Buy Bharat Electronics: target of Rs 135: Sharekhan

Sharekhan's research repor on Bharat Electronics

BEL reported a strong quarter, better than estimates on all fronts. Order book remains healthy at Rs. 52148 crores (4x its TTM revenue), which provides sustainable revenue visibility; expect pickup in order intake during FY2022E. BEL is well positioned to benefit from rising defence expenditure supported by strong manufacturing base, execution track record and continued focus on in-house R&D capabilities.

Outlook

We retain our Buy rating on Bharat Electronics Limited (BEL) with an unchanged price target of Rs. 135 considering reasonable valuations and strong execution capabilities.

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