{"id":158234,"date":"2024-01-31T10:51:48","date_gmt":"2024-01-31T15:51:48","guid":{"rendered":"https:\/\/44.250.171.167\/?p=158234"},"modified":"2024-01-31T10:51:49","modified_gmt":"2024-01-31T15:51:49","slug":"bharat-electronics-ltd-q3-fy24-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/bharat-electronics-ltd-q3-fy24-earnings-conference-call-insights\/","title":{"rendered":"Bharat Electronics Ltd Q3 FY24 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from Bharat Electronics Ltd (BEL) Q3 FY24 Earnings Concall<\/strong><\/p>\n<ul>\n<li><strong>Financial Performance<\/strong>\n<ul>\n<li>Revenue increased 4.35% YoY to INR11,485 crores in Q3FY24.<\/li>\n<li>PBT increased to INR2,949 crores, up from INR2,915 crores in Q3FY23.<\/li>\n<li>PAT also increased compared to previous year.<\/li>\n<li>EBITDA increased compared to previous year.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Order Book Update<\/strong>\n<ul>\n<li>Order inflow guidance for FY24 was INR20,000 crores.<\/li>\n<li>Already received orders worth INR26,761 crores till Dec 2022.<\/li>\n<li>More orders expected going forward.<\/li>\n<li>Order book of INR76,400 crore as of Q3, 2x book-to-bill ratio.<\/li>\n<li>Growth drivers: Shakti EW system, BMP upgrade, QRSAM orders.<\/li>\n<li>Expect INR50,000 crore orders over next 2 years.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Margin and Growth Outlook<\/strong>\n<ul>\n<li>Higher revenue scale driving margin expansion.<\/li>\n<li>Leverage on fixed costs and operating efficiencies.<\/li>\n<li>25% growth unrealistic given large revenue base.<\/li>\n<li>15% growth more realistic guidance.<\/li>\n<li>Growth to catch up next year if Q4 impacted.<\/li>\n<li>9M FY24 gross margin at 45%, full year guidance at 42%.<\/li>\n<li>9M FY24 EBITDA margin at ~23%, full year guidance retained at 23%.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Israel Exposure<\/strong>\n<ul>\n<li>LRSAM order book exposure around INR6,500 crore.<\/li>\n<li>Other Israel linked projects around INR2,000 crore.<\/li>\n<li>Total near-term exposure around INR4,000-5,000 crore.<\/li>\n<li>Working with partners to mitigate delays.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Capex Plans<\/strong>\n<ul>\n<li>INR 700-800 crore per year guidance.<\/li>\n<li>To support execution of large order book.<\/li>\n<li>Capex intensity around 5% of revenues.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Growth Opportunities<\/strong>\n<ul>\n<li>Avionics scope in HAL&#8217;s SU-30, LCA upgrades.<\/li>\n<li>Premature to quantify exact contract value.<\/li>\n<li>Participate in big ticket programs on avionics.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Cost Structure Trends<\/strong>\n<ul>\n<li>Other expenses increased with volume growth.<\/li>\n<li>Fixed cost leverage at higher scales.<\/li>\n<li>Employee costs increased due to increments.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Non-defense Growth Plans<\/strong>\n<ul>\n<li>Currently 20% of revenues from non-defense.<\/li>\n<li>Focus areas: Metro, aviation, cybersecurity, IT infrastructure.<\/li>\n<li>Targeting higher growth in non-defense revenues.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Exports Outlook<\/strong>\n<ul>\n<li>Exports at INR 400 crores in 9M FY24.<\/li>\n<li>Continuously exploring opportunities.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Civil Business Outlook<\/strong>\n<ul>\n<li>Currently contributes 20% of revenues.<\/li>\n<li>Orders are small ticket size and competitive.<\/li>\n<li>Hard to quantify order pipeline.<\/li>\n<li>Targeting 15-20% share of civil business.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Drone Business Focus<\/strong>\n<ul>\n<li>Focus on payloads and anti-drone systems.<\/li>\n<li>Tie-ups for drone manufacturing.<\/li>\n<li>Payloads &amp; counter-drone significant opportunity.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Indigenization Boost<\/strong>\n<ul>\n<li>Positive lists include BEL product domains.<\/li>\n<li>Direct correlation difficult to establish.<\/li>\n<li>Expect tailwinds from indigenization push.<\/li>\n<li>Export orders also an opportunity.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Working Capital Trends<\/strong>\n<ul>\n<li>Current ratio maintained at 1.5x.<\/li>\n<li>Trade receivables at INR7,700 crore.<\/li>\n<li>Cash balance of INR8,000 crore.<\/li>\n<li>Healthy liquidity position.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Bharat Electronics Ltd (BEL) Q3 FY24 Earnings Concall Financial Performance Revenue increased 4.35% YoY to INR11,485 crores in Q3FY24. PBT increased to INR2,949 crores, up from INR2,915 crores in Q3FY23. PAT also increased compared to previous year. EBITDA increased compared to previous year. Order Book Update Order inflow guidance for FY24 was [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":154818,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,5753],"tags":[9022,10169,2382],"class_list":["post-158234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-industrials","tag-aerospace-defense","tag-earnings","tag-electronics"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":160516,"url":"https:\/\/alphastreet.com\/india\/cyient-ltd-q4-fy24-earnings-conference-call-insights\/","url_meta":{"origin":158234,"position":0},"title":"Cyient Ltd Q4 FY24 Earnings Conference Call Insights","author":"Praveen","date":"April 25, 2024","format":false,"excerpt":"Key highlights from Cyient Ltd (CYIENT) Q4 FY24 Earnings Concall Industry Trends China Plus One strategy driving new opportunities in regions like India. 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