Bharat Electronics Ltd (BEL) signed contracts worth Rs 4,300 crore to supply integrated electronic warfare systems to the Indian Army and Indian Navy, the defence company said in a press release. on March 24.
Reacting to the order win, the defence company's stock was up 1.3 percent at Rs 92.6 on the BSE.
BEL will supply integrated electronic warfare systems worth Rs 3,000 crore to the army. "These systems will be a real force multiplier and will further enhance the electronic warfare capability of the Indian Army," the aerospace and defence electronics manufacturer stated.
Further, the company also received several orders worth approximately Rs 1,300 crore from the navy to supply indigenously developed fire control, gun fire control, surveillance, tracking, ESM, sonar systems, etc.
“BEL’s management has also been indicating in earnings conference calls about receiving this contract from Army,” highlighted ICICI Direct Research.
At 9:10 am, the stock was trading at at Rs 93.10 on the NSE, up nearly 2 percent from the previous close.
On March 23, BEL had signed two contracts worth of Rs 3,800 crore with
the defence ministry for supplying Medium Power Radar and Digital Radar Warning Receiver (RWR) to the Indian Air Force. These projects are in line with the government's Atmanirbhar Bharat Abhiyaan and Make in India initiative, the company had said.
Also Read: Bharat Electronics: Growth, valuation tailwinds blow in favour of investors
The company’s total order inflow was at approximately Rs 12,000 crore in FY23 till date against the management’s full year guidance of Rs 20,000 crore.
As per the domestic brokerage firm, the current order backlog is estimated at around Rs 54,000 crore which is 3.1 times Trailing Twelve Month revenues, providing strong revenue visibility.
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