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Yes Securities Report
Bharat Electronics Ltd. reported a strong set of numbers which was above our estimates, led by healthy execution across its order book. Even though input cost pressures have eased, gross margins contracted by ~20 basis points YoY.
This, coupled with negative operating leverage led to a ~170 bps YoY contraction in Ebitda margins.
BEL's ordering pipeline remains robust across segments such as electronic warfare system, army equipment like Akash weapon system, quick response surface to air missile, long range surface-to-air missile, medium range surface to air missile and naval equipment like surveillance system, radars, navigation system, etc. along with healthy traction in non‐defence segments such as metros, railways, civil, ATS e‐mobility, etc.
Order inflows de‐grew by 63% YoY taking its order book to ~Rs 528 billion (3.1 times trailing twelve months revenue), providing revenue visibility for next few years.
Management maintained FY23 order inflow guidance at ~Rs 200 billion and revenue growth guidance of 15%.
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