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Prabhudas Lilladher Report
With the recent memorandum of understanding in electric vehicle space, Bharat Electronics Ltd. is moving towards its strategy of diversifying into non-defence space (that accounts for ~10% of total revenue; management targets for 25% in long run) likely to be value accretive for the company in long run.
We reiterate our positive stance on long term growth story of BEL given-
its strong order backlog,
order pipeline and
diversification in newer business verticals like EV battery, medical equipments, hydrogen fuel cell, metro, focus on export markets, government focus on product indigenization etc.
We expect BEL to report revenue and profit after tax compound annual growth rate of 16.6%/19.1% from FY22 to FY25E.
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