BEL net profit up by 50% y-o-y in Q1

30 Jul 2024 , 11:12 AM

Bharat Electronics (BEL), a state-owned company, reported on Monday a 46% year-on-year (YoY) increase in standalone net profit to ₹776.14 Crore for the quarter ended June 30, 2024. Last year, the company declared a net profit of ₹530.84 Crore.

However, its net profit fell 56.48% QoQ from ₹1,783.5 Crore reported in Q4 FY24.

Its revenue from operations climbed 19.6% year on year to ₹4,198.77 Crore, up from ₹3,510.84 Crore in the same period last year. However, it fell 50.76% QoQ from ₹8,528.54 Crore reported in Q4 FY24.

During the June quarter, the Navratna Defence PSU generated a turnover of ₹4,105.14 Crore, compared to ₹3,446.69 Crore in the same period last year.

As of July 1, 2024, the company’s order book stood at ₹76,705 Crore.

Following the Q1 earnings, BEL shares rose 5% to ₹325.6 on the BSE. The company has increased 73% year to date, with multi-bagger gains of 147% over the last year. 

Earlier in June, the defence PSU inked a ₹3,172 Crore contract with Armoured Vehicles Nigam Limited (AVNL) to supply and install an advanced Sighting and Fire Control System (FCS) for the Indian Army’s BMP 2/2K Tanks, as well as a comprehensive Engineering Support Package.

BEL has also acquired further orders of ₹481 Crore after the last declaration on May 22, 2024. These offer Doppler Weather Radar, classroom jammers, spare parts, and services.

At around 11.03 AM, BEL was trading 0.25% higher at ₹322.15, against the previous close of ₹321.35 on NSE. The counter touched an intraday high and low of ₹326.55, and ₹319.60, respectively.

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