Bharat Dynamics, a key player in the field of ammunitions and missile systems, witnessed a slight downturn in trading as its shares fell by nearly 1 percent at the open on the National Stock Exchange (NSE) on April 2. This decline followed the company’s announcement of a 5.6 percent decrease in its turnover for the financial year ended March 2024. At 9:20 am, the stock was trading at Rs 1,760.1.
In an exchange filing made after market hours on April 1, Bharat Dynamics disclosed that its turnover for FY24 stood at Rs 2,350 crore, representing a decline from Rs 2,489.4 crore reported in the previous fiscal year. The company attributed this decrease to the ongoing geopolitical situation in Europe and the Middle East, which has disrupted its supply chain operations. Despite this setback, Bharat Dynamics reported a robust order book of Rs 19,468 crore for FY24.
In the third quarter of FY24, Bharat Dynamics had reported encouraging financial results, with a consolidated net profit of Rs 135 crore, marking a substantial 61 percent year-on-year (YoY) increase from Rs 84 crore recorded in the corresponding period of the previous fiscal year. Consolidated revenue from operations also witnessed a notable 30 percent YoY growth, reaching Rs 602 crore. Additionally, the company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the reporting period increased by 32 percent to Rs 119 crore, compared to Rs 90 crore in the previous fiscal year.
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