Bharat Electronics Ltd., incorporated in the year 1954, is a Large Cap company (having a market cap of Rs 37633.18 Crore) operating in Defence sector.
Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 2343.90 Crore, down -27.27 % from last quarter Total Income of Rs 3222.70 Crore and up 1.40 % from last year same quarter Total Income of Rs 2311.47 Crore. Company reported net profit after tax of Rs 270.12 Crore in latest quarter.
Investment Rationale
The brokerage values BEL at 17x FY23E earnings (vs 15x FY22E earlier). It maintains BUY with a revised target price of Rs177/share. BEL continues to surprise on execution, margins, order inflow, growth despite reaching a commendable scale (compared to Indian defence budget) – FY21 performance highlights the strength of underline business model.
Promoter/FII Holdings
Promoters held 51.1 per cent stake in the company as of March 31, 2021, while FIIs held 12 per cent, DIIs 29.8 per cent and public and others 7.1 per cent.
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