Bharat Dynamics announced its results on Friday after market close.

What Happened: Bharat Dyanamics’ net profit tanked 82% year-on-year to ₹7.21 crore in the June quarter. Its operational revenue crashed 35% YoY to ₹191.6 crore. The June quarter is considered to be a slow one for the defence major.

However, the company’s numbers fell much below analysts expectations. Analysts expected a net profit of ₹71.23 crore and revenue of ₹475.87 crore.

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In the corresponding quarter of the previous year, BDL had a net profit of ₹41.8 crore and revenue of ₹297.7 crore.

Antique Stock Broking had a “buy” call with a target price of ₹1,643 on BDL after the defence ministry released the fifth Positive Indigenisation List (PIL) consisting of 346 items. The brokerage said the company will be one of the beneficiaries of the PIL and help the country’s defence sector and make it ready for the export market.

Price Action: Shares of BDL rose 1.4% to close at ₹1,434.05 on Friday.

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