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Geojit Research Report
Bharat Electronics Ltd. is a Navaratna enterprise with 37% market share in Indian defence electronics. The company's core capabilities are in radar and weapons systems, defence communication and electronic warfare.
Nine months-FY23 revenue grew by 25% YoY, profit after tax was up by 36% YoY, led by better execution.
9MFY23 Ebitda margin improved by 50 basis points YoY to 20.0%, and absolute Ebitda grew by 28% YoY.
The order backlog at the end of Q3 FY23 was at Rs 50,116 crore (3.3 times FY22 sales), providing strong earning visibility for the next three years.
The order book is boosted by ~Rs 16,000 crore worth of orders towards the end of the year, bringing the total order backlog to Rs 66,410 crore (4.4 tmes FY22 sales). The cumulative order intake for the year was Rs 19,800 crore.
We maintain our positive view in the long term, considering strong order book visibility, execution prowess, and a stable margin profile ~22%. While profit after tax continues to grow at a 16% compound annual growth rate over FY23E-25E.
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