Bharat Electronics Ltd

About

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]

Key Points

High R&D [1]
BEL spends 7.5% of turnover on R&D, one of the highest amongst defence PSUs.
79% of turnover from indigenous products.
82% of turnover from defence.
160 applications filed for IPRs

Read More
  • Market Cap 50,352 Cr.
  • Current Price 207
  • High / Low 228 / 106
  • Stock P/E 21.9
  • Book Value 47.1
  • Dividend Yield 1.94 %
  • ROCE 27.9 %
  • ROE 19.9 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 42.59%

Cons

  • Company has high debtors of 169.76 days.
  • Promoter holding has decreased over last 3 years: -14.95%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
2,739 3,899 2,124 2,748 2,278 5,817 1,676 3,195 2,320 6,917 1,649 3,678
1,970 2,942 1,769 2,200 1,921 4,323 1,530 2,568 1,864 4,937 1,579 2,814
Operating Profit 769 958 355 549 357 1,494 146 627 456 1,981 70 864
OPM % 28% 25% 17% 20% 16% 26% 9% 20% 20% 29% 4% 23%
Other Income 19 36 26 12 33 29 16 27 24 58 45 62
Interest 0 11 0 1 0 2 0 0 0 6 0 0
Depreciation 85 99 88 91 92 101 94 97 100 97 97 99
Profit before tax 703 883 292 468 298 1,420 68 558 380 1,936 18 826
Tax % 28% 33% 30% 28% 29% 27% 31% 29% 29% 30% 27% 26%
Net Profit 516 601 211 344 223 1,047 54 399 278 1,368 24 624
EPS in Rs 2.12 2.46 0.86 1.41 0.91 4.30 0.22 1.64 1.14 5.61 0.10 2.56

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
5,364 5,740 5,914 6,273 6,518 7,093 7,354 8,656 10,401 12,164 12,968 14,109 14,565
4,521 4,724 5,280 5,604 5,593 5,913 5,961 6,864 8,361 9,255 10,209 10,895 11,193
Operating Profit 844 1,016 635 669 925 1,179 1,393 1,792 2,039 2,909 2,759 3,214 3,371
OPM % 16% 18% 11% 11% 14% 17% 19% 21% 20% 24% 21% 23% 23%
Other Income 355 302 598 622 438 507 573 420 196 73 99 125 189
Interest 6 4 5 7 7 7 10 18 6 16 8 10 7
Depreciation 122 127 126 136 150 166 192 212 272 338 372 387 393
Profit before tax 1,071 1,188 1,103 1,147 1,206 1,513 1,764 1,983 1,957 2,628 2,478 2,942 3,160
Tax % 31% 26% 23% 21% 21% 21% 24% 24% 28% 30% 28% 30%
Net Profit 737 878 847 911 951 1,197 1,337 1,524 1,432 1,886 1,824 2,099 2,295
EPS in Rs 2.79 3.33 3.21 3.45 3.60 4.53 5.07 6.20 5.88 7.74 7.49 8.61 9.41
Dividend Payout % 21% 20% 20% 20% 20% 20% 31% 33% 34% 44% 37% 46%
Compounded Sales Growth
10 Years: 9%
5 Years: 14%
3 Years: 11%
TTM: 12%
Compounded Profit Growth
10 Years: 9%
5 Years: 9%
3 Years: 14%
TTM: 33%
Stock Price CAGR
10 Years: 16%
5 Years: 10%
3 Years: 36%
1 Year: 79%
Return on Equity
10 Years: 17%
5 Years: 19%
3 Years: 20%
Last Year: 20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
80 80 80 80 80 80 240 223 244 244 244 244 244
Reserves 4,397 5,070 5,822 6,407 7,140 8,037 9,006 7,512 7,772 8,968 9,828 10,816 11,225
Borrowings 1 1 1 1 0 25 28 64 80 34 8 0 0
5,097 8,179 9,138 8,367 7,760 7,587 9,330 9,800 10,868 11,575 14,271 18,434 19,609
Total Liabilities 9,576 13,329 15,041 14,855 14,980 15,729 18,605 17,600 18,965 20,821 24,351 29,494 31,077
511 505 530 600 695 1,073 1,232 1,501 1,839 2,298 2,713 2,652 3,091
CWIP 33 56 147 328 458 140 430 743 940 849 828 883 471
Investments 0 0 0 0 0 0 462 491 937 964 1,110 1,306 213
9,032 12,768 14,364 13,926 13,828 14,516 16,481 14,865 15,248 16,710 19,700 24,653 27,302
Total Assets 9,576 13,329 15,041 14,855 14,980 15,729 18,605 17,600 18,965 20,821 24,351 29,494 31,077

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
1,054 3,027 179 -1,539 -569 1,434 2,260 -61 -687 1,514 2,570 5,093
-1,231 -1,004 -953 1,753 759 -839 -1,470 3,115 -6 -896 -649 -2,595
-177 -181 -239 -158 -213 -209 -318 -2,857 -1,202 -663 -1,061 -1,076
Net Cash Flow -354 1,843 -1,014 56 -23 386 472 197 -1,895 -45 861 1,422

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 149 185 168 196 233 196 185 184 176 161 189 170
Inventory Days 302 268 274 306 325 321 401 407 305 275 204 233
Days Payable 74 96 111 110 120 111 112 108 91 89 126 155
Cash Conversion Cycle 378 357 331 391 438 406 473 483 390 347 267 248
Working Capital Days 13 -133 -113 15 89 53 10 65 127 135 119 47
ROCE % 26% 25% 20% 18% 18% 20% 20% 23% 25% 30% 26% 28%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
61.93 58.83 58.83 55.93 55.27 51.14 51.14 51.14 51.14 51.14 51.14 51.14
7.05 7.49 8.91 11.43 12.20 10.71 7.86 9.60 10.25 11.58 14.10 15.73
20.77 22.88 21.85 25.04 25.29 30.21 32.22 31.59 31.30 30.21 28.92 28.33
10.25 10.80 10.41 7.59 7.24 7.95 8.78 7.67 7.32 7.07 5.85 4.81

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