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ICICI Securities Report
Bharat Electronics Ltd.'s Q3 FY23 performance was ahead of street estimates on all counts. Key points:
Ebitda at Rs 8.6 billion was 5% ahead of street estimates;
orderbook dropped for third successive quarter, but execution has picked up; and
Ebitda margin at 20.8% was a tad lower, owing to other expenses rising 76% YoY.
Going ahead, we expect the potential for defense orders, especially production of quick reaction surface-to-air missile, to aid earnings in the near term. We also believe that the recently accorded acceptance of necessity for capital acquisition proposals by the Defense Acquisition Council holds good potential for the company.
Hence, we expect orderbook to start growing soon as and when the orders are placed.
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Also Read: Bharat Electronics Q3 Results Review - Execution Inline; Higher Costs Impact Margins: ICICI Direct
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