ICICI Securities: Bharat Electronics Analyst Meet Update - Diversifying Into Multiple Revenue Streams
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ICICI Securities Report
Strategy to diversify revenue streams away from a constrained domestic defense budget – was a key takeaway from Bharat Electronics Ltd. analyst meet.
BEL does not mind additional capex to achieve the same (10-15% YoY capex growth per annum from the likely Rs 5.5 billion in FY21).
The idea, if properly executed, can allow BEL to maintain double-digit revenue growth in the foreseeable future; it also underlines the limited headroom the base business offers for continuation of growth, given scale.
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