Bharat Electronics (BEL) rallied 5.13% to Rs 258.05 after the PSU company reported a standalone net profit of Rs 431.49 crore in Q1 FY23, steeply higher from Rs 11.15 crore in Q1 FY22.
On a standalone basis, the company's net sales soared 95.8% to Rs 3,063.58 crore for the quarter ended 30 June 2022 compared with Rs 1,564.34 crore in the same quarter a year ago.
Bharat electronics' reported a profit before tax of Rs 578.10 crore in Q1 FY23 as against Rs 15.17 crore recorded in the corresponding period of the previous year.
Total expenses surged 61.92% to Rs 2,694.42 crore in Q1 FY23 over Q1 FY22. Cost of material consumed jumped 79% to Rs 1,847.85 crore and employee benefits expenses increased 16.44% to Rs 576.40 crore.
The order book position of the company as on 1 July 2022 stood at Rs 55,333 crore.
State-run BEL is a Navratna PSU under the Ministry of Defence, Government of India. It manufactures electronic products and systems for the Army, Navy and the Air Force. The Government of India held 51.14% stake in BEL as on 31 March 2022.
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