Bharat Electronics Q4 – Impressive Order Inflows, Execution To Pick Up In FY23E: ICICI Securities

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Bharat Electronics Ltd. achieved ~ 9% YoY revenue growth in FY22 (as against Q3 FY22 guidance of 10-12%) and marginally higher than provisional topline reported earlier.

Higher operating income helped gross margin expansion QoQ and YoY.

Significantly higher employee costs (up 20% YoY) and other expenses (up 28% YoY) moderated Ebitda margin performance for Q4 FY22.

Ebitda margins declined 370 bps YoY and were marginally lower than expectation. Standalone gross margins (core – excluding other operating income) declined by 260 bps YoY in FY22, yet Ebitda margins compressed only by 100 bps only due to 11% reduction in other expenses.

Bharat Electronics’ order inflow for Q4 FY22/FY22 surprised further with FY22 order inflow crossing Rs 190 billion (Rs 180 billion expected; Rs 72 billion inflow in Q4 FY22).

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