BEL share price hits NEW RECORD HIGH, stock jumps over 12% on the back of strong Q4 results
On the back of strong fourth quarter results, Bharat Electronics (BEL) shares jumped over 12 per cent to hit over three-year high of Rs 169.65 per share on the BSE intraday trade on Wednesday. The stock of the state-owned defence company was trading at its highest level since February 2018.
The company reported over 30 per cent year on year (YoY) jump in profit at Rs 1,352 crore on the back of healthy revenue growth and operational performance. While its revenue grew 19 per cent YoY at Rs 6,908 crore, on the back of normalising supply chain and execution business operations.
The absolute EBITDA for the quarter came in at Rs 1,971 crore, grew 32.9 per cent YoY. While margin came in better than estimated at 28.5 per cent, improving around 300 basis points (bps) YoY.
Besides, the company has also recommended a final dividend of Rs 1.20 per equity share (120 per cent) of Rs 1 each for the financial year 2020-21.
The counter’s trading volumes has seen an over four-fold jump with a combined 57.18 million equity shares changing hands on the NSE and BSE. There were pending buy orders for 1.99 million shares on both the exchanges at around 12:34 pm as against BSE Sensex down 0.18 per cent at 52,496.
The company in its filing to exchanges had said it has a healthy order book position of Rs 53,434 crore as on April 1, 2021.
BEL is a state-owned aerospace and defense company with about nine factories, and several regional offices in India. It primarily manufactures advanced electronic products for the Indian Armed Forces. The Government of India held 51.14 per cent stake in BEL as on 31 March 2021.