Bharat Dynamics’ (BDL) Q2FY24 performance was resilient led by pick-up in execution. Key points: 1) In our view, profitability was aided by execution of ATGMs – most of which have high indigenous content; 2) revenue growth was partially aided by making up of some shortfall in FY23; and 3) other income was aided by customer advances received post ordering of Akash 3rd and 4th regiment.