CMP : 1,254
Target Price : 1,414
Bharat Electronics Ltd. (BEL) reported mixed set of numbers. BEL reported 5.1%
yoy decline in its top-line to Rs1,500cr, which is below our estimate of Rs1,713cr.
Surprise from results has been on EBITDA margin front. Against our expectation
of 16.3%, BEL reported impressive 18.4% margins, mainly led by inventory gains.
In-line with EBITD..