BEL Q1 Results Highlights: Net Profit Dips 7% to ₹301 crore

Synopsis

Bharat Electronics Ltd. reported a rise in first-quarter profit, exceeding expectations. The company's net profit grew by 46.2% year-on-year to ₹776 crore for the quarter ending June 30, 2024, as stated in an exchange filing on Monday.

BEL Q1 Results Results Highlights

Shares of Bharat Electronics Ltd., a Navratna defence PSU, climbed up to 5% on Monday following the announcement of its quarterly results for the April-June period.

In the June quarter, Bharat Electronics reported a net profit of ₹776 crore, marking a 46% year-on-year increase and surpassing the CNBC-TV18 forecast of ₹706 crore.

Analysts had projected the company’s revenue to be ₹3,953 crore, but Bharat Electronics outperformed these expectations, posting a revenue of ₹4,199 crore, which is a 19.6% rise compared to the same quarter last year.

The company's Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) surged 41% from the previous year's quarter to ₹937 crore, exceeding the CNBC-TV18 poll estimate of ₹860 crore.

The EBITDA margin for the quarter widened by more than 330 basis points to 22.3%, up from 19% last year, and also higher than the CNBC-TV18 prediction of 21.8%.

In an exchange filing, Bharat Electronics revealed that as of July 1, 2024, the order book position stood at ₹76,705 crore.

Following the earnings announcement, Bharat Electronics share price rose as much as 4.6% to ₹325.6. The stock is currently trading 3.7% higher at ₹321.55. So far in 2024, the stock has increased by 74%. Over the past 12 months, shares of this state-run defence company have surged by 145%.

About Bharat Electronics Ltd

Bharat Electronics Ltd. (BEL) manufactures electronic products for Indian defense services and other government organizations. Their product range includes defense communication systems, land-based radars, naval systems, electronic warfare systems, avionics, electronics for tanks and armored fighting vehicles, electro-optics, weapon systems, C4ISR systems, shelters, masts, simulators, batteries, and various components and devices. 

BEL also provides services such as precision machining and fabrication, optoelectronic components and assemblies, microwave integrated circuit assemblies, antenna manufacturing, cable assemblies and wiring harnesses, super component modules, and assembly and testing. The company exports its products to Europe, Asia, Africa, North America, and the Middle East. BEL is headquartered in Bangalore, Karnataka, India.