Bharat Electronics Ltd

BEL produces a wide range of state-of-the-art equipment in fields such as Defence Communication, Radars, Naval Systems, C4I Systems, Weapon Systems, Homeland Security, Telecom & Broadcast Systems, Electronic Warfare, Tank Electronics, Electro Optics, Professional Electronic Components and Solar Photovoltaic Systems, BEL also provides turnkey system solutions. Civilian products from BEL include Electronic Voting Machines, Tablet PC, solar-powered traffic signal systems and Access Control Systems.

Pros:
Company has reduced debt.
Company is virtually debt free.
Stock is providing a good dividend yield of 3.12%.
Company has been maintaining a healthy dividend payout of 36.76%
Cons:
Promoter's stake has decreased
Company has high debtors of 162.17 days.

Peer Comparison Sector: Consumer Durables // Industry: Electronics - Components

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
1,703 2,042 3,988 1,722 2,473 2,506 3,622 2,102 3,381 2,716 3,885 2,102
1,365 1,559 3,008 1,556 1,880 2,060 2,826 1,792 2,527 1,948 2,956 1,753
Operating Profit 338 483 980 166 593 445 796 310 854 768 929 348
OPM % 20% 24% 25% 10% 24% 18% 22% 15% 25% 28% 24% 17%
Other Income 171 78 91 70 53 49 28 9 14 18 129 25
Interest 0 11 1 0 0 0 1 0 0 0 12 0
Depreciation 45 45 57 56 59 59 77 69 74 80 93 83
Profit before tax 464 504 1,012 179 587 435 747 250 794 706 953 290
Tax % 25% 26% 22% 30% 30% 30% 25% 28% 28% 28% 30% 30%
Net Profit 346 374 792 125 412 303 559 180 571 508 669 205
EPS in Rs 1.31 1.52 2.81 0.51 1.85 1.23 2.28 0.74 2.34 2.09 2.74 0.84
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
4,059 4,583 5,178 5,585 5,768 6,104 6,276 6,843 7,328 8,600 10,322 12,085 12,084
3,070 3,519 4,360 4,597 5,153 5,462 5,382 5,695 5,953 6,834 8,319 9,219 9,184
Operating Profit 989 1,064 818 988 614 641 894 1,148 1,375 1,766 2,003 2,865 2,900
OPM % 24% 23% 16% 18% 11% 10% 14% 17% 19% 21% 19% 24% 24%
Other Income 278 154 348 296 585 611 429 479 537 471 200 170 186
Interest 4 15 5 1 4 6 6 6 8 16 5 15 12
Depreciation 93 106 116 122 121 131 142 154 172 192 251 316 330
Profit before tax 1,171 1,097 1,045 1,161 1,075 1,115 1,175 1,467 1,732 2,029 1,948 2,703 2,743
Tax % 29% 32% 31% 26% 23% 20% 21% 20% 25% 24% 28% 29%
Net Profit 827 746 721 861 830 890 932 1,167 1,307 1,548 1,399 1,927 1,952
EPS in Rs 3.03 2.73 2.63 3.16 3.04 3.26 3.41 4.24 4.95 6.30 5.74 7.91 8.01
Dividend Payout % 20% 20% 21% 20% 20% 20% 20% 20% 31% 32% 35% 43%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:10.18%
5 Years:14.00%
3 Years:18.15%
TTM:12.91%
Compounded Profit Growth
10 Years:9.21%
5 Years:15.77%
3 Years:13.81%
TTM:34.30%
Stock Price CAGR
10 Years:8.63%
5 Years:12.63%
3 Years:-1.90%
1 Year:24.87%
Return on Equity
10 Years:17.30%
5 Years:18.29%
3 Years:20.07%
Last Year:22.97%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
80 80 80 80 80 80 80 80 240 223 244 244
Reserves 3,153 3,727 4,266 4,923 5,557 6,224 6,937 7,805 8,744 7,285 7,517 8,775
Borrowings 1 1 1 0 0 0 0 0 0 50 67 34
3,827 4,834 5,108 8,201 9,264 8,200 7,567 7,383 9,245 9,722 11,239 12,169
Total Liabilities 7,062 8,643 9,454 13,204 14,901 14,503 14,584 15,268 18,229 17,280 19,067 21,222
413 467 490 484 510 575 651 771 976 1,255 1,607 2,083
CWIP 36 47 31 58 114 161 197 140 430 656 833 723
Investments 12 12 12 12 12 12 12 19 319 460 903 1,019
6,601 8,117 8,921 12,651 14,265 13,755 13,724 14,338 16,504 14,909 15,724 17,397
Total Assets 7,062 8,643 9,454 13,204 14,901 14,503 14,584 15,268 18,229 17,280 19,067 21,222

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
509 399 1,060 3,018 121 -1,654 -695 1,349 2,249 -97 -789 1,498
-256 31 -1,229 -1,005 -927 1,888 872 -842 -1,485 3,148 41 -886
-188 -205 -176 -180 -239 -157 -212 -232 -316 -2,835 -1,201 -628
Net Cash Flow 65 226 -346 1,833 -1,044 77 -35 276 448 216 -1,948 -16

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 39% 34% 26% 25% 20% 18% 18% 20% 21% 25% 25% 32%
Debtor Days 185 181 153 189 170 199 240 202 185 185 179 162
Inventory Turnover 2.96 2.33 2.05 2.28 2.30 2.08 1.93 2.05 1.95 1.91 2.19 2.70