ICICI Securities research report on Bharat Electronics
Bharat Electronics (BEL) has won incremental orders worth Rs21.9bn in addition to the Rs59bn won earlier in Q1FY24, taking the total order inflow for the quarter to Rs80.9bn. This is in line with management guidance of Rs200bn of order inflow in FY24 and we expect the orderbook at Q1FY24-end to further improve compared to the record end-FY23 level. Given that the latest orders (Rs21.9bn) are smaller and pertain to platforms already in progress, we expect quicker execution through to FY25E. We continue to believe that, with a share in almost all the major upcoming orders over the next few years, BEL is the best play in the defence space.
Outlook
We maintain BUY with an unchanged target price of Rs150 (27x FY25E EPS) and continue to recommend the stock as our top pick in the defence sector.
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