Defence agency approval of the purchase of an EW suite benefits Bharat Electronics

26 Aug 2023 , 10:08 AM

Following the Defence Acquisition Council’s ‘approval of requirement’ for the Indian Air Force to purchase electronic warfare (EW) suites from Bharat Electronics, the company’s shares increased by 1% in early session on August 25. According to the statement, the Mi-17 V5 helicopters would receive high-tech defence technology to increase their survivability.

The defence body’s clearance is a result of plans for improving the operational capabilities of the Indian armed forces that were approved on August 24 and are valued at Rs 7,800 crore.

The company reported a 12.48% YoY (year over year) increase in revenue from operations at Rs 3,533 crore in its Q1FY24 results. The quarter’s net profit increased by 47.26% YoY to Rs 539 crore. On a yearly basis, the operating profit margins for the quarter increased to 19% by 200 basis points.

‘Navratna’ state-owned business Bharat Electronics specializes in manufacturing defence products such radars, sonars, electro-optics, and tank electronics. Its product line in the non-defence sector comprises, among other things, electronic voting machines, tablet computers, hybrid microcircuits, semiconductor devices, and solar cells.

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