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Result Update: Bharat Electonics Ltd - BUY - TP Rs.135 - Kotak

Posted On: 2018-08-05 07:55:41

BEL reported higher than expected profits for the first quarter of FY19. Execution of orders was driven by EVMs and VVPAT orders which are to be delivered in FY19. Order intake was strong during the quarter.

Key Highlights

- The company reported revenue of 23% y-o-y led by delivery of EVM/VVPAT orders of ~ Rs 4.5 bn.

- Order intake during the year was strong at Rs 35.8 bn, up 48% on a y-o-y basis. The Order book is flat on a y-o-y basis at Rs 416 bn but is strong enough to provide revenue visibility of 48 months of trailing four quarter revenues.

Valuation and Outlook

- BEL is trading at 19x and 17x FY19E and FY20E earnings, which is at a discount to recent valuations trends. High order book providing strong revenue visibility, healthy balance sheet and reasonable valuations are comforting factors, which forms the basis of our "BUY" rating. We value the stock at 20x FY20E earnings and arrive at target price of Rs 135

Shares of BHARAT ELECTRONICS LTD. was last trading in BSE at Rs.119.3 as compared to the previous close of Rs. 116.75. The total number of shares traded during the day was 681459 in over 3440 trades.

The stock hit an intraday high of Rs. 120.05 and intraday low of 116.75. The net turnover during the day was Rs. 80697813.


Source: Equity Bulls

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