Bharat Electronics Order Book Expands By Another Rs 569 Crore

Bharat Electronics Ltd. secured additional orders worth Rs 569 crore, the company announced on Thursday. Major orders received include communication equipment, medical electronics, instant fire detection and suppression system, upgrades, spares, services, according to a stock exchange filing.

In December, the company won two different contracts worth a combined Rs 1,345 crore for various defence equipment. The company won multiple orders worth Rs 1,663 crore in November.

BEL, a 'Navratna' defence public sector undertaking, had an order book of Rs 74,453 crore as of the September quarter. The company typically does not disclose the actual details of the orders for defence confidentiality.

BEL registered a growth of 26% in revenue from operations in the second quarter at Rs 5,764 crore. Profit after tax jumped 18% to Rs 1,286 crore.

Shares of BEL ended 0.5% lower at Rs 397.8 on the BSE, after the announcement, compared to a flat benchmark Sensex. The stock has risen 10% in the last 12 months. The total market capitalisation stands at Rs 2.9 lakh crore.

Out of the 32 analysts tracking Bharat Electronics, 27 have a 'buy' rating on the stock, two recommend a 'hold' and three suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets is Rs 468, which implies a potential upside of 20%.