BEML Q4 Results Review - Strong Margin Expansion; Revenue Disappoints: Prabhudas Lilladher

"NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Prabhudas Lilladher Report.We revise our FY25E earnings per share estimate of BEML Ltd. by -2.6% factoring in execution of a lower than expected order book and downgrade the rating to ‘Accumulate’ from Buy with a revised target price of Rs 4,004 (Rs 3,345 earlier) given the sharp run up in stock price. BEML reported mixed quarterly performance with a big miss on revenue (+9.1% YoY to Rs 15.1 billion) and Ebitda margin expansion of 381 bps YoY. Although FY24 order inflows were softer than expectations, the company has a significant opportunity pipeline in rail and metro worth ~Rs 580 billion in FY25 (rail ~Rs 440 billion and metro ~Rs 140 billion) and ~Rs 320 billion in FY26 which can boost the order book. Prospects include metro cars in Mumbai, Chennai, Patna, among others, as well as Vande Bharat rolling stock. It also has a defence order pipeline of ~Rs 400 billion over the next four-five years across HMVs, ARVS, combat engineering equipment, tank engines, etc. including ~Rs 60 billion in FY25 and Rs 60-90 billion in FY26. BEML has also tied up with Bharat Electronics to indigenously develop Train Control Management Systems for Grade of Automation 4 (driverless) metro cars. The company plans to incur capex worth 8-9% of FY24 sales (~Rs 3-3.5 billion) in FY25 to enhance manufacturing capabilities in defence, engines, and rolling stock..Click on the attachment to read the full report:.Bharti Airtel Q4 Results Review - Soft Growth But Gaining Subscriber Share: Motilal Oswal.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

BEML Q4 Results Review - Strong Margin Expansion; Revenue Disappoints: Prabhudas Lilladher

FY24 Ebitda margin increased by 156bps YoY owing to better revenue mix

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BEML Q4 Results Review - Strong Margin Expansion; Revenue Disappoints: Prabhudas Lilladher

FY24 Ebitda margin increased by 156bps YoY owing to better revenue mix

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