ICICI Securities: Risks To Bharat Electronics' Guidance

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.Bharat Electronics Ltd. management highlighted potential FY21E topline and order inflow at more than Rs 140 billion and Rs 150 billion respectively.Order inflow expectations comprise of:i) Rs 100 billion of probable Akash missile (Army) order to Bharat Dynamics Ltd. will have approximately 60% of order value accruing to Bharat Electronics;ii) Similarly, approximately Rs 25 billion of Astra missile order to BDL will ensure that 30-40% accrues to Bharat Electronics;iii) Approximately Rs 370 billion of light combat aircraft Tejas order to Hindustan Aeronautics Ltd. can see approximately Rs 35 billion of order value coming to Bharat Electronics;iv) Electronic warfare orders, Q1 FY21 witnessed approximately Rs 34 billion of order inflow, of which approximately Rs 12 billion was on account of ventilators and Rs 7 billion was on account of naval orders.Q1 FY21 execution was impacted by 45-day shutdown leading to a lower than expected print.Receivables touched approximately Rs 71 billion post Q1 FY21 (from Rs 64 billion QoQ); high receivables can eventually cause execution to slow down..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ICICI Securities: Risks To Bharat Electronics' Guidance

ICICI Securities: Risks To Bharat Electronics' Guidance

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