- 21 May 2023
- ICICI Securities
Bharat Electronics Q4 Results 2023: Revenue in line; margins better than estimates on lower raw material cost
Bharat Electronics Ltd | CMP: 306 | Market Cap: 223,752.34
Revenue in line; margins better than estimates on lower raw material cost
Q4FY23 Earnings Summary
View: Overall performance during the quarter was better than estimates led by better gross margins. Order inflows during FY23 at Rs 20,200 crore was largely in-line with expectations. Order backlog stands at Rs 60690 crore (3.4x FY23 revenues) which provides strong revenue visibility. Moreover, orders pipeline remains healthy led by increased usage of electronic systems in defence platforms. Key orders expected in FY24E are Quick Reaction Surface-to-Air Missile (QRSAM) worth Rs 20,000 crore and Medium Range Surface to Air Missile (MRSAM) worth Rs 15,000-20,000 crore. Company’s strategy to diversify into non-defence areas, focus on increasing exports and services share would also aid growth in the coming period
Impact: Positive