continued as operating cash flow generation was healthy at Rs 94 million driven by control on working capital and timely collections, which resulted into higher other income of Rs 659 million.
Bharat Electronics has retained its FY22 guidance of sales growth at ~15% with Ebitda margin of ~22%.
It also expects order inflow of Rs 150 billion plus in FY22, implying an asking rate of Rs 90 billion in H2 FY22.
Order backlog stood at Rs 546 billion, up 5% YoY.
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