Shares of Bharat Electronics (BEL) climbed more than 3% in early trade on Thursday after the company posted strong quarterly results.
What Happened? The state-owned aerospace and defence electronics manufacturer posted a 23% year-on-year surge in net profit, which reached ₹530.84 crore for the quarter ended June, as compared to the ₹431.49 crore it earned last year.
Revenue from operations in the quarter stood at ₹3,446.69 crore versus last year’s ₹3,063.58 crore. The company’s net profit surpassed most street estimates.
The company’s EBITDA saw a substantial 29% rise, reaching ₹664.4 crore. This contributed to an EBITDA margin expansion to 18.9% in the June quarter, up from 16.5% a year ago. The positive development was supported by a decline in the cost of materials consumed and stock-in-trade consumption.
As of July 1, the company’s order book stood at ₹65,356 crore, indicating a strong demand for its aerospace and defence electronics products.
Price Action: Bharat Electronics shares were up 3.26% at ₹131.40 at market open on Thursday.
Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.