BEL Shares Rise To Record High After Q4 Profit Jumps
Net profit rose 30% to Rs 1,797 crore during the quarter ended March 2024.
Shares of Bharat Electronics Ltd. hit a lifetime high on Tuesday after its net profit rose 30% to Rs 1,797 crore during the quarter ended March 2024. The company logged a 32% rise in revenue at Rs 8,564 crore during the quarter, according to an exchange filing.
BEL Q4 FY24 Result: Key Highlights (Consolidated YoY)
Revenue up 32% to Rs 8,564 crore.
Ebitda up 25% to Rs 2,287 crore.
Margin at 26.7% versus 28.3%.
Net profit up 30% to Rs 1,797 crore.
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Shares of Bharat Electronics Ltd. rose 9.35%, the highest level since listing on July 19, 2000, before paring gains to trade 7.34% higher at 10:45 a.m. This compares to a 0.19% decline in the NSE Nifty 50.
The stock gained 152.69% in 12 months and 51.38% year-to-date. Total traded volume so far in the day stood at 8.5 times its 30-day average. The relative strength index was at 82.88, implying the stock was overbought.
Of the 29 analysts tracking the company, 22 maintain a 'buy' rating, four recommend a 'hold' and three suggest a 'sell', according to Bloomberg data. The average 12-month analysts' price target implies a downside of 12.2%.
