Management expects revenue growth of 10-15% in FY21E with lumpy execution from IACCS, LRSAM, Akash and Homeland Security projects. Bharat Electronics (BEL) reported a strong quarter where revenue grew by 16% YoY leading to higher profitability. Execution of large value projects such as LRSAM and IACCS, Ventilator (Rs8-9bn) along with smart city & HLS orders led to higher topline. Order inflows declined 78% YoY at Rs16bn as base quarter had high value order of Akash Missile and some deferment of...