BEL · Capital Goods
Bharat Electronics Ltd. reported revenue of ₹4,009 cr for July to September 2023, — on the year and +13.5% on the quarter.
Operating profit (EBITDA) was ₹1,014 cr, a margin of 25.3%, — on the year and +624 bps on the quarter.
Net profit was ₹790 cr, — on the year and +46.6% on the quarter, with earnings per share of ₹1.08.
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.
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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, 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).
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 | ₹4,009 cr | ₹4,162 cr | ₹8,564 cr | ₹4,244 cr | ₹4,605 cr | ₹5,771 cr | ₹9,150 cr | ₹4,440 cr | ₹5,792 cr | ₹7,154 cr | ₹10,224 cr | ₹5,547 cr |
| YoY | — | — | — | +20% | +15% | +39% | +7% | +5% | +26% | +24% | +12% | +25% |
| EBITDA margin | 25.3% | 25.8% | 26.7% | 22.3% | 30.4% | 28.9% | 30.8% | 27.9% | 29.4% | 29.7% | 29.2% | 25.0% |
| Other income, % of PBT | 13% | 15% | 9% | 20% | 11% | 11% | 7% | 13% | 9% | 7% | 4% | 12% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 25% | 25% | 25% | 25% | 26% | 25% | 26% | 26% | 24% | 25% |
| Net profit | ₹790 cr | ₹860 cr | ₹1,797 cr | ₹791 cr | ₹1,093 cr | ₹1,312 cr | ₹2,127 cr | ₹969 cr | ₹1,287 cr | ₹1,580 cr | ₹2,226 cr | ₹1,055 cr |
| YoY | — | — | — | +47% | +38% | +53% | +18% | +23% | +18% | +20% | +5% | +9% |
| Core profit YoY | — | — | — | +49% | +42% | +61% | +23% | +33% | +22% | +28% | +5% | +10% |
| EPS | ₹1.08 | ₹1.18 | ₹2.46 | ₹1.08 | ₹1.49 | ₹1.79 | ₹2.91 | ₹1.33 | ₹1.76 | ₹2.16 | ₹3.04 | ₹1.44 |
| Flags | · | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
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 Electronics Ltd. reported revenue of ₹4,009 cr (— on the year) and net profit of ₹790 cr (— on the year) for July to September 2023.
None of the 2 checks that could run raised a question.
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