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ICICI Direct Report
Bharat Electronics Ltd. reported revenues at Rs 3189 crore, growth of 16.3% YoY, above our estimate of Rs 2502 crore on the back of normalising supply chain, ventilator order and business operations leading to execution pickup.
Absolute Ebitda for the quarter was at Rs 623.4 crore (versus our estimate of Rs 329.4 crore) up 14.4% YoY.
Ebitda margin was better than estimate at 19.6% (above our estimate of 13.2%) down marginally by approximately 30 basis points YoY, owing to controlled operating expenses, better than expected execution.
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