Bharat Electronics (BEL) Ltd’s shares have jumped 5 per cent to Rs 258.20 on the Bombay Stock Exchange (BSE) after the company had reported a profit after tax (PAT) of Rs 431.49 crore in the first quarter (Q1FY23).

On April 19, 2022, the stock traded close to its 52-week high of Rs 259.50. In the morning, nearly 5 per cent is higher compared to a 0.7 per cent rise in the S&P BSE Sensex.

Nearly 10-fold, the trading volumes have jumped with a combined 10.9 million equity shares on both NSE and BSE.

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During Q1FY23, the company achieved a turnover of Rs 3,064 crore compared to a turnover of Rs 1,564 crore rose 96 per cent yearly.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) margin improved by 1265 bps to 16.5 per cent in Q1FY23. Q1FY22 margin was impacted due to high fixed costs as a percentage of sales.

The EBITDA margin was slightly better than our estimate. However, EBITDA and PAT were also better than expectations because of higher-than-expected revenues, as ICICI Securities said.