Bharat Electronics Ltd
Incorporated in 1954, Bharat Electronics Ltd manufactures and supplies electronic equipment and systems to the defence sector. Company also has a limited presence in the civilian market[1]
- Market Cap ₹ 2,11,398 Cr.
- Current Price ₹ 289
- High / Low ₹ 303 / 110
- Stock P/E 52.6
- Book Value ₹ 22.0
- Dividend Yield 0.62 %
- ROCE 35.9 %
- ROE 27.1 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 47.7%
Cons
- Stock is trading at 13.1 times its book value
- The company has delivered a poor sales growth of 10.8% over past five years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Aerospace & Defence Industry: Electronics - Components
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
6,104 | 6,276 | 6,843 | 7,328 | 8,600 | 10,322 | 12,085 | 12,921 | 14,064 | 15,314 | 17,646 | 20,169 | |
5,456 | 5,382 | 5,695 | 5,953 | 6,834 | 8,319 | 9,219 | 10,187 | 10,880 | 12,001 | 13,595 | 15,171 | |
Operating Profit | 648 | 894 | 1,148 | 1,375 | 1,766 | 2,003 | 2,865 | 2,734 | 3,184 | 3,313 | 4,051 | 4,998 |
OPM % | 11% | 14% | 17% | 19% | 21% | 19% | 24% | 21% | 23% | 22% | 23% | 25% |
604 | 429 | 479 | 537 | 471 | 200 | 170 | 102 | 126 | 234 | 360 | 756 | |
Interest | 6 | 6 | 6 | 8 | 16 | 5 | 15 | 7 | 9 | 8 | 18 | 7 |
Depreciation | 131 | 142 | 154 | 172 | 192 | 251 | 316 | 350 | 366 | 380 | 408 | 412 |
Profit before tax | 1,115 | 1,175 | 1,467 | 1,732 | 2,029 | 1,948 | 2,703 | 2,479 | 2,935 | 3,158 | 3,985 | 5,335 |
Tax % | 20% | 21% | 20% | 25% | 24% | 28% | 29% | 28% | 30% | 26% | 25% | 25% |
890 | 932 | 1,167 | 1,307 | 1,548 | 1,399 | 1,927 | 1,794 | 2,065 | 2,349 | 3,007 | 4,020 | |
EPS in Rs | 1.12 | 1.18 | 1.47 | 1.65 | 2.10 | 1.91 | 2.64 | 2.45 | 2.83 | 3.21 | 4.11 | 5.50 |
Dividend Payout % | 20% | 20% | 20% | 31% | 32% | 35% | 43% | 38% | 47% | 47% | 44% | 53% |
Compounded Sales Growth | |
---|---|
10 Years: | 12% |
5 Years: | 11% |
3 Years: | 13% |
TTM: | 14% |
Compounded Profit Growth | |
---|---|
10 Years: | 16% |
5 Years: | 16% |
3 Years: | 25% |
TTM: | 34% |
Stock Price CAGR | |
---|---|
10 Years: | 33% |
5 Years: | 50% |
3 Years: | 82% |
1 Year: | 159% |
Return on Equity | |
---|---|
10 Years: | 21% |
5 Years: | 23% |
3 Years: | 24% |
Last Year: | 27% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 80 | 80 | 80 | 240 | 223 | 244 | 244 | 244 | 244 | 244 | 731 | 731 |
Reserves | 6,224 | 6,937 | 7,805 | 8,744 | 7,285 | 7,517 | 8,775 | 9,609 | 10,564 | 11,741 | 12,851 | 15,351 |
0 | 0 | 0 | 0 | 50 | 67 | 33 | 8 | 3 | 53 | 61 | 63 | |
8,145 | 7,514 | 7,317 | 9,141 | 9,598 | 11,028 | 11,411 | 14,050 | 18,243 | 21,413 | 21,411 | 23,011 | |
Total Liabilities | 14,449 | 14,531 | 15,202 | 18,125 | 17,157 | 18,856 | 20,463 | 23,911 | 29,053 | 33,450 | 35,054 | 39,156 |
575 | 651 | 771 | 976 | 1,255 | 1,607 | 2,084 | 2,520 | 2,480 | 2,524 | 2,672 | 3,196 | |
CWIP | 161 | 197 | 140 | 430 | 656 | 833 | 721 | 683 | 736 | 859 | 841 | 454 |
Investments | 12 | 12 | 19 | 319 | 460 | 903 | 1,019 | 1,162 | 1,331 | 1,554 | 664 | 768 |
13,700 | 13,671 | 14,272 | 16,399 | 14,786 | 15,513 | 16,638 | 19,547 | 24,506 | 28,513 | 30,877 | 34,738 | |
Total Assets | 14,449 | 14,531 | 15,202 | 18,125 | 17,157 | 18,856 | 20,463 | 23,911 | 29,053 | 33,450 | 35,054 | 39,156 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
-1,654 | -695 | 1,349 | 2,249 | -97 | -789 | 1,466 | 2,533 | 5,103 | 4,161 | 1,155 | 4,648 | |
1,888 | 872 | -842 | -1,485 | 3,148 | 41 | -854 | -639 | -2,569 | -4,861 | 2,782 | -5,889 | |
-157 | -212 | -232 | -316 | -2,835 | -1,201 | -628 | -1,059 | -1,075 | -1,077 | -1,312 | -1,474 | |
Net Cash Flow | 77 | -35 | 276 | 448 | 216 | -1,948 | -16 | 834 | 1,459 | -1,777 | 2,625 | -2,715 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 199 | 240 | 202 | 185 | 185 | 179 | 162 | 190 | 170 | 145 | 145 | 133 |
Inventory Days | 308 | 335 | 329 | 397 | 405 | 303 | 272 | 202 | 230 | 228 | 239 | 256 |
Days Payable | 109 | 121 | 110 | 112 | 111 | 93 | 89 | 125 | 154 | 138 | 124 | 128 |
Cash Conversion Cycle | 399 | 454 | 421 | 470 | 479 | 388 | 346 | 267 | 246 | 235 | 261 | 262 |
Working Capital Days | 9 | 88 | 55 | 10 | 64 | 128 | 136 | 120 | 47 | 3 | 29 | 17 |
ROCE % | 18% | 18% | 20% | 21% | 25% | 25% | 32% | 26% | 28% | 28% | 31% |
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 24 May
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
22 May - Audio Recording of Conference Call with Investors/Analysts.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
22 May - BEL wins orders worth Rs.1,150 Crores.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 21 May
- Intimation Of Appointment Of Cost Auditor. 20 May
Annual reports
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Financial Year 2023
from web
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Financial Year 2022
from bse
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Financial Year 2021
from bse
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Financial Year 2020
from bse
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Financial Year 2019
from bse
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Financial Year 2018
from bse
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Financial Year 2017
from bse
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Financial Year 2016
from bse
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Financial Year 2015
from bse
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Financial Year 2014
from bse
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Financial Year 2013
from bse
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Financial Year 2012
from bse
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Financial Year 2011
from bse
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Financial Year 2011
from nse
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Financial Year 2010
from bse
Concalls
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May 2024TranscriptPPT
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Feb 2024TranscriptPPTREC
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Nov 2023TranscriptPPT
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Aug 2023TranscriptPPT
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May 2023TranscriptPPT
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Feb 2023TranscriptPPT
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Sep 2022TranscriptNotesPPT
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Aug 2022TranscriptNotesPPT
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Jul 2022TranscriptPPT
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May 2022TranscriptNotesPPT
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Sep 2021TranscriptNotesPPT
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Sep 2019TranscriptNotesPPT
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Sep 2018TranscriptNotesPPT
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May 2018TranscriptNotesPPT
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May 2018TranscriptNotesPPT
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May 2017TranscriptNotesPPT
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Jun 2016TranscriptNotesPPT
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Sep 2015TranscriptNotesPPT
Business Overview:[1]
Company was formed under the Ministry of Defence to handle Indian Defense electronic needs. BEL is a multi-product, multi-technology, conglomerate that provides products and systems to India's armed forces in areas of Radars and fire Control Systems, Missile Systems, Communication and C4I systems, Electronic Warfare & Avionics, Naval Systems & Antisubmarine Warfare Systems, Electro Optics, Tank Electronics & Gun Upgrades, etc.