Bharat Electronics - Strong Q4; Robust Outlook: Prabhudas Lilladher
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Prabhuadas Lilladher Report
Bharat Electronics Ltd. reported stellar quarterly performance above our and street estimates, led by strong execution and cost optimisation measures.
Revenue grew 19% YoY mainly due to strong execution in large value projects such as Akash weapon system and long-range surface-to-air missile (LRSAM).
Despite pandemic, order input came in at Rs 155 million (up 17%) in FY21.
Ordering pipeline remains robust across segments such as electronic warfare system (~Rs 150 billion opportunity size), army equipment’s like Akash weapon system, quick response surface to air missile, LRSAM, medium-range surface-to-air missile (Rs 250-300 billion) and naval equipments like surveillance system, radars, navigation system (~Rs 150-200 billion) etc.
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