Bharat Electronics (500049) Q4 23/24 earnings summary

Executive summary

• FY 2023-24 turnover rose 14.35% YoY to ₹19,819.93 crore; PAT increased 33.7% to ₹4,020 crore, supported by improved product mix and broad-based segment growth.

• Record order wins of ₹35,046 crore lifted the order book to ₹75,934 crore at 1 April 2024, supporting revenue visibility for the next few years.

• Exports grew 92% to a record USD 92.98 million; indigenous products contributed 77% of turnover, with R&D investment at 6.24% of turnover.

Financial highlights

• Turnover was ₹19,819.93 crore versus ₹17,333.37 crore in FY 2022-23; value of production rose 14.94% to ₹20,380.50 crore.

• Standalone PAT increased to ₹4,020 crore from ₹3,006.67 crore; PBT reached ₹5,334.56 crore versus ₹3,984.88 crore.

• Standalone revenue from operations was ₹20,169.39 crore; EBITDA was ₹4,998.17 crore, with a 24.78% EBITDA margin on revenue from operations.

• Net worth rose to ₹16,082.39 crore from ₹13,581.99 crore; exports reached USD 92.98 million versus USD 48.33 million.

• Consolidated revenue from operations was ₹20,268.24 crore and profit for the year ₹3,985.24 crore; consolidated EPS was ₹5.45 versus ₹4.09.

Outlook and guidance

• FY 2024-25 order acquisition target is ₹25,000 crore; revenue growth guidance is 15–17%, driven by expansion in defence and non-defence businesses.

• Management expects good order inflows over the next couple of years and prioritises timely execution of the existing ₹75,934 crore order book.

• Planned expansion includes five factories at varying implementation stages; the Nimmaluru facility for seekers, night-vision devices and TI cameras is complete and expected to begin operations.

• FY 2024-25 environmental plans include 2.5 MWp of additional solar capacity and planning for a further 4 MW wind plant over two years.