Bharat Electronics expects Rs 20,000 crore order inflows in FY24
Bharat Electronics achieved its first quarter margin target and is on track to clock 21 to 23 percent EBITDA margins in FY24.
Bharat Electronics Ltd (BEL) expects order inflows of Rs 20,000 crore in FY24 and 17 percent revenue growth.
In the first quarter of FY24, this defence and aerospace player's standalone revenues stood 12.8 percent higher at Rs 3,511 crore versus Rs 3,113 crore. The EBITDA margins improved to 18.9 percent versus 16.5 percent in the year ago quarter. The company says, EBITDA growth was strong due to lower raw material expenses. Furthermore, the profit after tax is 23 percent higher at Rs 531 crore.
Bhanu Prakash Srivastava, Chairman and Managing Director at BEL in an interaction with CNBC-TV18 said "we have a well structured plan for FY24 in place". The company achieved its first quarter margin target and is on track to clock 21 to 23 percent EBITDA margins in FY24.
Srivastava said, the company does not have any new orders anticipated for electronic voting machines this year, and is delivering the existing orders.
In the first quarter of FY24, new order wins at Rs 8,100 crore were the highest ever. Srivastava said, significant proportion of these orders were in advanced stage, so booking was done.
BEL's order backlog as on 30th June 2023 stood at Rs 65,400 crore up 18 percent year on year and 8 percent quarter on quarter. This provides revenue visibility in the near term.
The company maintains Rs 700 to 800 crore as capex guidance for FY24 and expects 15 percent revenue contribution from non-defense segment. The export orders in first quarter of FY24 stood at Rs 87 crore and targets $90mn export revenues in FY24.
BEL is trading flat on NSE at Rs 130 per share on July 31.
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