Bharat Electronics Ltd

Bharat Electron Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Bharat Electronics Ltd

₹ 313 0.37%
04 Dec 1:52 p.m.
bel-india.in BSE: 500049 NSE: BEL
About

Incorporated in 1954, Bharat Electronics Ltd manufactures and supplies electronic equipment and systems to the defence sector. Company also has a limited presence in the civilian market[1]

Key Points

Business Segments
1) Defence (81% in FY24 vs 90% in FY22): [1] [2] The company develops advanced electronic equipment, systems, and services for the Indian defense sector, including Radar and Fire Control Systems, Weapon Systems, Communication, Network Centric Systems (C4I), Electronic Warfare Systems, etc. It operates 29 strategic business units (SBUs), including 4 new SBUs- Network & Cyber Security, Unmanned Systems, Seekers, and Arms & Ammunition. The segmental revenue grew by 19%, supported by healthy order execution. [3]

Website BSE NSE
  • Market Cap ₹ 2,28,906 Cr.
  • Current Price ₹ 313
  • High / Low ₹ 340 / 152
  • Stock P/E 50.4
  • Book Value ₹ 23.8
  • Dividend Yield 0.69 %
  • ROCE 35.7 %
  • ROE 27.0 %
  • Face Value ₹ 1.00
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Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 43.5%

Cons

  • Stock is trading at 13.2 times its book value
  • The company has delivered a poor sales growth of 10.8% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Aerospace & Defence Industry: Electronics - Components

Part of Nifty 50 BSE 500 BSE Capital Goods BSE 100 BSE 200

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
3,661 3,694 6,325 3,113 3,946 4,131 6,457 3,511 3,993 4,137 8,529 4,199 4,583
2,804 2,872 4,757 2,599 3,090 3,278 4,632 2,846 2,989 3,087 6,249 3,262 3,195
Operating Profit 856 822 1,568 513 856 853 1,825 664 1,004 1,049 2,280 937 1,389
OPM % 23% 22% 25% 16% 22% 21% 28% 19% 25% 25% 27% 22% 30%
66 59 64 160 75 57 68 142 171 223 221 202 167
Interest 0 0 4 1 2 10 2 1 2 1 4 1 1
Depreciation 94 93 101 94 104 101 109 101 100 100 111 100 103
Profit before tax 828 788 1,527 578 825 800 1,781 704 1,073 1,172 2,386 1,037 1,451
Tax % 26% 26% 25% 25% 26% 25% 23% 25% 24% 24% 25% 25% 25%
613 583 1,142 431 611 599 1,365 531 812 893 1,784 776 1,091
EPS in Rs 0.84 0.80 1.56 0.59 0.84 0.82 1.87 0.73 1.11 1.22 2.44 1.06 1.49
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
6,104 6,276 6,843 7,328 8,600 10,322 12,085 12,921 14,064 15,314 17,646 20,169 21,447
5,456 5,382 5,695 5,953 6,834 8,319 9,219 10,187 10,880 12,001 13,595 15,167 15,793
Operating Profit 648 894 1,148 1,375 1,766 2,003 2,865 2,734 3,184 3,313 4,051 5,003 5,655
OPM % 11% 14% 17% 19% 21% 19% 24% 21% 23% 22% 23% 25% 26%
604 429 479 537 471 200 170 102 126 234 360 756 812
Interest 6 6 6 8 16 5 15 7 9 8 18 12 7
Depreciation 131 142 154 172 192 251 316 350 366 380 408 412 414
Profit before tax 1,115 1,175 1,467 1,732 2,029 1,948 2,703 2,479 2,935 3,158 3,985 5,335 6,046
Tax % 20% 21% 20% 25% 24% 28% 29% 28% 30% 26% 25% 25%
890 932 1,167 1,307 1,548 1,399 1,927 1,794 2,065 2,349 3,007 4,020 4,544
EPS in Rs 1.12 1.18 1.47 1.65 2.10 1.91 2.64 2.45 2.83 3.21 4.11 5.50 6.21
Dividend Payout % 20% 20% 20% 31% 32% 35% 43% 38% 47% 47% 44% 40%
Compounded Sales Growth
10 Years: 12%
5 Years: 11%
3 Years: 13%
TTM: 19%
Compounded Profit Growth
10 Years: 16%
5 Years: 16%
3 Years: 25%
TTM: 37%
Stock Price CAGR
10 Years: 27%
5 Years: 56%
3 Years: 65%
1 Year: 105%
Return on Equity
10 Years: 21%
5 Years: 22%
3 Years: 24%
Last Year: 27%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 80 80 80 240 223 244 244 244 244 244 731 731 731
Reserves 6,224 6,937 7,805 8,744 7,285 7,517 8,775 9,609 10,564 11,741 12,851 15,351 16,669
0 0 0 0 50 67 33 8 3 53 61 63 61
8,145 7,514 7,317 9,141 9,598 11,028 11,411 14,050 18,243 21,413 21,411 23,011 21,959
Total Liabilities 14,449 14,531 15,202 18,125 17,157 18,856 20,463 23,911 29,053 33,450 35,054 39,156 39,420
575 651 771 976 1,255 1,607 2,084 2,520 2,480 2,524 2,672 2,759 3,212
CWIP 161 197 140 430 656 833 721 683 736 859 841 891 665
Investments 12 12 19 319 460 903 1,019 1,162 1,331 1,554 664 768 800
13,700 13,671 14,272 16,399 14,786 15,513 16,638 19,547 24,506 28,513 30,877 34,738 34,743
Total Assets 14,449 14,531 15,202 18,125 17,157 18,856 20,463 23,911 29,053 33,450 35,054 39,156 39,420

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-1,654 -695 1,349 2,249 -97 -789 1,466 2,533 5,103 4,161 1,087 4,648
1,888 872 -842 -1,485 3,148 41 -854 -639 -2,569 -4,861 2,800 -5,889
-157 -212 -232 -316 -2,835 -1,201 -628 -1,059 -1,075 -1,077 -1,262 -1,474
Net Cash Flow 77 -35 276 448 216 -1,948 -16 834 1,459 -1,777 2,625 -2,715

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 199 240 202 185 185 179 162 190 170 145 145 133
Inventory Days 308 335 329 397 405 303 272 202 230 228 238 256
Days Payable 109 121 110 112 111 93 89 125 154 138 124 128
Cash Conversion Cycle 399 454 421 470 479 388 346 267 246 235 260 262
Working Capital Days 9 88 55 10 64 128 136 120 47 3 29 17
ROCE % 18% 18% 20% 21% 25% 25% 32% 26% 28% 28% 31% 36%

Shareholding Pattern

Numbers in percentages

Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14%
17.21% 16.77% 15.99% 17.36% 17.34% 16.42% 17.35% 17.19% 17.77% 17.56% 17.43% 17.27%
26.77% 26.71% 27.77% 25.63% 25.04% 25.50% 24.84% 24.19% 23.37% 22.63% 20.62% 20.22%
4.89% 5.38% 5.11% 5.88% 6.47% 6.95% 6.68% 7.49% 7.72% 8.66% 10.82% 11.37%
No. of Shareholders 3,67,5044,31,0344,37,0975,79,8077,07,0987,80,2117,67,8209,74,78210,98,22813,64,87325,18,66327,72,002

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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