- 30 Jul 2024
- ICICI Securities
Healthy performance led by strong execution
BEL - 318 Change: -3.25 (-1.01 %)News: Revenue increased by 20.1% YoY to Rs 4243.6 crore in Q1FY25 as the execution remains strong. EBITDA margin also improved by 331 bps YoY to 22.3%, which led to EBITDA growth of 41% YoY to Rs 948.2 crore. Other income was up 45.2% YoY to Rs 203.6 crore. Thus, PAT increased by 46.9% YoY to Rs 791.3 crore on account of healthy operational performance & higher other income. Sequentially, revenue declined by 50.4% with EBITDA margin down by 436 bps QoQ, as execution during Q1 generally remains poor on QoQ basis.
Views: Operational performance during the quarter remains healthy on YoY basis, led by strong execution. Order inflows have also been strong at Rs 5015 crore in Q1FY25 with full year guidance of Rs 25000 crore maintained by the company. Order backlog stands at Rs 76705 crore (3.7x TTM revenue), provides healthy revenue growth visibility. Management maintains revenue growth guidance of 15% for FY25. Order pipeline remains strong in defence segments (electronic warfare, radars, communication, navigation systems etc for various platforms), non-defence segments and exports.
Impact: Positive