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Last Updated : Jul 18, 2020 04:53 PM IST | Source: Moneycontrol.com

Buy Bharat Electronics; target of Rs 120: Anand Rathi

Anand Rathi recommended hold rating on Bharat Electronics with a target price of Rs 120 in its research report dated July 10, 2020.

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Anand Rathi 's research report on Bharat Electronics


Bharat Electronics Ltd. (BEL) reported consolidated revenues of Rs.58.16 billion in Q4FY20, reflecting a solid increase of 49.2% year over year (y/y) driven by strong execution. EBITDA jumped 56% y/y to Rs.14.94 billion in the quarter while EBITDA margin came in at 25.7% as against 24.6% in the previous year quarter. The quarter witnessed increase in raw material cost, offset by lower other expenses. Overall, Profit after tax (PAT) surged 74.3% y/y Rs.10.47 billion. The company has not shifted to new low tax regime given the benefits from its deferred tax asset book. For FY20, revenues increased 6.6% y/y to Rs.129.68 billion while PAT declined 3.3% y/y to Rs.18.24 billion.



Outlook


We have updated our estimates factoring in latest numbers and continue to remain positive on the company and maintain BUY rating with a target price of Rs.120 per share.





For all recommendations report, click here


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First Published on Jul 18, 2020 04:53 pm
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