Bharat Dynamics shows a provisional revenue decline of of 12.7% in FY23

Bharat Dynamics' stock was trading under pressure on Wednesday (April 5) after the company, in its FY23 provisional business update, reported a 12.7 percent decline in revenue at Rs 2,458 crore on a year-on-year basis.

The company says it was constrained in terms of receipt of imported electronic items and critical explosive materials from original equipment manufacturers (OEMs). It also highlighted that there were significant changes in the designs of naval products.

The company also faced a delay in receipt of medium range surface to air missile which resulted in non-completion of production. However the company has said that all of these worries translated into lower revenue booking in FY23.