Bharat Electronics Ltd
BEL was established in 1954 in association with CSF, France (now, Thales), to meet the specialized electronic equipment requirements of the Indian Defence Services.
BEL is an Indian state-owned aerospace and defence company with about nine factories, and several regional offices in India. [1]
- Market Cap ₹ 66,980 Cr.
- Current Price ₹ 91.6
- High / Low ₹ 115 / 68.5
- Stock P/E 24.3
- Book Value ₹ 17.7
- Dividend Yield 1.64 %
- ROCE 27.1 %
- ROE 20.5 %
- Face Value ₹ 1.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 43.2%
Cons
- Promoter holding has decreased over last 3 years: -4.13%
* 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: Electronics Industry: Electronics - Components
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5,740 | 5,914 | 6,273 | 6,518 | 7,093 | 7,354 | 8,656 | 10,401 | 12,164 | 12,968 | 14,109 | 15,368 | 17,595 | |
4,724 | 5,280 | 5,604 | 5,593 | 5,913 | 5,961 | 6,864 | 8,361 | 9,255 | 10,209 | 10,895 | 12,024 | 13,764 | |
Operating Profit | 1,016 | 635 | 669 | 925 | 1,179 | 1,393 | 1,792 | 2,039 | 2,909 | 2,759 | 3,214 | 3,344 | 3,832 |
OPM % | 18% | 11% | 11% | 14% | 17% | 19% | 21% | 20% | 24% | 21% | 23% | 22% | 22% |
302 | 598 | 622 | 438 | 507 | 573 | 420 | 196 | 73 | 99 | 125 | 232 | 279 | |
Interest | 4 | 5 | 7 | 7 | 7 | 10 | 18 | 6 | 16 | 8 | 10 | 9 | 17 |
Depreciation | 127 | 126 | 136 | 150 | 166 | 192 | 212 | 272 | 338 | 372 | 387 | 401 | 421 |
Profit before tax | 1,188 | 1,103 | 1,147 | 1,206 | 1,513 | 1,764 | 1,983 | 1,957 | 2,628 | 2,478 | 2,942 | 3,166 | 3,672 |
Tax % | 26% | 23% | 21% | 21% | 21% | 24% | 24% | 28% | 30% | 28% | 30% | 26% | |
Net Profit | 878 | 847 | 911 | 952 | 1,197 | 1,337 | 1,523 | 1,431 | 1,887 | 1,825 | 2,100 | 2,400 | 2,759 |
EPS in Rs | 1.11 | 1.07 | 1.15 | 1.20 | 1.51 | 1.69 | 2.07 | 1.96 | 2.58 | 2.50 | 2.87 | 3.28 | 3.77 |
Dividend Payout % | 20% | 20% | 20% | 20% | 20% | 31% | 33% | 34% | 44% | 37% | 46% | 46% |
Compounded Sales Growth | |
---|---|
10 Years: | 10% |
5 Years: | 12% |
3 Years: | 8% |
TTM: | 10% |
Compounded Profit Growth | |
---|---|
10 Years: | 11% |
5 Years: | 9% |
3 Years: | 8% |
TTM: | 6% |
Stock Price CAGR | |
---|---|
10 Years: | 23% |
5 Years: | 14% |
3 Years: | 55% |
1 Year: | 32% |
Return on Equity | |
---|---|
10 Years: | 18% |
5 Years: | 20% |
3 Years: | 20% |
Last Year: | 21% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Sep 2022 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
80 | 80 | 80 | 80 | 80 | 240 | 223 | 244 | 244 | 244 | 244 | 244 | 731 | |
Reserves | 5,070 | 5,822 | 6,407 | 7,140 | 8,037 | 9,006 | 7,512 | 7,772 | 8,968 | 9,828 | 10,816 | 12,042 | 12,200 |
1 | 1 | 1 | 0 | 25 | 28 | 64 | 80 | 34 | 8 | 3 | 53 | 0 | |
8,179 | 9,138 | 8,367 | 7,760 | 7,587 | 9,330 | 9,800 | 10,868 | 11,575 | 14,271 | 18,430 | 21,574 | 20,547 | |
Total Liabilities | 13,329 | 15,041 | 14,855 | 14,980 | 15,729 | 18,605 | 17,600 | 18,965 | 20,821 | 24,351 | 29,492 | 33,912 | 33,478 |
505 | 530 | 600 | 695 | 1,073 | 1,232 | 1,501 | 1,839 | 2,298 | 2,713 | 2,652 | 2,675 | 3,326 | |
CWIP | 56 | 147 | 328 | 458 | 140 | 430 | 743 | 940 | 849 | 828 | 883 | 1,006 | 368 |
Investments | 0 | 0 | 0 | 0 | 0 | 462 | 491 | 937 | 964 | 1,110 | 1,306 | 1,572 | 175 |
12,768 | 14,364 | 13,926 | 13,828 | 14,516 | 16,481 | 14,865 | 15,248 | 16,710 | 19,700 | 24,651 | 28,659 | 29,609 | |
Total Assets | 13,329 | 15,041 | 14,855 | 14,980 | 15,729 | 18,605 | 17,600 | 18,965 | 20,821 | 24,351 | 29,492 | 33,912 | 33,478 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
3,027 | 179 | -1,539 | -569 | 1,434 | 2,260 | -61 | -687 | 1,514 | 2,570 | 5,093 | 4,207 | |
-1,004 | -953 | 1,753 | 759 | -839 | -1,470 | 3,115 | -6 | -896 | -649 | -2,595 | -4,872 | |
-181 | -239 | -158 | -213 | -209 | -318 | -2,857 | -1,202 | -663 | -1,061 | -1,076 | -1,078 | |
Net Cash Flow | 1,843 | -1,014 | 56 | -23 | 386 | 472 | 197 | -1,895 | -45 | 861 | 1,422 | -1,742 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 185 | 168 | 196 | 233 | 196 | 185 | 184 | 176 | 161 | 189 | 170 | 145 |
Inventory Days | 268 | 274 | 306 | 325 | 321 | 401 | 407 | 305 | 275 | 204 | 233 | 230 |
Days Payable | 96 | 111 | 110 | 120 | 111 | 112 | 108 | 91 | 89 | 126 | 155 | 139 |
Cash Conversion Cycle | 357 | 331 | 391 | 438 | 406 | 473 | 483 | 390 | 347 | 267 | 248 | 237 |
Working Capital Days | -133 | -113 | 16 | 89 | 53 | 10 | 63 | 126 | 134 | 119 | 47 | 4 |
ROCE % | 25% | 20% | 18% | 18% | 20% | 20% | 23% | 25% | 30% | 26% | 28% | 27% |
Documents
Announcements
- Closure of Trading Window 1d
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
24 Mar - Copy of the press release titled 'BEL wins Orders worth Rs 4300 Crore from Indian Army and Indian Navy'
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
23 Mar - Press Release - 'MoD Signs Contracts with BEL and Indian Air Force'.
- Corporate Action-Board approves Dividend 17 Mar
- Notice Of Record Date. 10 Mar
Annual reports
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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
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Financial Year 2019
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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
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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
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Financial Year 2010
from nse
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Financial Year 2009
from nse
Concalls
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Feb 2023TranscriptPPT
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Sep 2022TranscriptNotesPPT
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Aug 2022Transcript PPT
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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
High R&D [1]
BEL spend ~7% of turnover on R&D, one of the highest amongst defence PSUs.
78% of turnover from indigenous products.
90% of turnover from defence.
137 applications filed for IPRs