Order pipeline stands at Rs30-40bn for Q4FY22. Bharat Electronics (BEL) reported strong quarterly performance with revenue growth of 61% YoY. Despite lower gross margin, EBITDA margins expanded 308bps YoY to 22.3% in Q3FY22 mainly due to improved operational efficiency, withdrawal of ventilator warranty provision and reversal of bad debt provision (on account of focus on collections). In Q3 BEL bagged major orders like 1) Avionics package for Tejas aircraft (Rs18.7bn) 2) Weapon...