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ICICI Securities Report
Bharat Dynamics Ltd. has reported lower-than-expected earnings in Q1 FY23 with ~50% QoQ decline in revenue and ~85% QoQ decline in profit after tax. Q1 FY23 has been able to contribute 4/6% of our FY23E Ebitda/profit after tax estimate.
Order booking and execution needs to pick up substantially to avoid downgrades from hereon. Orderbook stood at ~Rs 130 billion, implying net order inflow of ~Rs 35 billion in Q1 FY23.
Majority of order inflow is accounted for ~Rs 29.7 billion inflow on account of Astra beyond visual range air to air missile.
Bharat Dynamics remains the defence prime (in our view) for manufacturing of missiles. The investments to augment capacity include establishing seeker facility centre and warhead production facility along with three new upcoming facilities at Ibrahimpatnam (Telangana), Jhansi (Uttar Pradesh) and Amaravati (Maharashtra).
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