Bharat Electronics' growth story is intact after excellent Q4 performance

BEL has a market share of 12 per cent in the overall defence market and a market share of almost 60 per cent in the highly specialised defence electronics segment

Bharat Electronics (BEL) reported excellent results for the January-March quarter (Q4) of FY24, which were driven by decent EBITDA margins and higher PAT as well as good revenue growth. Order inflows were also good.

BEL is a major beneficiary of the policy of defence indigenisation. Its revenue market share of defence manufacturing is around 12-13 per cent.

The Q4FY24 revenue was at Rs 8,530 crore (up 32 per cent year-on-year or Y-o-Y and up 106 per cent quarter-on-quarter or Q-o-Q) which was in line with estimates.

The EBITDA grew 25 per cent Y-o-Y to Rs 2,280 crore, with gross margin