- 24 May 2022
- ICICIdirect Research
Bharat Electronics reports in line Q4FY22 numbers
BEL - 299 Change: 3.10 (1.05 %)News: Q4FY22 revenue declined 8.4% YoY to Rs. 6,324.9 crore, Sequentially, revenue increased 71.2%. EBITDA declined 20.4% YoY to Rs. 1,567.8 crore due to higher other expenses with margin contracted 374 bps YoY to 24.8%. Net profit declined 15.6% YoY to Rs. 1,141.8 crore but was up 95.7% QoQ. For FY22, revenue grew 8.9% to Rs. 15,313.7 crore, EBITDA increased 4% YoY to Rs. 3,309.2 crore. PAT increased 13.7% YoY to Rs. 2,348.9 crore
Views: Revenue was in line with Street estimates as the company had already announced provisional numbers for FY22. Operating margin and net profit came better than estimates mainly due to lower employee and other expenditure. Going forward, we believe that, with the healthy order book at Rs. 57,570 crore (3.8x of FY22 revenues) and strong pipeline of orders, the company will be able to grow its revenues by ~15-17% in the next couple of years
Impact: Positive