Bharat Electronics Q4 Review - Strong Performance On All Fronts: ICICI Direct

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ICICI Direct Report

Bharat Electronics Ltd. reported revenues at Rs 6908 crore, growth of 19% YoY (versus our estimate of Rs 6485 crore), on the back of normalising supply chain and execution business operations.

For FY21, revenue came in at Rs 14063.8 crore up 8.8%, YoY.

Absolute Ebitda for the quarter came in at Rs 1970.6 crore (versus our estimate of Rs 1529.8 crore), up 32.9% YoY.

Ebitda margin came in better than estimated at 28.5% (above our estimate of 23.6%) improving ~300 basis points YoY, owing to reduced other operating expenses and employee expenses.

Consequently, profit after tax came in at Rs 1352.4 crore, up 30.7% primarily due to higher execution, improved margins.

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