Bharat Electronics Ltd

Bharat Electronics Ltd

₹ 236 0.75%
24 Apr 3:22 p.m.
About

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]

Key Points

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.

  • Market Cap 1,72,584 Cr.
  • Current Price 236
  • High / Low 239 / 100
  • Stock P/E 47.9
  • 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.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
2,296 6,908 1,635 3,661 3,694 6,325 3,113 3,946 4,131 6,457 3,511 3,993 4,137
1,856 4,938 1,572 2,804 2,872 4,757 2,599 3,090 3,278 4,632 2,846 2,989 3,087
Operating Profit 440 1,971 63 856 822 1,568 513 856 853 1,825 664 1,004 1,049
OPM % 19% 29% 4% 23% 22% 25% 16% 22% 21% 28% 19% 25% 25%
23 57 45 66 59 64 160 75 57 68 142 171 223
Interest 0 6 0 0 0 4 1 2 10 2 1 2 1
Depreciation 94 92 92 94 93 101 94 104 101 109 101 100 100
Profit before tax 369 1,931 15 828 788 1,527 578 825 800 1,781 704 1,073 1,172
Tax % 29% 30% 26% 26% 26% 25% 25% 26% 25% 23% 25% 24% 24%
262 1,352 11 613 583 1,142 431 611 599 1,365 531 812 893
EPS in Rs 0.36 1.85 0.02 0.84 0.80 1.56 0.59 0.84 0.82 1.87 0.73 1.11 1.22
Raw PDF

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: 51%
3 Years: 77%
1 Year: 132%
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%

Shareholding Pattern

Numbers in percentages

1 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14%
14.10% 15.73% 17.21% 16.77% 15.99% 17.36% 17.34% 16.42% 17.35% 17.19% 17.77% 17.56%
28.92% 28.33% 26.77% 26.71% 27.77% 25.63% 25.04% 25.50% 24.84% 24.19% 23.37% 22.63%
5.85% 4.81% 4.89% 5.38% 5.11% 5.88% 6.47% 6.95% 6.68% 7.49% 7.72% 8.66%
No. of Shareholders 3,49,2843,25,9333,67,5044,31,0344,37,0975,79,8077,07,0987,80,2117,67,8209,74,78210,98,22813,64,873

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

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