Buy Bharat Electronics, target price Rs 94: ICICI Direct

ICICI Direct has buy call on Bharat Electronics with a target price of Rs 94. The current market price of Bharat Electronics is Rs 97.6. Time period given by analyst is Intra Day when Bharat Electronics price can reach defined target. ICICI Direct recommended to keep stop loss at Rs 91.1.

Bharat Electronics, incorporated in the year 1954, is a Large Cap company (having a market cap of Rs 66921.03 Crore) operating in Defence sector.

Bharat Electronics Ltd. 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 31-12-2022, the company has reported a Consolidated Total Income of Rs 4211.76 Crore, up 4.37 % from last quarter Total Income of Rs 4035.38 Crore and up 11.97 % from last year same quarter Total Income of Rs 3761.56 Crore. Company has reported net profit after tax of Rs 603.01 Crore in latest quarter.

The company’s top management includes Mr.Dinesh Kumar Batra, Mr.Gokulan Bangakandy, Mr.Shivnath Yadav, Mr.Prafulla Kumar Choudhury, Dr.N Santhoshkumar, Mr.Mansukhbhai S Khachariya, Dr.Binoy Kumar Das, Dr.P V Parthasarathi, Mr.Anurag Bajpai, Mr.Bhanu Prakash Srivastava, Mr.M V Rajasekhar, Mr.Vinay Kumar Katyal, Mrs.Anandi Ramalingam, Mrs.Shyama Singh. Company has Guru & Jana as its auditors. As on 31-12-2022, the company has a total of 731 Crore shares outstanding.

Investment Rationale
Bullish Piercing line candlestick at 80% retracement of previous upmove, signaling positive bias.

Promoter/FII Holdings
Promoters held 51.14 per cent stake in the company as of 31-Dec-2022, while FIIs owned 17.34 per cent, DIIs 24.96 per cent.