Buy Bharat Electronics, target price Rs 150: ICICI Securities

economictimes.indiatimes.com:

Bharat Electronics, incorporated in the year 1954, is a Large Cap company (having a market cap of Rs 90093.02 Crore) operating in Defence sector. Bharat Electronics key Products/Revenue Segments include Electronic Components & Equipments, Sale of services, Other Operating Revenue, Scrap and Rent for the year ending 31-Mar-2022.Financials For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 6545.28 Crore, up 55.40 % from last quarter Total Income of Rs 4211.76 Crore and up 2.21 % from last year same quarter Total Income of Rs 6403.75 Crore.

Company has reported net profit after tax of Rs 1366.38 Crore in latest quarter. Investment Rationale The brokerage continues to believe that, with a share in almost all the major upcoming orders over the next few years, BEL is the best play in the defence space. The brokerage maintains BUY with an unchanged target price of Rs 150 (27x FY25E EPS) and continue to recommend the stock as our top pick in the defence sector.Promoter/FII Holdings Promoters held 51.14 per cent stake in the company as of 31-Mar-2023, while FIIs owned 16.42 per cent, DIIs 25.42 per cent.