BEML surges over 3 percent in trade, after having bagged an order from Bharat Dynamics and Bharat Electronics for the supply of High Mobility Vehicles (HMV). The total contract value is Rs 385 crore.
BEML manufactures a wide range of heavy earthmoving equipment with 50 percent sales from the mining and construction industry, 23 percent revenues from vehicles supply for defense forces and 27 percent sales contributed by the rail and metro segments.
In the fourth quarter of FY23, the company posted over 18 percent jump in its in its profit as easing input costs offset a drop in revenue. The consolidated profit surged to Rs 158 crore for the three months ended March 31, 2023 compared with Rs 133 crore in the year-ago quarter. The consolidated revenue from operations declined 18 percent to Rs 1,388 crore, hurt by a slowdown in realisation of projects.
The company's order book stood at Rs 8,570 crore in FY23, compared with Rs 9,192 crore in FY22. Amit Banerjee, Chairman and Managing Director at BEML in an earlier interaction with CNBC-TV18 said it expects to receive more Vande Bharat orders and improve margins. The order book is expected to cross Rs 12,000 crore by June 2023 and reach Rs 15,000 to Rs 16,000 crore by the end of FY24.
Furthermore, revenues are expected at Rs 4,500 to Rs 5,000 crore in FY24 compared with Rs 3,899 crore in FY23. Physical and deemed exports are expected to grow to Rs 1,000 crore in FY24, including Rs 250 crore for physical exports.
Nearly 54 percent of the company's shareholding is with the government of India, followed by mutual funds, resident individuals, among others. The shares of BEML surge 3 percent in trade on June 28 at 12:15 pm.
(Edited by : Vahishta Unwalla)
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