BEL Financial Statements

Bharat Electronics Key Financial Ratios

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Y/e 31 Mar Mar-2022 Mar-2021 Mar-2020 Mar-2018
Growth matrix (%)        
Revenue growth 8.93 -- -- 20.20
Op profit growth 4.06 -- -- 13.90
EBIT growth 7.57 -- -- (1.80)
Net profit growth 14.30 -- -- (6)
Profitability ratios (%)        
OPM 21.70 22.80 -- 19.60
EBIT margin 20.60 20.90 -- 18.80
Net profit margin 15.60 14.90 -- 13.80
RoCE 26.50 27.10 -- 24.10
RoNW 5.14 4.97 -- 4.54
RoA 5.02 4.82 -- 4.40
Per share ratios ()        
EPS 9.66 8.49 7.36 5.78
Dividend per share 4.50 4 2.80 2
Cash EPS 8.20 7.02 -- 4.76
Book value per share 50.40 45.40 41.30 32.90
Valuation ratios        
P/E 7.28 4.91 3.37 8.19
P/CEPS 8.57 5.94 -- 9.95
P/B 1.39 0.92 0.60 1.44
EV/EBIDTA 12.30 7.62 -- 15.20
Payout (%)        
Dividend payout -- -- -- 34
Tax payout (26) (30) -- (28)
Liquidity ratios        
Debtor days 150 172 -- 165
Inventory days 125 116 -- 166
Creditor days (101) (96) -- (58)
Leverage ratios        
Interest coverage (628) (463) -- (895)
Net debt / equity (0.60) (0.50) (0.20) (0.10)
Net debt / op. profit (2.20) (1.60) -- (0.40)
Cost breakup ()        
Material costs (58) (55) -- (53)
Employee costs (14) (14) -- (17)
Other costs (6.70) (8.20) -- (11)
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Y/e 31 Mar( In .Cr) Mar-2022 Mar-2021 Mar-2020 Mar-2018
Revenue 15,368 14,109 -- 10,401
yoy growth (%) 8.93 -- -- 20.20
Raw materials (8,867) (7,787) -- (5,478)
As % of sales 57.70 55.20 -- 52.70
Employee costs (2,128) (1,956) -- (1,788)
As % of sales 13.80 13.90 -- 17.20
Other costs (1,033) (1,156) -- (1,100)
As % of sales 6.72 8.19 -- 10.60
Operating profit 3,341 3,211 -- 2,035
OPM 21.70 22.80 -- 19.60
Depreciation (401) (387) -- (272)
Interest expense (5.10) (6.40) -- (2.20)
Other income 232 125 -- 196
Profit before tax 3,166 2,942 -- 1,957
Taxes (812) (872) -- (550)
Tax rate (26) (30) -- (28)
Minorities and other 44.40 29.60 -- 24.50
Adj. profit 2,399 2,099 -- 1,432
Exceptional items -- -- -- --
Net profit 2,399 2,099 -- 1,432
yoy growth (%) 14.30 -- -- (6)
NPM 15.60 14.90 -- 13.80
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Y/e 31 Mar ( In .Cr) Mar-2022 Mar-2021 Mar-2020 Mar-2018
Profit before tax 3,166 2,942 -- 1,957
Depreciation (401) (387) -- (272)
Tax paid (812) (872) -- (550)
Working capital 3,268 1,897 287 (1,737)
Other operating items -- -- -- --
Operating cashflow 5,221 3,579 -- (602)
Capital expenditure 2,943 2,411 1,907 146
Free cash flow 8,164 5,990 -- (455)
Equity raised 14,877 14,703 -- 14,132
Investments 1,572 1,306 1,110 937
Debt financing/disposal 52.20 2.41 8.19 79.90
Dividends paid -- -- 341 487
Other items -- -- -- --
Net in cash 24,666 22,001 -- 15,181
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Y/e 31 Mar ( In .Cr) Mar-2022 Mar-2021 Mar-2020 Mar-2019
Equity capital 244 244 244 244
Preference capital -- -- -- --
Reserves 12,042 10,816 9,828 8,968
Net worth 12,286 11,060 10,072 9,212
Minority interest
Debt 52.70 2.52 8.33 33.60
Deferred tax liabilities (net) 223 238 358 343
Total liabilities 12,578 11,315 10,452 9,601
Fixed assets 3,681 3,535 3,541 3,147
Intangible assets
Investments 1,572 1,306 1,110 964
Deferred tax asset (net) 842 701 856 815
Net working capital (1,082) 699 3,284 3,704
Inventories 5,595 4,970 3,961 4,443
Inventory Days 133 129 -- --
Sundry debtors 6,108 6,562 6,724 5,374
Debtor days 145 170 -- --
Other current assets 8,773 7,582 6,856 5,449
Sundry creditors (3,369) (3,299) (2,450) (1,434)
Creditor days 80 85.30 -- --
Other current liabilities (18,188) (15,116) (11,806) (10,128)
Cash 7,564 5,074 1,661 972
Total assets 12,578 11,315 10,452 9,601
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Particulars ( Rupees In Crores.) Sep-2022 Jun-2022 Mar-2022 Dec-2021 Sep-2021
Gross Sales 3,907 3,087 6,212 3,661 3,637
Excise Duty -- -- -- -- --
Net Sales 3,907 3,087 6,212 3,661 3,637
Other Operating Income 54.20 53.30 128 40.80 41.50
Other Income 73.80 82.20 63.90 59.90 62.40
Total Income 4,035 3,223 6,404 3,762 3,740
Total Expenditure ** 3,093 2,618 4,762 2,872 2,814
PBIDT 942 605 1,641 889 926
Interest 1.75 1.02 4.25 0.18 0.49
PBDT 940 604 1,637 889 926
Depreciation 109 99.30 106 98.20 99.40
Minority Interest Before NP -- -- -- -- --
Tax 216 148 385 206 216
Deferred Tax -- -- -- -- --
Reported Profit After Tax 615 356 1,147 585 610
Minority Interest After NP 0.66 0.68 0.89 0.25 0.15
Net Profit after Minority Interest 624 366 1,154 596 624
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 624 366 1,154 596 624
EPS (Unit Curr.) 0.86 1.50 4.74 2.45 2.56
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- 150 150 --
Equity 731 244 244 244 244
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 24.10 19.60 26.40 24.30 25.50
PBDTM(%) 24.10 19.50 26.40 24.30 25.50
PATM(%) 15.70 11.50 18.50 16 16.80
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