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Bharat Electronics - Q4FY20 Result Update - ICICI Securities

Posted On: 2020-07-02 04:45:44

Bharat Electronics (BEL) reported revenues at Rs. 5806 crore, up 49.5% YoY, above our estimate of Rs. 5671 crore led by decent execution and spillover of few projects from Q3FY20 to Q4FY20. Absolute EBITDA for the quarter was at Rs. 1482.6 crore, up 59.6% YoY. EBITDA margin improved ~160 bps YoY to 25.5% owing to decent execution and reduction in other expenses. Overall, PAT grew 54.7% YoY to Rs. 1034.5 crore, aided by better execution and lower effective tax rate despite other income decline of 78% to Rs. 28 crore on a YoY basis. Major contributors to the FY20 topline were smart city & homeland security business, thermal imaging cameras, integrated air command and control systems, radar systems and part supply of long range surface to air missile system (LRSAM), etc.

Valuation & Outlook

Overall, execution is expected to remain stable while order inflows may get impacted in medium term due to expected defence spending cut. BEL is likely to continue its focus to increase contribution from non-defence segment that may contribute ~20% to revenue albeit with lower margins in the next three to five years. Overall robust order book of Rs. 51970 crore continues to provide strong revenue visibility. We expect BEL to post revenue, EBITDA, PAT CAGR of 6.2%, 2.3%, 0.6%, respectively, in FY20-22E. We value BEL at 13.5x P/E on FY22E EPS to arrive at a revised target price of Rs. 100 and change our rating from BUY to HOLD. Any disappointment on execution front may significantly impact operating performance of BEL.

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Shares of BHARAT ELECTRONICS LTD. was last trading in BSE at Rs.88.7 as compared to the previous close of Rs. 88.65. The total number of shares traded during the day was 1012372 in over 6372 trades.

The stock hit an intraday high of Rs. 89.3 and intraday low of 87.3. The net turnover during the day was Rs. 89505157.

Source: Equity Bulls

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