BEL expects its revenue to reach Rs 20,300 crore in 2023–24

8 Aug 2023 , 09:21 PM

According to Bhanu Prakash Srivastava, the chairman and managing director of state-run Bharat Electronics Limited, the company has set a target of Rs 20,300 crore for the financial year 2023–2024 since the demand for locally produced goods is boosting business growth. 

In an interview with PTI, he stated that as of August 1 of this year, the order book for the ‘Navratna’ PSU under the Ministry of Defence was approximately Rs 64,800 crore.

According to Srivastava, the company, which has its headquarters in Bengaluru, intends to open marketing offices in Kazakhstan and Armenia.

He stated that a USD 90 million export sales goal is set for 2023–2024.

BEL increased its revenue by 15% to reach roughly Rs 17,300 crore in the preceding fiscal year.

Srivastava made the point that the defence industry in every nation is strongly related to government policies that are based on things like the geopolitical environment, security threats, and the country’s economic development.

He pointed out that the Indian government has put restrictions on the import of several types of defence equipment and is concentrating on self-reliance to support domestic industry.

The demand for locally produced goods and services will increase as a result, he said. ‘BEL will have more opportunities in the coming years as a leading indigenous solution provider in the defence sector, and this will drive the growth of the company.’

According to him, ongoing work on indigenous development has enabled businesses to generate between 70% and 80% of their revenue from indigenous goods.

According to Srivastava, BEL is putting more effort into maximizing the export potential of the military and non-defense products that make up its main business.

According to him, ‘BEL has increased its geographic reach by opening overseas marketing offices in Vietnam, Sri Lanka, Oman, the United States, Singapore, Nigeria, and has plans to open marketing offices in Brazil, Armenia, and Kazakhstan.’

He also cites capital expenditures (capex) investments in infrastructure and facilities as well as strategic collaborations with specialized businesses, including startups and MSMEs, as some of the main drivers of BEL’s expansion.

According to Srivastava, BEL has been working continuously to develop its company in new markets for sustainable growth. This includes addressing a number of new areas in both the defence and non-defence sectors.

Missile systems, seekers, arms and ammunition, unmanned systems, airborne radars, next-generation night vision device solutions, Inertial Navigation Systems (INS), directed energy weapons, countermeasure systems for air platforms, avionics systems for next-generation aircraft/helicopters, software as a service, network, and cybersecurity are some of the defense-related areas that are receiving attention.

Solutions for the civil aviation sector, anti-drone systems, space/satellite electronics, space launch vehicles, satellite communication services, solar business, railway and metro solutions, homeland security, smart meters, medical electronics, and healthcare solutions are a few of the areas on which the non-defence sector is concentrating.

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