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Study Notes
Bharat Electronics Limited Q1 FY25 Earnings Conference Call
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Date: July 29, 2024
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Management: Manoj Jain (Chairman & Managing Director), Damodar Bhattad (Director Finance & CFO), S. Sreenivas (Company Secretary)
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Moderator: Harshit Kapadia (Elara Securities Private Limited)
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Key Financial Highlights Q1 FY24/25:
- Turnover: ₹4,400.27 crores, a 19.1% increase YoY
- Profit Before Tax: ₹1,037 crores, up 47.4% YoY
- Profit After Tax: ₹776.14 crores (up 46.21% YoY)
- EBITDA: 22.82%, up from 19.28% YoY
- Earnings per share (EPS): ₹1.06, compared to ₹0.73 YoY
- Order Book: ₹76,705 crores as of July 31, 2024
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Order Pipeline and Revenue Guidance:
- 25,000 crore order guidance maintained for FY25
- Significant orders received in Q1, including BMP-2 Upgrade, Thales TR Modules, and CPR Radar for Chandipur.
- Additional major projects completed in Q1: LRSAM (₹842 crores), CBIT (₹300 crores), Hammer Missile System (₹235 crores), Set Pump Terminals (₹143 crores), IACCS (₹132 crores), Shakti EW System (₹127 crores), and Lynx-U2 (₹95 crores).
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Strategic Programs & Issues:
- Advanced Land Navigation System (ALNS) Mk II: Substantial (possibly 25,000-50,000 crore) order opportunity.
- Quick reaction surface-to-air missile (QRSAM): Significant potential; exact valuation TBD.
- Battery management system (and SaaS initiatives). No progress on these initiatives.
- Defence indigenisation (PIL): Acknowledged challenges and commitment to Indian manufacturing.
- Israel-based supply chains: Impact lessened in Q1.
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Financial Highlights (additional):
- Provision for doubtful debts increased by ₹78 crores.
- 85% of revenue from defense business.
- 15% revenue from non-defense.
- 2% of revenue from exports
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CAPEX (FY25):
- ₹800 crores planned for FY25;
- Including facilities in Palasamudram, Nimmakuru, Hyderabad, and Ibrahimpatnam; also Nagpur.
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Description
Explore the highlights from Bharat Electronics Limited's Q1 FY25 earnings conference call. Key financial metrics indicate significant growth in turnover and profits, along with substantial order pipeline guidance for the fiscal year. Stay updated on their financial achievements and future prospects.
