here s what we think bharat electronics ltd bel a leading indian supplier of defence communications and other electronic products has been languishing mainly because its psu status with increasing importance in modern systems increased allocation recent union budget post kargil expect topline growth around 12 but the bottomline will grow much faster than that currently available at p e 2 9x fy01 0 8x bv on historic fy00 earnings an expected bottom line cagr 29 between 03 feel it is strong buy current levels 18 month perspective return 50 over next years why background technology driven company focus indigenisation r&d are almost 90 commands technological leadership selected fields which through house as well collaboration international companies universities academic institutions virtually no domestic competition core businesses except telecom entry barriers high due to strategic nature
