Bharat Electronics (BEL) reported 2.64% rise in standalone net profit to Rs 598.77 crore in Q3 FY23 as against Rs 583.37 crore in Q3 FY22.
On a standalone basis, the PSU company's net sales increased 10.6% to Rs 4,046.11 crore for the quarter ended 31 December 2022 compared with Rs 3,656.22 crore in the same quarter a year ago.Bharat electronics' reported a profit before tax of Rs 800.43 crore in Q3 FY23 as against Rs 788.33 crore recorded in the corresponding period of the previous year.
Total expenses rose 14.28% to Rs 3,388.05 crore in Q3 FY23 over Q3 FY22. Cost of material consumed stood at Rs 2,175.46 crore (up 10% YoY) and employee benefits expenses was Rs 567.43 crore (up 12.6% YoY).
The order book position of the company as on 1 January 2022 stood at Rs 50,116 crore.
Further, the company's board recommended an interim dividend of Rs 0.60 per share on the enhanced share capital of the company post bonus issue of equity shares in September 2022. The said dividend will be payable to all the eligible shareholders holding shares as on the record date, 10 February 2023.
Meanwhile, the board of directors has appointed Damodar S Bhattad, director (finance) as chief financial officer (CFO) and key managerial personnel (KMP) with effect from 28 January 2023. He has taken charge as the director (finance) of Bharat Electronics (BEL) with effect from January 11, 2023.
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 December 2022.
Shares of Bharat Electronics slipped 4.94% to end at Rs 94.30 on Friday, 27 January 2023.
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