Bharat Dynamics Q2 Results Review - Beat In Estimates: Nirmal Bang

Nirmal Bang Report

Bharat Dynamics Ltd. reported an 11% YoY decline in revenue, amounting to Rs 5.4 billion for Q2 FY25. This drop was primarily attributed to delays in payments from foreign partners, driven largely by geopolitical tensions in the Middle East.

Despite a 300 basis points improvement in gross margin, the company faced a significant 26.3% YoY contraction in Ebitda, reflecting higher operational costs. Additionally, adjusted profit after tax decreased by 16.7% YoY, primarily due to an increase in depreciation expenses, which impacted overall profitability.

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