- 28 Oct 2024
- ICICI Securities
BHARAT ELECTRONICS'S Q2FY25 RESULTS - HEALTHY EXECUTION
News: Revenue increased by 14.9% YoY (+8.5% QoQ) to Rs 4604.9 crore in Q2FY25 as execution remains healthy. EBITDA margin also improved substantially by 510 bps YoY (+806 bps QoQ) to 30.4%. Subsequently, absolute EBITDA grew by 38% YoY (+47.6% QoQ) to Rs 1400.0 crore. PAT was up 38.4% YoY (+38.1% QoQ) to Rs 1092.8 crore. For H1FY25, revenue is up 17% YoY to Rs 8848.5 crore while EBITDA is up 39% YoY to Rs 2348.2 crore as EBITDA margin is expanded by 417 bps YoY to 26.5%.
Views: Operational performance during the quarter remains healthy on YoY basis, led by well execution. Order inflow stands at ~Rs 7500 crore during H1FY25 (vs Rs 15580 crore during H1FY24 and management’s full year order inflow guidance of ~Rs 25000 crore). Order backlog of Rs 74595 crore (3.6x TTM revenue) provides healthy revenue growth visibility. Longer term order pipeline for BEL remains strong, which includes electronic systems across defence, non-defence segments and exports.
Impact: Neutral