Bharat Electronics Ltd

Bharat Electronics Ltd

₹ 205 0.51%
27 Feb 4:01 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 1,50,070 Cr.
  • Current Price 205
  • High / Low 208 / 89.6
  • Stock P/E 42.0
  • Book Value 20.3
  • Dividend Yield 0.88 %
  • ROCE 29.9 %
  • ROE 22.8 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 45.4%

Cons

  • Stock is trading at 10.2 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

Consolidated Figures in Rs. Crores / View Standalone

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
2,320 6,917 1,649 3,678 3,702 6,340 3,141 3,962 4,153 6,479 3,533 4,009 4,162
1,864 4,937 1,579 2,814 2,872 4,762 2,618 3,093 3,290 4,647 2,860 2,995 3,090
Operating Profit 456 1,981 70 864 829 1,578 522 868 863 1,832 673 1,014 1,072
OPM % 20% 29% 4% 23% 22% 25% 17% 22% 21% 28% 19% 25% 26%
24 58 45 62 60 64 82 74 59 66 140 137 167
Interest 0 6 0 0 0 4 1 2 10 2 1 2 1
Depreciation 100 97 97 99 98 106 99 109 106 114 109 108 107
Profit before tax 380 1,936 18 826 791 1,531 504 831 806 1,782 703 1,041 1,132
Tax % 29% 30% 27% 26% 26% 25% 29% 26% 25% 23% 25% 25% 25%
278 1,368 24 625 596 1,155 366 624 614 1,382 539 790 860
EPS in Rs 0.38 1.87 0.03 0.85 0.82 1.58 0.50 0.85 0.84 1.89 0.74 1.08 1.18
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
5,914 6,273 6,518 7,093 7,354 8,656 10,401 12,164 12,968 14,109 15,368 17,734 18,183
5,280 5,604 5,593 5,913 5,961 6,864 8,361 9,255 10,209 10,895 12,024 13,645 13,592
Operating Profit 635 669 925 1,179 1,393 1,792 2,039 2,909 2,759 3,214 3,344 4,090 4,591
OPM % 11% 11% 14% 17% 19% 21% 20% 24% 21% 23% 22% 23% 25%
598 622 438 507 573 420 196 73 99 125 232 281 511
Interest 5 7 7 7 10 18 6 16 8 10 9 19 6
Depreciation 126 136 150 166 192 212 272 338 372 387 401 429 439
Profit before tax 1,103 1,147 1,206 1,513 1,764 1,983 1,957 2,628 2,478 2,942 3,166 3,923 4,658
Tax % 23% 21% 21% 21% 24% 24% 28% 30% 28% 30% 26% 25%
847 911 952 1,197 1,337 1,523 1,431 1,887 1,825 2,100 2,400 2,986 3,571
EPS in Rs 1.07 1.15 1.20 1.51 1.69 2.07 1.96 2.58 2.50 2.87 3.28 4.08 4.89
Dividend Payout % 20% 20% 20% 20% 31% 33% 34% 44% 37% 46% 46% 44%
Compounded Sales Growth
10 Years: 11%
5 Years: 11%
3 Years: 11%
TTM: 3%
Compounded Profit Growth
10 Years: 13%
5 Years: 16%
3 Years: 18%
TTM: 29%
Stock Price CAGR
10 Years: 36%
5 Years: 49%
3 Years: 65%
1 Year: 114%
Return on Equity
10 Years: 19%
5 Years: 21%
3 Years: 21%
Last Year: 23%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 5,822 6,407 7,140 8,037 9,006 7,512 7,772 8,968 9,828 10,816 12,042 13,131 14,085
1 1 0 25 28 64 80 34 8 3 53 61 61
9,138 8,367 7,760 7,587 9,330 9,800 10,868 11,575 14,271 18,430 21,574 21,567 21,389
Total Liabilities 15,041 14,855 14,980 15,729 18,605 17,600 18,965 20,821 24,351 29,492 33,912 35,490 36,267
530 600 695 1,073 1,232 1,501 1,839 2,298 2,713 2,652 2,675 2,963 3,427
CWIP 147 328 458 140 430 743 940 849 828 883 1,006 855 433
Investments 0 0 0 0 462 491 937 964 1,110 1,306 1,572 650 651
14,364 13,926 13,828 14,516 16,481 14,865 15,248 16,710 19,700 24,651 28,659 31,022 31,756
Total Assets 15,041 14,855 14,980 15,729 18,605 17,600 18,965 20,821 24,351 29,492 33,912 35,490 36,267

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
179 -1,539 -569 1,434 2,260 -61 -687 1,514 2,570 5,093 4,207 1,267
-953 1,753 759 -839 -1,470 3,115 -6 -896 -649 -2,595 -4,872 2,691
-239 -158 -213 -209 -318 -2,857 -1,202 -663 -1,061 -1,076 -1,078 -1,313
Net Cash Flow -1,014 56 -23 386 472 197 -1,895 -45 861 1,422 -1,742 2,645

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 168 196 233 196 185 184 176 161 189 170 145 145
Inventory Days 274 306 325 321 401 407 305 275 204 233 230 240
Days Payable 111 110 120 111 112 108 91 89 126 155 139 124
Cash Conversion Cycle 331 391 438 406 473 483 390 347 267 248 237 261
Working Capital Days -113 16 89 53 10 63 126 134 119 47 4 28
ROCE % 20% 18% 18% 20% 20% 23% 25% 30% 26% 28% 27% 30%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14% 51.14%
11.58% 14.10% 15.73% 17.21% 16.77% 15.99% 17.36% 17.34% 16.42% 17.35% 17.19% 17.77%
30.21% 28.92% 28.33% 26.77% 26.71% 27.77% 25.63% 25.04% 25.50% 24.84% 24.19% 23.37%
7.07% 5.85% 4.81% 4.89% 5.38% 5.11% 5.88% 6.47% 6.95% 6.68% 7.49% 7.72%
No. of Shareholders 3,73,8933,49,2843,25,9333,67,5044,31,0344,37,0975,79,8077,07,0987,80,2117,67,8209,74,78210,98,228

* 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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