Bharat Electronics surges 12%,stock hits 52-week high
Published On: Wednesday, June 23, 2021 | By: Team KnowMyStock
Shares of Bharat Electronics (BEL) gains 12 percent of Rs 170 on the BSE in intra-day trade on Wednesday and hit over a three-year high after the company reported a strong set of numbers for the quarter ended March 2021. The state-owned aerospace and defense electronics company reported a net profit of Rs 1352.38 crore in the quarter ended March 2021, up 30.73 percent year-on-year (YoY) compared to Q4 FY20 of Rs 1034.52cr. The company has achieved a turnover of Rs6757.05cr for the quarter ended 31st March 2021, as against Rs5725.49cr for the corresponding quarter of the previous year up 18 percent. In Q4FY21, BEL reported a 30.7 percent year-on-year (YoY) jump in profit after tax (PAT) at Rs 1,352 crore on the back of healthy revenue growth and operational performance. Besides, the company has recommended a final dividend of Rs 1.20 per equity share 120 percent of Rs 1 each for the financial year 2020-21.
The company said it has a healthy order book position of Rs 53,434 crore as of April 1, 2021.
“BEL reported a strong all-round performance in Q4FY21 despite a challenging environment. Robust order inflows at Rs 15,280 crore, up 15.8 per cent on YoY and order book at Rs 53,434 crore for the year provide good revenue visibility over the medium to long term. Also, strong balance sheet provides confidence about the continued accelerated business trajectory for the company,” ICICI Securities said in a note.
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