Buy Bharat Dynamics; target of Rs 1200: ICICI Direct

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ICICI Direct's research report on Bharat Dynamics

Bharat Dynamics (BDL) is one of the leading defence PSUs in India engaged in the manufacture of surface to air missiles (SAMs), anti-tank guided missiles (ATGMs), air to air missiles (AAMs), underwater weapons, launchers, countermeasures and test equipment. During FY22, BDL reported revenue of Rs 2817 crore, which increased 47.2% YoY. EBITDA and PAT increased 110.6% and 93.9% YoY in FY22 to Rs 726 crore and Rs 500 crore, respectively • Order book was at Rs 12000 crore as of September 2022.

Outlook

We maintain our BUY rating on the stock. We value BDL at Rs 1200 on 28x P/E on FY24E EPS basis.

For all recommendations report, click here

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Bharat Dynamics - 14 -11-2022 - icici