Bharat Electronics Q4 - Impressive Order Inflows, Execution To Pick Up In FY23E: ICICI Securities

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..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)..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Bharat Electronics Q4 - Impressive Order Inflows, Execution To Pick Up In FY23E: ICICI Securities

Bharat Electronics Q4 - Impressive Order Inflows, Execution To Pick Up In FY23E: ICICI Securities

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