Bharat Dynamics (BDL) Q4 12/13 earnings summary

Executive summary

• FY2012-13 sales rose 12% YoY to ₹1,074.71 crore; value of production increased 18% to ₹1,175.52 crore, with PBT up 20% and PAT up 23%.

• Execution milestones included completion of the Invar indent with 65% indigenization, completion of the IAF Akash 2-Squadron order, and Konkurs-M deliveries ahead of schedule.

Financial highlights

• Sales were ₹1,074.71 crore vs ₹959.12 crore; net revenue from operations was ₹1,072.01 crore vs ₹955.70 crore.

• PBT rose to ₹419.06 crore from ₹348.19 crore; PAT increased to ₹288.40 crore from ₹234.96 crore.

• Other income was ₹522.62 crore vs ₹462.72 crore, including ₹416.54 crore interest on short-term deposits and ₹62.47 crore liquidated-damages provision written back.

• Value added grew 10% to ₹395.95 crore; value of production rose 18% to ₹1,175.52 crore.

Outlook and guidance

• Confirmed order book was approximately ₹17,000 crore as of 1 Jul 2013; the report cited ₹17,300 crore as of 31 Mar 2013 and expected growth after concluded contract negotiations.

• Planned participation in joint development of Short Range Surface-to-Air Missile systems for the Air Force and Navy, plus underwater weapons.

• ERP rollout across divisions was expected to finish by end-2014; AS 9100 C aerospace quality certification was expected the following year.

• Land acquisition for projects at Amravati, Maharashtra, and Ibrahimpatnam, Andhra Pradesh, was in progress; possession had been taken.