BEL continues to maintain healthy cash balance of Rs10bn (vs Rs15bn in Mar'20); reduced largely towards deferred payment of LRSAM project. Bharat Electronics (BEL) reported a strong quarter higher than our and street estimates. Revenues came in at Rs16.9bn led by strong execution in Ventilators, part supply of Long Range Surface to Air Missile System, Spares & Services, Smart City, Intelligence gathering system, Thermal Imaging Cameras and Radars repairs. Gross margins expanded by 100bps led by...