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ICICI Securities Report
Bharat Electronics Ltd. has won incremental orders worth Rs 21.9 billion in addition to the Rs 59 billion won earlier in Q1 FY24, taking the total order inflow for the quarter to Rs 80.9 billion.
This is in line with management guidance of Rs 200 billion of order inflow in FY24 and we expect the orderbook at Q1 FY24-end to further improve compared to the record end-FY23 level.
Given that the latest orders (Rs 21.9 billion) are smaller and pertain to platforms already in progress, we expect quicker execution through to FY25E.
We continue to believe that, with a share in almost all the major upcoming orders over the next few years, Bharat Electronics is the best play in the defence space.
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