Bharat Electronics (BEL) has reported a healthy Q1FY24 performance. Key points: 1) Strong execution as revenue grew 12% YoY on a high base of Q1FY23; 2) EBITDA margin came in at 19%, up 240bps YoY; 3) orderbook as of Jun’23 end stood at record INR 653.6bn, implying book to bill of comfortable 3.7x; and 4) order inflow of INR 81.1bn in Q1FY24 with good visibility for meeting the guidance of INR 200bn of inflow in FY24.