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  • 31 May 2024
  • ICICI Securities

SIGNIFICANT IMPROVEMENT IN EXECUTION AND MARGINS

BDL - 1842 Change: 35.50 (1.97 %)

News: Revenue increased by 7.0% YoY (+42.0% QoQ) to Rs 854.1 crore. EBITDA margin improved substantially to 37.0% (vs 23.0% in Q4FY24 and 19.7% in Q3FY24). Subsequently, EBITDA was up 72.5% YoY (+166.5% QoQ) to Rs 316.4 crore. PAT increased by 89.0% YoY (+114% QoQ) to Rs 288.8 crore led by significant improvement in operational performance on YoY basis and higher other income of Rs 88.5 crore (+138.1% YoY). For FY24, revenue is down by 5% YoY to Rs 2369 crore while EBITDA is up 31% YoY as EBITDA margin improved to 22.6% (vs 16.4% in FY23). FY24 PAT is up 74% YoY to Rs 613 crore.

Views: Revenue de-growth of 5% YoY in FY24 was in-line with provisional numbers reported by the company in April 2024. Execution has improved considerably on YoY basis in the last three quarters after witnessing poor execution during the period Q3FY23-Q1FY24 (on account of delays in receipt of key raw materials). Company’s order backlog stands healthy at Rs 19468 crore (8.2x FY24 revenue), provides strong revenue visibility in the coming period. Orders pipeline also remains strong (in both domestic and exports) for indigenized missiles, torpedoes & counter measure dispensing systems.

impact: Positive