Bharat Electronics Q4 Review - Order Inflow, Execution Continue To Impress: ICICI Securities
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ICICI Securities Report
Bharat Electronics Ltd.’s continues to impress with a 9% YoY topline growth and 150 basis points YoY standalone Ebitda margin expansion for FY21- a year with a near lost Q1 FY21 (revenues declined 20% YoY in Q1 FY21) on account of the pandemic.
There has been a working capital release of Rs 23 billion for FY21, driven by Rs 28 billion of H2 FY21 working capital release – another remarkable statistic.
To add to the achievements, order acquired has been Rs 152 billion (~Rs 54 billion for Q4 FY21), thereby maintaining a healthy book to bill of 3.9 times on FY21E (standalone) topline of ~ Rs 140 billion.
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