The Bharat Electronics Limited counter saw some hectic buying on Tuesday afternoon after the company reported a sharp jump in first quarter net profit, compared to year-ago quarter.
The stock, which was moving in a narrow range after a slightly positive start, vaulted to Rs 119.65 within minutes of announcement of results, and eventually ended the session at Rs 115.95 (on BSE), netting a gain of 7.8%. On the National Stock Exchange, the stock ended up 9.4% at Rs 117.90, after scaling a high of Rs 119.65.
On NSE, the BEL counter clocked a volume of over 25.7 million shares today. On BSE, the counter clocked a volume of over 2.58 million shares in the session, more than 4 times the average daily volume of about 6.32 lakh shares.
Bhrat Electronics reported a 23% jump in first quarter net turnover, at Rs 2077.84 crore. The Navratna Defence PSU had recorded a net turnover of Rs 1694.55 crore in the corresponding quarter last year.
Profit before tax in the first quarter of current financial year was Rs 250.21 crore, up 40% over Rs 179.21 crore in the year-ago quarter. Net profit for the first quarter was up 43% at Rs 179.73 crore, compared to net profit of Rs 125.32 crore a year ago.
Eearnings before interest, tax, depreciation and amortisation surged 87.5% year-on-year to Rs 310.5 crore and EBITDA margin expanded 520 basis points to 14.8% for the quarter ended June 2018.
The value of Bharat Electronics Limited's order book stood at Rs 41,645 crore as on 1 July 2018. During the first quarter, the company bagged orders worth Rs 3583 crore.
Among the major orders received during the first quarter were, the AMC for Rohini Radar, the contract for setting up a Weapon Repair Facility at Naval Shipyard, contract for upgradation of Shikari/Lynx Fire control Systems, orders for Light Combat Aircraft avionic packages and electronic fuze work.
As on 1 July 2018, export order book was valued at US$92.3 million and export turnover during the first quarter was US$4.07 million, the company said in its filing to the stock exchanges.