Bharat Electronics' Q3 Net Up 40%, Shares Climb on Strong Results

29 Jan 2024 , 03:00 PM

Public Sector Undertaking (PSU) Bharat Electronics Ltd posted a net profit of ₹859.6 Crore in the third quarter of the current fiscal, reflecting a substantial 40% increase compared to the previous year’s ₹613 Crore. The aerospace and defence electronics company’s revenue remained nearly unchanged at ₹4,162.2 Crore, compared to ₹4,153 Crore during the corresponding period last year.

The company’s EBITDA witnessed significant growth, rising by 24% to ₹1,072.6 Crore in the October to December 2023 quarter, compared to ₹863.4 Crore in the same quarter the previous year. The margin stood at an impressive 26%.

Bharat Electronics Ltd, a high-performing defence PSU, also announced an interim dividend of ₹0.70 per equity share for the financial year 2023-24. The interim dividend is scheduled to be paid within 30 days from the date of declaration, as stated in the company’s filing.

The official announcement read, ‘We wish to inform you that the Board of Directors of the company at its meeting held on 29th January 2024, inter alia, has declared an interim dividend of ₹0.70 per equity share of ₹1 each fully paid-up (70%) for the financial year 2023-24.’

Following this positive financial update, shares of Bharat Electronics Ltd experienced a modest rise, increasing by 0.24% to trade at ₹190.15 on the NSE.