BEL hits another all-time high after bagging an order worth Rs 250 crore from GOI

BEL hits another all-time high after bagging an order worth Rs 250 crore from GOI

by 5paisa Research Team Last Updated: Dec 13, 2022 - 10:24 pm 21.6k Views
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Shares of Bharat Electronics Ltd(BEL) have been surging on the bourses on the back of strong Q1FY23 numbers and a robust order book.

At an intraday high of Rs 274.40, the shares of BEL register a new all-time week high. The stock has surged 8.7 per cent in the last one week touching new highs in multiple sessions. On June 23, the leading aerospace and defence electronics company announced in a press release that it has bagged a defence order worth Rs250 crore from the Ministry of Defence (MoD), Government of India(GOI).

The order is towards the supply of nine Integrated ASW Complex (IAC) MOD 'C' Systems. IAC MOD 'C' is an Integrated Anti-Submarine Warfare (ASW) system for all surface ships of the Indian Navy. IAC MOD C has been indigenously developed by BEL in association with DRDO, in affirmation of the Atmabharat Mission of the government.

As of June 30, 2022, the total order backlog for the company stood at Rs 55,333 crore. The management has guided a minimum of Rs 20,000 crore order inflows are expected in FY23. The export order book was at $272 million while expected inflows are projected at $60 million.

For the quarter ended June 2022, revenue jumped YoY by 96% at Rs 3087.28 crore due to a lower base ( Q1FY22 was affected by Pandemic induced Lockdown). However, on a QoQ basis, it was down by 50.3 per cent. Both EBIDTA & PAT rose exponentially by 646% and 2629% YoY at Rs 522.37 crore and Rs 356.13 crore, respectively. Sequentially, both EBITDA and PAT were down by 70%. The company reported an EBITDA margin of 16.63% for the quarter ended March 2022 while PAT margins stood at 11.34%.

For FY23, the management has guided topline growth of 15% while the EBITDA margin are expected to fall in the range of 21-23% as raw material costs are cooling off, the management expects the raw material cost to lower by 150 bps to 58.5% in FY 23.

At 11.40 am the shares of BEL were quoted at Rs 270.10 up 1.24% or Rs 3.30 per share.

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