BEL logs 23% y-o-y growth in Q1FY24 net profit; stock hits new high

28 Jul 2023 , 10:27 AM

Bharat Electronics Limited announced its results for the quarter ended June 2023. The company has logged robust performance during the quarter.

The state-owned aerospace and defense electronics firm reported a 23% y-o-y increase in net profit for the quarter ending June 20, 2023. Profit after tax for the same period previous year was Rs 431.49 crore.

Following this development, the company’s counter hit a new 52-week high of Rs 131.70 on NSE.

Revenue from operations was reported at Rs 3,446.69 crore in the quarter under review, up from Rs 3,063.58 crore in the previous corresponding quarter. The company’s EBITDA jumped 29% y-o-y to Rs 664.40 crore.

The EBITDA margin increased to 18.9% in the June quarter, up from 16.5% in the previous corresponding year. This was aided by a decrease in the cost of commodities utilized and stock-in-trade usage.

As of July 1, 2023, the company’s order book stood at Rs 65,356 crore.

At around 10.25 AM, Bharat Electronics was trading 1.26% higher at Rs 131.70, against the previous close of Rs 127.25 on NSE.

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