Synopsis
Bharat Electronics Ltd (BEL) has reported an impressive 47.3% increase in its net profit for Q3 2024, reaching Rs 1,316.06 crore. The company's revenue from operations surged by 38.6%, indicating strong financial performance and significant order acquisitions in the defense sector.Key Takeaways
- BEL's Q3 net profit surged by 47.3%.
- Consolidated revenue rose by 38.6%.
- Profit before tax increased by 49.64%.
- Total expenses grew by 31.98%.
- Significant new orders worth Rs 531 crore secured.
Bengaluru, Jan 30 (NationPress) Bharat Electronics Ltd (BEL), a government enterprise, announced a remarkable 47.3% increase in its net profit for the third quarter ending December 2024, reaching Rs 1,316.06 crore, up from Rs 893.30 crore in the same period last year.
The Navratna defence public sector firm reported a consolidated revenue from operations that surged by 38.6% to Rs 5,770.69 crore, compared to Rs 4,162.16 crore in the corresponding quarter of the previous financial year.
Profit before tax for the third quarter of 2023-24 reached Rs 1,754.15 crore, marking a 49.64% year-on-year growth.
Total expenses climbed by 31.98% year-on-year to Rs 4,207.05 crore in the October-December quarter. The cost of materials consumed was Rs 3,191.02 crore (up 46.07%), while employee benefits expenses amounted to Rs 665.32 crore, reflecting a 7.38% year-on-year increase.
Following the announcement of these results, BEL's share price increased by 4.30% to Rs 278.70.
Additionally, BEL revealed it secured fresh orders worth Rs 531 crore over the past fortnight, bringing the total orders for the current financial year to Rs 10,893 crore.
Key orders include advanced composite communication systems for naval vessels, communication gear, medical electronics, electro-optics, and missile radar systems, among others.
Moreover, BEL had previously announced additional orders worth Rs 973 crore since the last update on December 23 at the end of the previous year.
BEL operates as a multi-product, multi-technology organization, designing, manufacturing, and supplying a wide range of products and systems, including radars, missile systems, military communications, naval solutions, electronic warfare, avionics, and more in the defence sector. As of September 30, 2024, the Indian government holds a 51.14% stake in the company.
