BEL Bags Additional Order Worth Rs 500 Crore
BEL had also bagged an order at Rs 305 crore.
Bharat Electronics Ltd. said on Monday it received an additional order worth Rs 500 crore. The order includes EMI shelters, AMC for integrated air command and control system nodes, upgrade spares for gun systems, spares for radars, and communication systems.
BEL has garnered an accumulative order worth Rs 7,689 crore, according to a statement to the exchanges.
Earlier in September, BEL won an order worth Rs 1,155 crore. It secured an order of Rs 850 crore from Cochin Shipyard Ltd. for the supply of indigenous multi-function radar in X band.
The radar is capable of detecting, acquiring, and tracking airborne targets to provide protection to naval ships.
The Navratna Defence public sector undertaking also bagged an order at Rs 305 crore, which includes navigational complex systems for ships, thermal imagers, communication equipment, fire control systems, gun control systems, spares, services, etc.
Additionally, BEL IAI AeroSystems Pvt Ltd., a joint venture between Bharat Electronics Ltd. and Israel Aerospace Industries Ltd., received approval from the Ministry of Corporate Affairs. This Aerospace and Defence joint venture will be considered a related party of Bharat Electronics.
Bharat Electronics Q1 Performance
BEL's net profit surged by 46.2% year-on-year at Rs 776 crore for the quarter ending in June, as reported in an exchange filing.
Revenue of the company also reached Rs 4,199 crore, indicating a 19.6% increase for the April-June period, compared to Rs 3,511 crore during the same time last year. This figure surpassed the consensus estimate of Rs 3,896.8 crore, according to Bloomberg.
Shares of Bharat Electronics closed 3.55% lower at Rs 267.35 apiece, compared to a 0.87% fall in the benchmark NSE Nifty.
The stock has risen 96.94% in the last 12 months and 45.14% year-to-date. The relative strength index was 32.47.
Out of 26 analysts tracking the company, 18 maintain a 'buy' rating, three recommend a 'hold' and five suggest a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 25.5%.
