Shares of Bharat Electronics (BEL) traded up 1 percent at Rs 135.50 in the early hours of August 28 after the company announced that it had received defence and non-defence orders aggregating to Rs 3,289 core since July.
The orders are for supply of low-level light-weight radars, SONARS, IFF systems, SATCOM systems, EO/IR payloads, TRM/DTRMs, jammers, encryptors, data link systems, fire control systems, radars for directed energy systems, semi-rugged telephone exchanges, software defined radios and various other types of radios, electronic voting machines, AMCs and spares.
These also include the LoI / order worth Rs 1,075 crore received from Hindustan Shipyards Limited for supply of CMS, communication systems, EW systems and other sensors for fleet support ships, the company said.
These orders are in addition to the Rs 8,091 crore contracts, which are received and with this the company had received total orders of Rs 11,380 crore till now in the financial year 2023-24, it said.
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In this month, the Defence Acquisition Council granted the ‘acceptance of necessity’ to the Indian Air Force for procuring electronic warfare (EW) suites from Bharat Electronics.
The company said that the sophisticated defence equipment would be installed on Mi-17 V5 helicopters to enhance their survivability.
The defence body’s approval comes as a part of proposals cleared on August 24, which are worth Rs 7,800 crore, to strengthen the operational capacities of the Indian armed forces.
In its results for Q1FY24, the company reported a 12.48-percent YoY (year-on-year) increase in revenue from operations at Rs 3,533 crore. Net profit for the quarter was up 47.26 percent YoY to Rs 539 crore. The operating profit margins for the quarter expanded by 200 basis points on a yearly basis to 19 percent.
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