Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Research

| More

Bharat Electronics - Q2FY21 Result Update - ICICI Direct

Posted On: 2020-11-17 01:04:49


Bharat Electronics (BEL) reported revenues at Rs. 3189 crore, growth of 16.3% YoY, above our estimate of Rs. 2502 crore on the back of normalising supply chain, Ventilator order and business operations leading to execution pick-up. Absolute EBITDA for the quarter was at Rs. 623.4 crore (vs. our estimate of Rs. 329.4 crore) up 14.4% YoY. EBITDA margin was better than estimate at 19.6% (above our estimate of 13.2%) down marginally by ~30 bps YoY, owing to controlled operating expenses, better than expected execution. Hence, PAT came in at Rs. 397 crore, up 16.9% owing to better execution, higher other income, which grew 82% to Rs. 27 crore on a YoY basis.

Valuation & Outlook

Overall, BEL reported strong execution for Q2FY21 and is expected to maintain the momentum stable for H2FY21E while order inflows may get impacted in the medium term due to a delay or deferral in a few projects but overall expected to be decent in current environment. BEL is likely to continue its focus to increase contribution from non-defence segment to ~20%, albeit with lower margins in the next three to five years. Overall strong order book of Rs. 52148 crore continues to provide strong revenue visibility. We expect BEL to report revenue, EBITDA, PAT CAGR of 8.8%, 5.2%, 4.5%, respectively, in FY20-22E. We revise our target price to Rs. 110 (13.5x on FY22E EPS) and change our rating from HOLD to BUY. Any disappointment on execution front may significantly impact the operating performance of BEL.

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_BharatElectronics_Q2FY21.pdf

Shares of BHARAT ELECTRONICS LTD. was last trading in BSE at Rs.96.65 as compared to the previous close of Rs. 96.65. The total number of shares traded during the day was 81620 in over 659 trades.

The stock hit an intraday high of Rs. 97.4 and intraday low of 96.35. The net turnover during the day was Rs. 7898001.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Disclaimer:The article above is a gist / extract of the original report prepared by the research firm / brokerage firm. This article is not to be considered as an offer to sell or a solicitation to buy any securities. This article is meant for general information only. www.equitybulls.com, its employees or owners or the research firms, its employees or owners won't be responsible for any liability that may arise from information, errors or omissions in these articles. www.equitybulls.com or its employees or owners / the research firms or its employees or clients or owners may from time to time hold positions in securities referred in this article. For detailed research reports, please contact the concerned research firm directly.





Other Headlines:

Economy - MPC holds rates; policy largely non-event - ICICI Securities

Monetary Policy - Mr. Rajiv Sabharwal, MD and CEO, Tata Capital

RBI maintains status quo, realtors rely on increased demand

Cadila receives DCGI approval - Angel Broking

Maintain BUY on UltraTech Cement - Speeding on organic expansions! - HDFC Securities

HCL Technologies - Quant Pick - ICICI Direct

Teamlease Services - Gladiator Stocks - ICICI Direct

Mindtree Ltd - Analyst Meet Update - ICICI Direct

Bajaj Finserv - Company Update - Dec 2020 - ICICI Direct

RBI Monetary Policy - Dec 2020 - Views of Industry Experts

RBI Monetary Policy - Dec 2020 - Views of Shanti Ekambaram, Group President - Consumer Banking, Kotak Mahindra Bank

Views on RBI Policy: Mr. Dhiraj Relli, MD &CEO, HDFC Securities

RBI monetary Policy - Dec 2020 - Angel Broking

View on RBI Monetary Policy - Dec 2020 - Mr. Amar Ambani, YES SECURITIES

Accommodative stance necessary to revive growth: Dr. Niranjan Hiranandani - President at ASSOCHAM & Chairman Hiranandani Group

Views on RBI Monetary Policy - Dec 2020 - Ms. Bekxy Kuriakose, Head - Fixed Income, Principal Asset Management

RBI stays put to aid in maintaining real estate sector recovery - Ramesh Nair, CEO and Country head, JLL India

Views on Dec, 2020 RBI Monetary Policy from Industry Experts

MPC - Dec 4, 2020 - Acuité Ratings & Research

Realty sector's hopes are high from RBI's MPC

Citibank issued a report on RBL Bank: Recommends 'BUY' with target price Rs. 275

Russia to adopt vaccination for Covid-19 - Angel Broking

68% of borrowers are unaware of their CIBIL score, reveals Home Credit Survey

Auto Sector - Monthly Volume Round-up - Nov 20 - Reliance Securities

What do brokerages say on Burger King India Limited's IPO?

The Phoenix Mills - Potential fund infusion may usher in growth - ICICI Securities

Godrej Agrovet - Beneficiary of 60% increase in palm oil prices - ICICI Securities

Automobiles (wholesale) - Wholesale dispatches rise amidst modest retail trends - ICICI Securities

Oil & Gas - Sector Update - Dec 2020 - ICICI Direct

Phoenix Mills (Buy): Asset monetisation at favourable terms... - ICICI Direct

Aditya Makharia's views on November Auto Sales Number for November 2020 - HDFC Securities

Burger King India - IPO Review - ICICI Direct

Quant Pick - LIC Housing Finance - ICICI Direct

Tech Mahindra - Analyst Meet Update - ICICI Direct

Gladiator Stocks - Crompton Greaves Consumer Electricals - ICICI Direct

Derivatives Monthly Outlook - Nifty support at 12800 for ongoing momentum...

Quant Pick - Sun Pharmaceuticals - ICICI Direct

Monetary Policy - Expectation from YES Securities

Sector Update on Asset Management Companies - Subdued but improvement expected - HDFC Securities

Pre Monetary Policy View - Dec, 2020 - Lakshmi Iyer, President and CIO (Debt) & Head Products, Kotak Mutual Fund

Maintain REDUCE on Siemens - Smart recovery priced in - HDFC Securities

Banking Sector Credit Trends - Growth continues to moderate - HDFC Securities

Q2 FY21 GDP: Light at the end of the tunnel - YES Securities

Siemens - Q4 FY20 Result Update - YES Securities

Super action in Home Loans - SBIN, ICICIBC, AXSB, HDFC and LICHF gaining share - YES Securities

Polymer price tracker - Dec 1, 2020 - PVC prices continue to tread higher - ICICI Securities

Bajaj Finance - Company Update - Dec 2020 - ICICI Direct

Siemens Ltd - Healthy revival in orders and margins - ICICI Securities

Covid Recovery Pulse - Nov 30, 2020 - Festive positivity continues in auto retails, e-way bill generation improves...

Derivatives Weekly View (November 27): Momentum expected to continue in broader markets with Nifty support at 12800...



Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019