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Bharat Electronics Ltd. reported higher than expected FY21 provisional revenues (in-line with guidance) at Rs 135 billion. This highlights:
1. the buoyancy in defence budget seen over CY20
2. the companys’ ability to keep diversifying its revenue stream as indicated by the execution mix and
3. the company’s ability to execute in an accelerated manner 30,000 ICU ventilator.
We believe, the risks to a constrained defence budget have largely reduced over the events of the past year, specially for defence primes like Bharat Electronics.
Management has earlier guided towards higher capex run rate to achieve double digit revenue growth (10-15% YoY capex growth per annum from the likely Rs 5.5 billion in FY21E).
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