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Hold Bharat Electronics; target of Rs 1290: Axis Direct

Axis Direct recommended hold rating on Bharat Electronics with a target price of Rs 1290 in its research report dated November 01, 2016.

November 08, 2016 / 05:39 PM IST
 
 
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Axis Direct's research report on Bharat Electronics


Bharat Electronics’ (BEL) Q2FY17 results were a strong beat versus expectations on all fronts, driven by strong execution (slip in Q1 revenue was covered up). Even order inflow at Rs 41 bn (up 108% YoY) was much above expectation. However, given the lumpy nature of business (booked order for Electronic Warfare Suite in Q2), strong order inflow in H1 could lead to weak order inflow in H2. Order backlog at end of Q2 was Rs 347 bn, up 60% YoY.

 
Our TP stands at Rs 1,290 (18x FY18E). We have a HOLD rating on the stock.

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first published: Nov 8, 2016 05:39 pm
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ISO 27001 - BSI Assurance Mark