Bharat Electronics Ltd's Q3FY19 standalone net profit rises 67.62% yoy to Rs507.63cr : Beats Estimates

The company’s standalone revenue stood at Rs2,716.49cr, up 8.41% yoy but down 19.66% qoq.

Jan 30, 2019 08:01 IST India Infoline Research Team

Bharat Electronics Ltd Q3FY19

Standalone Results Q3FY19: (Rs. in cr)

Q3FY19 YoY (%)
Revenue 2,716.49 8.4
EBITDA 768.12 72.6
EBITDA Margin (%) 28.3 1,051
Net Profit (adjusted) 507.63 67.6
***EBITDA margin change is bps
Bharat Electronics' (BEL) standalone Q3FY19 numbers beat the consensus estimates by a substantial margin. Total revenue from operations grew by 8.4% yoy to Rs2,716cr vs. Rs2,506cr in Q3FY18, meeting the consensus estimates. EBITDA during the quarter surged 72.6% yoy to Rs768cr as compared to Rs445cr for the same quarter last year, racing 42% ahead of the consensus estimates. EBITDA margin swelled 1051bps to 28.3%, mainly owing to lower direct costs (down 11.4%) for the quarter under consideration. Net profit after taxes jumped 67.6% yoy to Rs508cr in Q3FY19 vs. Rs303cr in Q3FY18, beating the consensus estimates by significant margin of 35%.  
  • Gross profit grew 34.1% yoy to Rs1,461cr in Q3FY19 vs. Rs1,090cr in Q3FY18. Gross margins expanded by 1030bps yoy to 53.8% against the corresponding quarter last year.
  • Other income for the quarter under review dropped 64.2% yoy to Rs18cr (Rs49cr in Q3FY18).
  • Tax expenses increased by 50.1% yoy to Rs198cr for the quarter ending December 31, 2018.
  • As on January 01,2019, BEL’s order book stood at Rs48,402cr.

Technical View:

Bharat Electronics Ltd is currently trading at Rs. 84, up by 2.15 points or 2.63% from its previous closing of Rs. 81.85 on the BSE.
The scrip opened at Rs. 82 and has touched a high and low of Rs. 84.60 and Rs. 82 respectively. So far 81,79,819 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.

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