Antique Limited

Antique | Bharat Electronics 2QFY24 result update – 231101

Antique | Bharat Electronics 2QFY24 result update – 231101
Bharat Electronics 2QFY24 result update – 231101 (Please click here to view the report)

In-line operational performance; FY24 guidance maintained

Bharat Electronics (BEL) reported strong operational performance, although revenue was below our expectations at INR 40 bn, margin witnessed a strong 350 bps expansion to 25.2% beating our estimate of 22%. Order book remains strong at INR 687 bn (3.8x TTM revenue) supported by order inflows worth INR 73 bn (+418% YoY) during the quarter. However, BEL maintains its FY24 guidance of INR 200 bn order inflow, 15%–17% revenue growth, and 21%–23% EBITDA. We continue to like Bharat Electronics given its robust order book position, strong pipeline, swift execution, and consistent delivery of +20% margin. We thus maintain BUY rating on the stock with a target price of INR 161 (28x its 1HFY26E EPS).

Investment Summary

BEL has over the years developed multiple levers of growth by a) Establishing robust infrastructure, b) Strong relationships with government entities, c) Diversifying into non-defence businesses to create new growth avenues. We maintain BUY rating on the stock with a target price of INR 161 (28x 1HFY26E EPS).

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