Bharat Dynamics trades lower on 5.6% decline in FY24 turnover

In Q3, Bharat Dynamics had reported a consolidated net profit of Rs 135 crore for the quarter ending December 2023, up 61 percent year-on-year (YoY) to Rs 135 crore from Rs 84 crore recorded in the previous fiscal.

Shares of Bharat Dynamics fell nearly 1 percent at the open on the NSE on April 2, a day after the ammunitions and missile systems manufacturer reported a 5.6 percent decline in its turnover. At 9:20am, the stock was trading at Rs 1,760.1.

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In an exchange filing after the market hours on April 1, Bharat Dynamics said that it had recorded a turnover of Rs 2,350 crore for the financial year ended March 2024, marking a 5.6 percent decline from Rs 2,489.4 crore last fiscal. According to the defence manufacturer, the decline is due to current geopolitical situation prevailing in Europe and Middle East which has affected the supply chain of the company. Additionally, the company has reported a Rs 19,468-crore order book for FY2024.

Also read: Bharat Dynamics board approves 1:2 stock split, interim dividend of Rs 8.85 per share

In Q3, Bharat Dynamics had reported a consolidated net profit of Rs 135 crore for the quarter ending December 2023, up 61 percent year-on-year (YoY) to Rs 135 crore from Rs 84 crore recorded in the previous fiscal. Consolidated revenue from operations also grew 30 percent YoY to Rs 602 crore for the same period. EBITDA  for the reporting period was up by 32 percent at Rs 119 crore, against Rs 90 crore in the previous fiscal.