Bharat Electronics

Strong operating performance

Jun 23, 2021 08:06 IST capital market

Bharat Electronics consolidated net sales have increased 18.92% to Rs 6917.47 crore in Q4FY21 compared to Q1FY20. Operating profit margin has jumped from 25.68% to 28.64%, leading to 32.59% rise in operating profit to Rs 1,980.90 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 49.88% to 46.10%. Purchase of finished goods cost rose from 0.46% to 10.92%. Employee cost decreased from 11.47% to 7.26%. Other expenses fell from 8.68% to 5.83%.  

Other income rose 100.80% to Rs 57.51 crore. Provision for interest rose 190.16% to Rs 5.6 crore. Provision for depreciation fell 3.72% to Rs 96.84 crore.  

Profit before tax grew 36.33% to Rs 1,935.97 crore. Share of profit/loss was 54.29% higher at Rs 12.42 crore. Provision for tax was expense of Rs 580.24 crore, compared to Rs 381.17 crore. Effective tax rate was 29.78% compared to 26.69%. Minority interest decreased 75% to Rs 0.06 crore. Net profit attributable to owners of the company increased 30.70% to Rs 1,368.09 crore.

Full year results analysis 

Net sales (including other operating income) of Bharat Electronics has increased 8.80% to Rs 14108.69 crore. Operating profit margin has jumped from 21.24% to 22.76%, leading to 16.56% rise in operating profit to Rs 3,210.51 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 46.37% to 47.20%. Purchase of finished goods cost rose from 7.48% to 8.66%. Employee cost decreased from 16.31% to 13.74%. Other expenses fell from 8.19% to 7.84%.  

Other income rose 25.71% to Rs 124.96 crore. Provision for interest rose 76.94% to Rs 6.37 crore. Loan funds remained nil. Inventories rose to Rs 4,967.98 crore as of 31 March 2021 from Rs 3,958.30 crore as of 31 March 2020. Investments rose to Rs 189.89 crore as of 31 March 2021 from Rs 162.09 crore as of 31 March 2020 .  

Provision for depreciation rose 4.16% to Rs 387.32 crore. Fixed assets increased to Rs 2,883.05 crore as of 31 March 2021 from Rs 2,814.57 crore as of 31 March 2020. Intangible assets declined from Rs 726.00 crore to Rs 651.77 crore.  

Profit before tax grew 18.70% to Rs 2,941.78 crore. Share of profit/loss was 5.20% lower at Rs 30.42 crore. Provision for tax was expense of Rs 872.44 crore, compared to Rs 685.77 crore. Effective tax rate was 29.35% compared to 27.32%.

 Minority interest decreased 5.75% to Rs 0.82 crore. Net profit attributable to owners of the company increased 15.08% to Rs 2,098.94 crore.  

Promoters stake was 51.14% as of 31 March 2021 compared to 51.14% as of 31 March 2020 .  

Cash flow from operating activities increased to Rs 5,093.22 crore for year ended March 2021 from Rs 2,570.41 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 469.25 crore, compared to Rs 746.58 crore during the year ended March 2020.  

The scrip closed at Rs 168.35

Bharat Electronics : Consolidated Results

 

Quarter ended Year ended
Particulars 202103 202003 Var.(%) 202103 202003 Var.(%)
Net Sales 6,917.47 5,816.77 19 14,108.69 12,967.67 9
OPM (%) 28.64 25.68 22.76 21.24
OP 1,980.90 1,493.96 33 3,210.51 2,754.46 17
Other Inc. 57.51 28.64 101 124.96 99.4 26
PBIDT 2,038.41 1,522.60 34 3,335.47 2,853.86 17
Interest 5.6 1.93 190 6.37 3.6 77
PBDT 2,032.81 1,520.67 34 3,329.10 2,850.26 17
Depreciation 96.84 100.58 -4 387.32 371.86 4
PBT 1,935.97 1,420.09 36 2,941.78 2,478.40 19
Share of Profit/(Loss) from Associates 12.42 8.05 54 30.42 32.09 -5
PBT before EO 1948.39 1428.14 36 2972.2 2510.49 18
EO Income 0 0 - 0 0 -
PBT after EO 1948.39 1428.14 36 2972.2 2510.49 18
Taxation 580.24 381.17 52 872.44 685.77 27
PAT 1368.15 1046.97 31 2099.76 1824.72 15
Minority Interest (MI) 0.06 0.24 -75 0.82 0.87 -6
Net profit 1368.09 1046.73 31 2098.94 1823.85 15
EPS (Rs)* # # 8.6 7.5
Notes
* EPS is on current equity of Rs 243.66 crore, Face value of Rs 1, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
Figures in Rs crore
Source: Capitaline Corporate Database

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