Bharat Dynamics (BDL) Q4 19/20 earnings summary

Executive summary

• FY20 revenue from operations was ₹3,095.20 crore, up 0.85% YoY; PAT rose 26.48% to ₹534.90 crore, supported by improved operating efficiency and product mix.

• Order book stood at ₹7,413 crore on 1 April 2020; major awards included ₹1,700 crore for Akash missiles and ₹1,187.82 crore for Varunastra torpedoes.

Financial highlights

• Revenue from operations ₹3,095.20 crore vs ₹3,069.35 crore in FY19; PBT ₹742.45 crore vs ₹671.36 crore; PAT ₹534.90 crore vs ₹422.59 crore.

• Operating profit increased to ₹689 crore from ₹617 crore; value of production declined 19.88% to ₹2,592 crore, primarily following completion of Akash orders.

• EPS was ₹29.18 vs ₹23.06; net worth increased to ₹2,606.83 crore from ₹2,268.55 crore.

• Operating cash flow was ₹504.22 crore vs ₹83.52 crore in FY19; cash and cash equivalents closed at ₹297.49 crore.

Outlook and guidance

• Management cited the ₹7,413 crore order book and anticipated awards as supporting visibility; advanced-stage prospects included Akash regiments and IAF orders, MRSAM, Milan-2T, VSHORAD and refurbishment.

• Planned priorities include new manufacturing facilities at Ibrahimpatnam and Amravati, production automation, greater R&D, AI-enabled products, new-generation SAMs and ATGMs, and export growth.

• COVID-related shutdowns halted production in April–May 2020; management expected normalization during FY21, while warning further interruptions could affect revenue and profitability.