Bharat Electronics slips after weak Q2 outcome

Bharat Electronics slumped 4.60% to Rs 113.95 after consolidated net profit fell 40.9% to Rs 343.85 crore on a 19.1% decline in net sales to Rs 2663.57 crore in Q2 September 2019 over Q2 September 2018.

The result was announced after market hours yesterday, 4 November 2019.

The company's order book as on 1 October 2019 stood at Rs 56,178 crore, of which orders worth Rs 7088 crore were received during the quarter ended on 30 September 2019.

Total export order book as on 1 October 2019 stood at $158.50 million while the total export turnover for the second quarter of FY20 stood at $7.89 million.

The stock has traded in the range of Rs 112.25 and Rs 115.85 so far during the day. The scrip is currently trading 6.71% lower from its 52-week high of Rs 122.15, recorded on 4 November 2019.

Bharat Electronics is a state-owned aerospace and defense company with about nine factories, and several regional offices in India. It primarily manufactures advanced electronic products for the Indian Armed Forces. Government of India held 55.93% stake in the company as on 30 September 2019.

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