Sharekhan's research report on Bharat Electronics
Q4FY21 was operationally strong; net profit beat estimates handsomely. Order book is strong at 3.8x FY2021 revenues while FY22 order inflow target is pegged at Rs. 15,000-17,000 crore. Company has seen healthy order accretion in healthcare segment. The management guides for topline growth of 15-17% y-o-y for FY2022 with EBITDA margin of 20-22%.
Outlook
We retain a Buy rating on Bharat Electronics Limited (BEL) with a revised PT of Rs. 196 considering reasonable valuations and strong execution capabilities.
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