Bharat Electronics - Multiple Levers In Place To Fuel Growth; Anand Rathi Re-Initiates Coverage With A Buy

Anand Rathi Report

India is increasingly asserting itself on the global stage, positioning as a dependable and credible provider of defense equipment and sophisticated electronics. Bharat Electronics Ltd. is steadily cementing its position as a leading global player in the field of electronics engineering. Fueled by its extensive proficiency in electronics and software, coupled with an unwavering commitment to innovation, BEL has remained at the forefront of equipping their nation's defense forces with pioneering solutions.

Moreover, company is harnessing this expertise to expand their horizons, branching out into the development of comprehensive solutions spanning various disciplines for both civilian and international markets.

BEL’s products are exported to Algeria, Armenia, Australia, Austria, Bahrain, Bangladesh, Belgium, Botswana, Brazil, Canada, Czech, Egypt, Finland, France, Germany, Ghana, Honduras, Hong Kong, Indonesia, Israel, Italy, Japan, Kenya, Kuwait, Malaysia, Maldives, Mauritius, Namibia, Netherlands, New Zealand, Nigeria, Oman, Philippines, Saudi Arabia, Scotland, Singapore, Slovakia, South Korea, Sri Lanka, Suriname, Sweden, Switzerland, Turkey, UAE, Uganda, UK, Ukraine, USA, Vietnam, Zambia, & Zimbabwe.

We expect BEL to see strong growth going forward due to many factors such as:

1. Moving towards elf reliance in defence,

2. Robust pipeline and focus of exports by Government of India,

3. Strong order inflow to drive the revenue growth,

4. Healthy profitability and return indicators.

We re-initiate a ‘Buy’ coverage with a target price of Rs 250.

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