Shares of Bharat Electronics have staged a sharp rebound from the day's low after the company told investors that it is looking at an export turnover target of nearly $110 million. The outlook and commentary have sent the shares nearly seven percent higher from the day's low.
BEL said it is targeting double-digit revenue growth of 15% in FY25 and an EBITDA margin of 23-25%.
In a call on May 22, the PSU said it is expecting large-size ticker orders worth Rs 15,000 crore going forward. For FY25, it projects order acquisitions worth Rs 25,000 crore. State-run BEL manufactures and supplies electronic equipment and systems to the defense sector.
BEL also said it is expecting another export order worth over $200 million, without specifying further details.
On May 20, the company reported fourth-quarter results that saw a jump of 30 percent in its bottom line while revenue from operations increased 32 percent YoY.
For the year, shares of BEL have risen 52 percent with a sharp move in May, taking it to new highs.
The share of indigenization in the Indian defense sector has been continuously moving up and brokerage Motilal Oswal expects BEL's revenue market share to remain high at around 12-13 percent. "The company is continuously taking initiatives to increase the share of exports and non-defense revenue, which will reduce its dependence on only domestic defense," the brokerage said in a report.
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