Bengaluru, Jan 30 Government-owned Bharat Electronics Ltd (BEL) on Thursday reported a 47.3 per cent growth in its net profit for the third quarter ended December 2024 to Rs 1,316.06 crore, compared to Rs 893.30 crore in the same quarter of the previous year.
The Navratna defence public sector company's consolidated revenue from operations in the third quarter shot up by 38.6 per cent to Rs 5,770.69 crore, from Rs 4,162.16 crore reported in the corresponding quarter of the previous financial year.
Profit before tax stood at Rs 1,754.15 crore in the third quarter of 2023-24, registering a growth of 49.64 per cent on a year-on-year basis.
Total expenses grew 31.98 per cent year-on-year to Rs 4,207.05 crore in the Oct-Dec quarter. The cost of materials consumed stood at Rs 3,191.02 crore (up 46.07 per cent) while employee benefits expenses were at Rs 665.32 crore, up 7.38 per cent year-on-year during the quarter.
The share price of Bharat Electronics went up by 4.30 per cent to Rs 278.70 after the company's results were declared.
BEL had announced this week that it has won additional orders worth Rs 531 crore over the last fortnight. With this fresh batch of orders, BEL has now accumulated orders totalling Rs 10,893 crore in the current financial year.
Major orders include advanced composite communication systems for ships, communication equipment, medical electronics, electro-optics, active radar homing heads for missiles, classroom jammers, spares, services, etc.
BEL had also announced additional orders worth Rs 973 crore since the last disclosure on December 23 at the fag-end of the year.
BEL is a multi-product, multi-technology conglomerate which designs, manufactures and supplies products and systems in a wide variety of fields including radars, missile systems, military communications, naval systems, electronic warfare & avionics systems, electro-optics, tank electronics & gun system upgrades, and electronic fuses in the defence segment. As on September 30, 2024, the Indian government held a 51.14 per cent stake in the company.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor