Bharat Electronics’ (BEL) reported a strong Q2FY24 performance despite logistics related disruptions at the month-end. Key points: 1) EBITDA rose 22% YoY at INR10.1bn. 2) EBITDA margin rose 338bps YoY at 25.3%. 3) Deliveries during the quarter were impacted by a two-day strike of transporters in Bangalore in end-Sep’23. 4) Orderbook stood at a healthy INR687bn (3.87x ttm revenue) and implied H1FY24 order inflow was at INR154bn.