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ICICI Securities Report
Indian defence capital budget increased 13% (FY23BE vis-a-vis FY22BE), while the indigenous component has been increased to 68% (of capital outlay) from 58% YoY.
Thus, defence capital budget for domestic procurement has increased ~30% YoY.
We deem this as positive for domestic defence public sector undertakings like Hindustan Aeronautics Ltd., Bharat Dynamics Ltd., Bharat Electronics Ltd.
Higher domestic capital allocation would improve order inflow visibility and working capital for the sector.
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