Bharat Dynamics Limited stock: The lower circuit was set off after the state-owned defense giant Bharat Dynamics Limited (BDL) dropped 10% on Wednesday, bringing the stock down to an intraday low of Rs 1,293.35. .
The fall followed the BJP’s inability to guarantee a majority on its own in the Lok Sabha 2024 elections. As a result, the party might have to rely on alliances to establish the government.
Tuesday, June 4, Bharat Dynamics also saw a 10% decline.
Other defense equities did well in today’s trading session, on the other hand. Hindustan Aeronautics Limited (HAL) had a small rise of 0.64%, Bharat Electronics Limited (BEL) climbed 1.49%; Mazagon Dock gained 4.3&.
As per Business Standard, with headquarters in Hyderabad, Bharat Dynamics Limited (BDL) is among the top defense PSUs in India producing surface-to-air missiles (SAMs), anti-tank guided missiles (ATGMs), undersea weapons launchers, countermeasures distribution system (CMOS), and test equipment.
The company specializes on life extension of stored and used missiles as well as refurbishment. SAMs torpedoes ATGMs are produced just by one company in India. Currently, the Indian Armed Forces only get SAMs and ATGMs from this one source.
Q4FY24 financial performance
From net profit of 152.8 crore in the March quarter of financial year 2024 (Q4XY24), Bharat Dynamics’s profit zoomed 89% on a year-on- year (Y-o-Y) basis to Rs 288.8 crore in the March quarter of financial year 2024 (Q4GY24).
Unlike last year, BDL’s revenue from operations jumped 7% annually to Rs 854.1 crore in Q4HY24 instead of Rs 798.3 crore.
From Rs 183 crore in Q4FY23 to Rs 316.5 crore, earnings before interest, tax, depreciation, and amortisation (Ebitda) grew 72.6% Y-o-Y at the operational front.
While the Ebitda margin in Q4FY24 climbed in at 37.1% from 23% in Q4FY23.
Additionally proposed by the board was a final dividend of Rs 0.85 per share for FY24.
Shares still caught in 10% lower circuit at 2:33 PM. By contrast, at 74,165.64 levels BSE Sensex was trading 2.89% higher.
