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- 02 Apr 2024
- ICICI Securities
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BEL REPORTED 13.6% YOY REVENUE GROWTH FOR FY24; MARGINALLY BETTER THAN ESTIMATES
BEL - 300 Change: -0.49 (-0.16 %)News: Bharat Electronics (BEL) has achieved a turnover of ~Rs 19700 crore (Provisional & Unaudited) during FY24, registering a growth of 13.65%. The company has highlighted that orders worth ~Rs 35000 crore were received during the year with the order backlog at Rs 76000 crore as of Mar-24 end. Among the notable defence orders obtained during the year were Electronic Fuzes, Electronic Warfare Systems, Communication Systems for naval warships, Fire Control Systems, Akash Prime Weapon System, Radars, Sonars, Software Defined Radios, Night Vision Devices, Tactical Communication Systems and other projects in non-defence sector. In the exports segment, BEL also achieved sales of ~USD 92.98 million during FY24 (+92% YoY) with order backlog stands at USD 407 million.
Views: Revenue growth of 13.7% YoY for FY24 is little better than our expectations of 12.5% YoY. Implied revenue growth for Q4FY24E is ~25% YoY. Order inflows were strong at Rs 35000 crore and remained better than expectations. Order backlog at ~Rs 76000 crore (3.8x FY24 revenue), provides healthy revenue growth visibility for FY25/FY26. Order pipeline remains strong in defence segments (electronic warfare, radars, communication, navigation systems etc for various platforms like fighter jets, warships, missiles, unmanned Ariel vehicles), non-defence segments and exports. Over the next 2 years, management expect orders inflow of Rs 50000 crore, with a possibility of additional non-defence and export orders.
Impact: Positive