BDL · Capital Goods
Bharat Dynamics Ltd. reported revenue of ₹545 cr for July to September 2024, −11.5% on the year and +185.3% on the quarter.
Operating profit (EBITDA) was ₹99.0 cr, a margin of 18.2%, −359 bps on the year and +4,539 bps on the quarter. Over the last 6 quarters the margin has ranged from −27.2% to 37.0%, averaging 9.7%. Operating costs grew −7.5%, faster than revenue at −11.5%, so operating profit grew less than sales.
Net profit was ₹123 cr, −16.3% on the year and +1,657.1% on the quarter, with earnings per share of ₹3.34. Profit before other income, one-offs and tax fell 31.0%, so 15 points of the headline growth came from outside the core business. The tax rate of 26% is in line with its recent average.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹15.10 over the last four quarters, the stock at ₹1,114.90 trades at 73.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹616 cr | ₹602 cr | ₹854 cr | ₹191 cr | ₹545 cr | ₹832 cr | ₹1,777 cr | ₹248 cr | ₹1,147 cr | ₹567 cr | ₹480 cr | ₹572 cr |
| YoY | — | — | — | −36% | −12% | +38% | +108% | +30% | +110% | −32% | −73% | +131% |
| EBITDA margin | 21.8% | 19.8% | 37.0% | −27.2% | 18.2% | 15.3% | 16.8% | −18.1% | 16.4% | 4.6% | 11.5% | 14.5% |
| Other income, % of PBT | 40% | 47% | 23% | 727% | 52% | 44% | 26% | 378% | 42% | 94% | 77% | 62% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 29% | 26% | 36% | 26% | 24% | 28% | 21% | 25% | 29% | 26% | 28% |
| Net profit | ₹147 cr | ₹135 cr | ₹289 cr | ₹7.0 cr | ₹123 cr | ₹147 cr | ₹273 cr | ₹18.0 cr | ₹216 cr | ₹73.0 cr | ₹113 cr | ₹119 cr |
| YoY | — | — | — | −83% | −16% | +9% | −6% | +157% | +76% | −50% | −59% | +561% |
| Core profit YoY | — | — | — | — | −31% | +8% | −7% | — | +109% | −94% | −87% | — |
| EPS | ₹4.01 | ₹3.68 | ₹7.88 | ₹0.20 | ₹3.34 | ₹4.01 | ₹7.44 | ₹0.50 | ₹5.89 | ₹1.99 | ₹3.09 | ₹3.24 |
| Flags | 1 | 1 | · | 2 | 2 | 1 | 1 | 1 | ✓ | 2 | 2 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Bharat Dynamics Ltd. reported revenue of ₹545 cr (−11.5% on the year) and net profit of ₹123 cr (−16.3% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −31.0% on the year, against −16.3% for reported profit.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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