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 ₹ 1,73,680 Cr.
- Current Price ₹ 238
- High / Low ₹ 240 / 101
- Stock P/E 48.7
- Book Value ₹ 20.3
- Dividend Yield 0.76 %
- 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 11.7 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
Consolidated Figures in Rs. Crores / View Standalone
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: | 34% |
5 Years: | 52% |
3 Years: | 77% |
1 Year: | 134% |
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% |
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
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2011
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Financial Year 2010
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Financial Year 2010
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Concalls
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Feb 2024TranscriptPPTREC
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Nov 2023TranscriptPPT
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Aug 2023TranscriptPPT
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May 2023TranscriptPPT
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Feb 2023TranscriptPPT
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Sep 2022TranscriptNotesPPT
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Jul 2022TranscriptPPT
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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
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.