BEL / Q1-FY25 / claim-ledger

Audit the questions that mattered.

Bharat Electronics · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ1-FY25 · 2024-08-14Back to quarter ↗

Questions audited

Answered directly

92%

Numeric claims

Consistency

contradicted

Question ledger

What was answered, and how?

Amit Dixit · ICICI Securities

direct

Revenue guidance for full year given strong Q1 growth.

We would like to maintain the guidance we have given already in our previous con call, which will be 15%. So, revenue growth will be around 15% compared to last year.

Amit Dixit · ICICI Securities

direct

Order inflow guidance and key contracts executed this quarter.

So this guidance for this year, what we have promised, INR 25,000 crore, we will definitely retain that... And in that, the major order which we have received in last quarter are BMP-2 Upgrade, the TR module for Thales, and MPR radar for ITR Chandipur... So around INR 4,800 crore plus orders we have received in last quarter.

Umesh Raut · Nomura India

declined

Size of opportunity from Advanced Land Navigation System (ALNS) Mark II.

That I can't tell you at this moment of time till MOD gives us the real value, because it depends on the quantity and other configuration-related details.

Umesh Raut · Nomura India

direct

Status and timeline for Quick Reaction Surface-to-Air Missile (QRSAM) order.

All the trials and everything has been completed successfully... I hope, by beginning of next year, in April to June sometime, we may get this order.

Umesh Raut · Nomura India

direct

Sustainability of gross margins above 45%.

Current quarter, the gross margin of around 41%-42% only, not 45%... Gross margin, we have told 40%-42% will be the range, and EBITDA margin of 23%-25% guidance, what we have given, we maintain that guidance.

Umesh Raut · Nomura India

direct

Reason for 30% YoY growth in other expenses and quantification of provisions.

Provision for LD was in, LD and doubtful debts was more by INR 78 crore during the current quarter, as compared to the last quarter.

Nitin Arora · Axis Mutual Fund

direct

Expected major orders over next one to two years and any delays.

So what we are going to get in this year, some major order, one is the ADFCR Atulya... Then, EW suite for Mi-17 V5... These orders are of the order of INR 1,000 crore-INR 2,500 crore each order.

Harshit Patel · Equirus Securities

direct

BEL's work share in Sukhoi 30 upgrade program.

We are expecting in the Su-30 upgrade, around INR 4,000-INR 5,000 crore worth of different type of equipments, definitely we will have order.

Mohit Pandey · Macquarie Capital

direct

Potential size of QRSAM order expected next year.

We are expecting more than INR 25,000 crore order for QRSAM, but the value may change based on the final configuration...

Mohit Pandey · Macquarie Capital

direct

Proportion of services in business mix.

During the first quarter, the services were around 11%, and goods were around 89%.

Dipen Vakil · Phillip Capital

direct

Defense vs non-defense revenue split and CapEx plan for FY25.

This defense is 84% during the current quarter, non-defense is 14%, and exports is 2%.

Gagan Thareja · ASK Investment Managers

direct

Sustainable gross and EBITDA margins.

We had already guided for a gross margin of around 40%-42% for the current year, and an EBITDA margin of 23%-25%. So we maintain this guidance even now.