Bharat Electronics (BEL) — concall transcript

📢 Key Event
BEL reported FY23 results with strong PAT growth and expanded order book, projecting 15-17% revenue growth for FY24.

🔄 What Changed
PAT grew 28% YoY to INR3,007 crores; receivables increased to INR7,000 crores (148 days) due to supply delays and provisions; EBITDA margin guidance maintained at 21-23%; capex increased to INR700-800 crores for FY24; non-defence revenue target raised to 15% of total.

🔮 What's Next
15-17% revenue growth guidance for FY24; non-defence revenue target of 15% of total revenue; EBITDA margin guidance of 21-23%; capex of INR700-800 crores for new facilities; indigenization to increase from 20-30% to significant levels within two years; export target of $90-100 million.

💡 Investor Takeaway
BEL is expanding into non-defence sectors while maintaining defence dominance, with rising capex and order book supporting growth, but margin pressure may emerge from supply chain and indigenization.

BEL reported FY23 revenue of INR17,333 crores, up 15.21% YoY, with PAT rising 28% to INR3,007 crores and EPS at INR4.11. The order book reached INR60,690 crores, supporting 15-17% top-line growth guidance. Gross margin improved to 44.4%, and EBITDA margin is guided at 21-23%. Receivables rose to INR7,000 crores (148 days) due to supply delays and INR360 crores in liquidated damages, partially offset by INR88 crores in penalty waivers. Capex of INR700-800 crores is planned for new facilities including Nimmaluru electro-optics and Nagpur EW factories. Non-defence revenue is targeted at 15% of FY24 revenue, up from 10.6% in FY23, with margins expected to hold at 21-23% EBITDA. Indigenization efforts continue amid government push, with 20-30% initial targets rising to significant levels within two years. Major orders include a INR450-500 crore 10-year fuse contract for the Indian Army and progress on QRSAM, LRSAM, and Uttam AESA programs.

📄 View Original Announcement (PDF)

📊 Stock Analysis — BEL ✨ Ask AI About This

About Bharat Electronics Ltd (BEL)

Capital Goods · Aerospace & Defence · Listed on BSE

Market Cap: ₹2,96,411.53 Cr P/E: 48.3 ROE: 25.5% ROCE: 34.1% Div Yield: 0.62%

View full BEL stock details →

📡 Get AI alerts when BEL files next

Free • Daily 5 PM digest • Track filings, board meetings, and corporate actions

Track BEL — Free

💡 Ask AI about this filing

"What is the expected revenue contribution from non-defence products in FY24?" "How will rising receivables impact cash flow and working capital?" "When will the Nimmaluru electro-optics facility become operational?"

Ask AI Free →

📊 More BEL filings

See all BEL filings →

🔥 Also filed on 31 March 2023

M&M Mahindra & Mahindra Ltd concall transcript

View all today's announcements →

Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

📡 Get AI alerts when BEL files new disclosures

Track BEL filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track BEL — Free

Free account · 2 AI queries/day

About · Privacy Policy · Terms of Service · Pricing

Today's Announcements · Screener · Insights · AI Chat

Data provided by CMOTS Internet Technologies Pvt Ltd