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 ₹ 1,72,876 Cr.
- Current Price ₹ 236
- High / Low ₹ 239 / 101
- Stock P/E 48.0
- Book Value ₹ 19.9
- Dividend Yield 0.76 %
- ROCE 31.1 %
- ROE 23.5 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 45.9%
Cons
- Stock is trading at 11.9 times its book value
- The company has delivered a poor sales growth of 11.3% 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 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5,768 | 6,104 | 6,276 | 6,843 | 7,328 | 8,600 | 10,322 | 12,085 | 12,921 | 14,064 | 15,314 | 17,646 | 18,097 | |
5,153 | 5,456 | 5,382 | 5,695 | 5,953 | 6,834 | 8,319 | 9,219 | 10,187 | 10,880 | 12,001 | 13,595 | 13,554 | |
Operating Profit | 614 | 648 | 894 | 1,148 | 1,375 | 1,766 | 2,003 | 2,865 | 2,734 | 3,184 | 3,313 | 4,051 | 4,543 |
OPM % | 11% | 11% | 14% | 17% | 19% | 21% | 19% | 24% | 21% | 23% | 22% | 23% | 25% |
585 | 604 | 429 | 479 | 537 | 471 | 200 | 170 | 102 | 126 | 234 | 360 | 603 | |
Interest | 4 | 6 | 6 | 6 | 8 | 16 | 5 | 15 | 7 | 9 | 8 | 18 | 5 |
Depreciation | 121 | 131 | 142 | 154 | 172 | 192 | 251 | 316 | 350 | 366 | 380 | 408 | 410 |
Profit before tax | 1,075 | 1,115 | 1,175 | 1,467 | 1,732 | 2,029 | 1,948 | 2,703 | 2,479 | 2,935 | 3,158 | 3,985 | 4,730 |
Tax % | 23% | 20% | 21% | 20% | 25% | 24% | 28% | 29% | 28% | 30% | 26% | 25% | |
830 | 890 | 932 | 1,167 | 1,307 | 1,548 | 1,399 | 1,927 | 1,794 | 2,065 | 2,349 | 3,007 | 3,602 | |
EPS in Rs | 1.05 | 1.12 | 1.18 | 1.47 | 1.65 | 2.10 | 1.91 | 2.64 | 2.45 | 2.83 | 3.21 | 4.11 | 4.93 |
Dividend Payout % | 20% | 20% | 20% | 20% | 31% | 32% | 35% | 43% | 38% | 47% | 47% | 44% |
Compounded Sales Growth | |
---|---|
10 Years: | 11% |
5 Years: | 11% |
3 Years: | 11% |
TTM: | 3% |
Compounded Profit Growth | |
---|---|
10 Years: | 13% |
5 Years: | 17% |
3 Years: | 19% |
TTM: | 29% |
Stock Price CAGR | |
---|---|
10 Years: | 34% |
5 Years: | 52% |
3 Years: | 76% |
1 Year: | 133% |
Return on Equity | |
---|---|
10 Years: | 19% |
5 Years: | 21% |
3 Years: | 21% |
Last Year: | 23% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Sep 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 80 | 80 | 80 | 80 | 240 | 223 | 244 | 244 | 244 | 244 | 244 | 731 | 731 |
Reserves | 5,557 | 6,224 | 6,937 | 7,805 | 8,744 | 7,285 | 7,517 | 8,775 | 9,609 | 10,564 | 11,741 | 12,851 | 13,821 |
0 | 0 | 0 | 0 | 0 | 50 | 67 | 33 | 8 | 3 | 53 | 61 | 61 | |
9,221 | 8,145 | 7,514 | 7,317 | 9,141 | 9,598 | 11,028 | 11,411 | 14,050 | 18,243 | 21,413 | 21,411 | 21,251 | |
Total Liabilities | 14,858 | 14,449 | 14,531 | 15,202 | 18,125 | 17,157 | 18,856 | 20,463 | 23,911 | 29,053 | 33,450 | 35,054 | 35,865 |
510 | 575 | 651 | 771 | 976 | 1,255 | 1,607 | 2,084 | 2,520 | 2,480 | 2,524 | 2,672 | 3,137 | |
CWIP | 114 | 161 | 197 | 140 | 430 | 656 | 833 | 721 | 683 | 736 | 859 | 841 | 432 |
Investments | 12 | 12 | 12 | 19 | 319 | 460 | 903 | 1,019 | 1,162 | 1,331 | 1,554 | 664 | 702 |
14,222 | 13,700 | 13,671 | 14,272 | 16,399 | 14,786 | 15,513 | 16,638 | 19,547 | 24,506 | 28,513 | 30,877 | 31,593 | |
Total Assets | 14,858 | 14,449 | 14,531 | 15,202 | 18,125 | 17,157 | 18,856 | 20,463 | 23,911 | 29,053 | 33,450 | 35,054 | 35,865 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
121 | -1,654 | -695 | 1,349 | 2,249 | -97 | -789 | 1,466 | 2,533 | 5,103 | 4,161 | 1,155 | |
-927 | 1,888 | 872 | -842 | -1,485 | 3,148 | 41 | -854 | -639 | -2,569 | -4,861 | 2,782 | |
-239 | -157 | -212 | -232 | -316 | -2,835 | -1,201 | -628 | -1,059 | -1,075 | -1,077 | -1,312 | |
Net Cash Flow | -1,044 | 77 | -35 | 276 | 448 | 216 | -1,948 | -16 | 834 | 1,459 | -1,777 | 2,625 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 170 | 199 | 240 | 202 | 185 | 185 | 179 | 162 | 190 | 170 | 145 | 145 |
Inventory Days | 275 | 308 | 335 | 329 | 397 | 405 | 303 | 272 | 202 | 230 | 228 | 239 |
Days Payable | 111 | 109 | 121 | 110 | 112 | 111 | 93 | 89 | 125 | 154 | 138 | 124 |
Cash Conversion Cycle | 334 | 399 | 454 | 421 | 470 | 479 | 388 | 346 | 267 | 246 | 235 | 261 |
Working Capital Days | -125 | 9 | 88 | 55 | 10 | 64 | 128 | 136 | 120 | 47 | 3 | 29 |
ROCE % | 20% | 18% | 18% | 20% | 21% | 25% | 25% | 32% | 26% | 28% | 28% | 31% |
Documents
Announcements
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 12 Apr
- Certificate Of Compliance Under Regulation 40(9) & 40 (10) Of SEBI (LODR) Regulations, 2015 For The Year Ended 31.03.2024. 12 Apr
- Compliance Certificate Under Regulation 7(3) Of SEBI (LODR) Regulations, 2015 For The Year Ended 31.03.2024. 12 Apr
- Announcement under Regulation 30 (LODR)-Credit Rating 10 Apr
- Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Apr
Annual reports
-
Financial Year 2022
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
-
Financial Year 2015
from bse
-
Financial Year 2014
from bse
-
Financial Year 2013
from bse
-
Financial Year 2012
from bse
-
Financial Year 2011
from nse
-
Financial Year 2011
from bse
-
Financial Year 2010
from bse
-
Financial Year 2010
from nse
Concalls
-
Feb 2024TranscriptPPTREC
-
Nov 2023TranscriptPPT
-
Aug 2023TranscriptPPT
-
May 2023TranscriptPPT
-
Feb 2023TranscriptPPT
-
Sep 2022TranscriptNotesPPT
-
Aug 2022TranscriptNotesPPT
-
Jul 2022TranscriptPPT
-
May 2022TranscriptNotesPPT
-
Sep 2021TranscriptNotesPPT
-
Sep 2019TranscriptNotesPPT
-
Sep 2018TranscriptNotesPPT
-
May 2018TranscriptNotesPPT
-
May 2018TranscriptNotesPPT
-
May 2017TranscriptNotesPPT
-
Jun 2016TranscriptNotesPPT
-
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.