Despite weak Q1FY22 performance, management maintained its revenue growth guidance of 15-17% with EBITDAM of ~22% for FY22. Bharat Electronics (BEL) reported a weak quarter as execution impacted due to 1) second wave of Covid, 2) delay in material clearance from government agency and 3) supply chain disruption. Order inflow came in at ~Rs27bn mainly led by order win for indigenous product with healthy margin. Major...