ICICI Securities Ltd | Retail Equity Research Bharat Electronics (BEL) reported stellar Q1FY19 numbers. The company reported revenues of | 2102 crore up 21.9% YoY (our estimate | 1944 crore for the quarter). This was primarily on account of higher execution during the quarter EBITDA margins came in at 14.8% vs. 9.5% YoY. This was due to gross margin expansion of 300 bps YoY. Employee expenses also grew marginally (2.3% YoY) for the quarter. Accordingly, absolute...