Bharat Electronics Q4 Review - Order Inflow, Execution Continue To Impress: ICICI Securities

Attendees speak at the Bharat Electronics Ltd. Remote Controlled Weapon Station display. (Photographer: Dhiraj Singh/Bloomberg)

Bharat Electronics Q4 Review - Order Inflow, Execution Continue To Impress: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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.

Click on the attachment to read the full report:

ICICI Securities BEL Q4FY21 Results Update.pdf

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