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ICICI Securities Report
Bharat Electronics Ltd. achieved ~ 9% YoY revenue growth in FY22 (as against Q3 FY22 guidance of 10-12%) and marginally higher than provisional topline reported earlier.
Higher operating income helped gross margin expansion QoQ and YoY.
Significantly higher employee costs (up 20% YoY) and other expenses (up 28% YoY) moderated Ebitda margin performance for Q4 FY22.
Ebitda margins declined 370 bps YoY and were marginally lower than expectation. Standalone gross margins (core – excluding other operating income) declined by 260 bps YoY in FY22, yet Ebitda margins compressed only by 100 bps only due to 11% reduction in other expenses.
Bharat Electronics' order inflow for Q4 FY22/FY22 surprised further with FY22 order inflow crossing Rs 190 billion (Rs 180 billion expected; Rs 72 billion inflow in Q4 FY22).
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