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ICICI Securities Report
Bharat Dynamics Ltd. Q1 FY25 Ebitda was below estimates. Key points:
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Q1 FY25 performance took a hit owing to supply chain issues amid the ongoing Russia-Ukraine war and conflicts in Middle-East region.
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Incurred Ebitda losses of Rs 523 million due to unabsorbed fixed cost.
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Net profits shrank to Rs 72 million, bogged down by the Ebitda dip and other income receding.
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Indian Air Force has given clearance to Defence Research and Development Organisationand Bharat Dynamicsto produce 200 Astra air-to-air missiles for its Su-3O and LCA Tejas fighter aircraft.
Management has guided for revenue growth of 30–35% for FY25 and margins in the range of 15–20%. At current market price, we believe that risk-reward appears favorable.
We upgrade Bharat Dynamics to 'Buy' (earlier Add) at an unchanged target price of Rs 1,745 (discounted cash flow -based methodology).
Click on the attachment to read the full report:
Zydus Lifesciences Q1 Results Review – Earnings Led By Multiple One-Offs: ICICI Securities
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