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ICICI Direct Report
Bharat Electronics Ltd.'s reported revenues in energy segment at Rs 1634.6 crore, declining 2.2% YoY, (versus our estimate of Rs 2412 crore), impacted by supply chain disruptions amid second wave of pandemic.
Absolute Ebitda came in at Rs 62.9 crore (way below our estimate of Rs 390.4 crore), down 57.1% YoY.
While Ebitda margin came in subdued at 3.8% (versus our estimate of 16.2%) declining ~500 basis points YoY, owing to lesser revenue booking amid supply chain disruptions.
Consequently, profit after tax came in at Rs 11.2 crore, down 79.4%, primarily due to lesser execution, declining margins amid pandemic challenges.
Overall, Bharat Electronics' order book was at Rs 54489 crore as on June 30, 2021.
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