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Bharat Electronics receives biggest export order ever under C295 aircraft programme

News: Airbus Defence & Space has signed a contract with Bharat Electronics (BEL), as part of its offset commitments under the prestigious C295 aircraft programme. The agreement is for the manufacture and supply of Radar Warning Receiver (RWR) and Missile Approach Warning System (MAWS). This is the biggest export order received till date by BEL.

Views: BEL targets order inflows of ~ Rs.15000-17000 crore for FY22E (vs. ~Rs.15000 crore in FY21). H1FY22 order inflows stands at Rs.3760 crore while current export order win further enhanced YTD order inflows. Overall, we believe expected double digit growth, sustainable margins and better order inflows indicates strong performance in medium to long term.  Also, strategy to diversify into non-defence areas, focus on increasing exports and services share to aid long term growth and help de-risk its business model. While, robust order book at Rs.55800 crore provides revenue visibility over the medium-long term.