BEML Q3 PAT declines 16% YoY to Rs 66 cr

On consolidated basis, BEML's net profit declined 15.6% to Rs 66.30 crore in Q3 FY23 compared with Rs 78.51 crore in Q3 FY22.

Net sales fell 11.7% to Rs 1,036.97 crore in Q3 FY23 as against Rs 1,174.50 crore in corresponding quarter last year.

During the quarter, total expense stood at Rs 973.29 crore, decline 11.16% from Rs 1,095.54 crore in corresponding quarter last fiscal. Cost of raw material consumed stood at Rs 465.38 crore (down 23.2% YoY) while employee benefit expense was at Rs 214.30 crore (down 2.5% YoY).

The company's order book as on 31 December 2022 stood at Rs 8,713 crore. The defense company said it executed orders worth Rs 1,029 crore in quarter ended December 2022.

Meanwhile, the company has received an order for supply of 118 numbers of track width mine plough (TWMP) for Arjun MBT MK-1A from HVF, Avadi, Chennai. The consolidated value of the order is Rs 377.98 crore, the supplies are expected to be completed by January 2026.

The board of directors has declared interim dividend of Rs 5 per equity share. The record date for the same is fixed on Friday, 24 February 2023.

BEML is a multi-technology schedule 'A' company under the Ministry of Defence. It has its operation under three business verticals viz. defence & aerospace, mining & construction and rail & metro. As on 31 December 2022, the Government of India held 54.03% stake in BEML.

The scrip rose 0.88% to Rs 1,389.60 on the BSE.

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