Bharat Electronics (500049) Q4 20/21 earnings summary

Executive summary

• FY21 turnover reached ₹13,818 crore, up 9.6% YoY; PAT rose 15.14% to ₹2,065 crore despite pandemic disruption.

• FY22 growth target was 12–15%; order book stood at ₹53,434 crore on 1 Apr 2021, with good order inflow projections expected over the next 2–3 years.

Financial highlights

• Standalone revenue from operations was ₹14,063.83 lakh vs ₹12,921.11 lakh; PAT was ₹2,065.42 lakh vs ₹1,793.83 lakh.

• Consolidated revenue from operations was ₹14,108.69 lakh vs ₹12,967.67 lakh; consolidated PAT reached ₹2,099.76 lakh vs ₹1,824.72 lakh.

• Value of production rose 12.95% to ₹13,947.49 crore; turnover grew 9.6%; R&D investment was 6.32% of turnover.

• Operating cash flow increased to ₹5,103.46 lakh from ₹2,532.53 lakh; year-end cash and cash equivalents were ₹30,156.5 lakh.

Outlook and guidance

• FY22 turnover growth target: 12–15%; radar and missile systems, communications, sonar, tank electronics, gun upgrades, electro-optics, electronic warfare and avionics expected to drive growth.

• Non-defence areas identified as growth contributors include homeland security, smart cities, EVMs, healthcare, energy storage, space, cyber security, rail and metro solutions.

• Remaining performance obligations were ₹53,433.59 lakh; revenue from unsatisfied or partially satisfied obligations expected over 3–5 years.

• Planned FY22 projects include LRSAM, IACCS, Coastal Surveillance System Phase II, K-FON, Weapon Locating Radar and EVMs.