A robust margin performance in the September quarter (Q2FY25) led to a 12 per cent rise in the stock of defence major Bharat Electronics (BEL). While the stock has given up most of those gains in the recent market correction, analysts are positive on the company due to its strong order book, new order inflows, and margin trajectory.
The near-term trigger has been the operating performance in Q2FY25. The company's revenue went up by 14.8 per cent to ₹4,605 crore, in line with the estimates. This was driven by a robust order book of ₹74,595 crore and an inflow of ₹7,400 crore during the first half of FY25. Better execution helped the company offset some of the supply chain issues from Israel.
The margin performance exceeded expectations. The company's gross margins at 53.3 per cent improved 450 basis points year on year (Y-o-Y) and 780 basis points on a sequential basis, largely due to an improved product mix.
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