Covid-19: India's BEL posts mixed results for FY 2019/20

Indian firm Bharat Electronics Limited (BEL) posted mixed results for fiscal year (FY) 2019/20 in part because of the impact of Covid-19.

The company said in a shareholders’ meeting on 29 June that its consolidated revenue for the year was INR126.36 billion (USD1.67 billion), a year-on-year increase of 7%. Net profit was INR18.23 billion, a decline of 3%.

BEL said the value of its order book at the end of 2019/20 was INR519.73 billion, with INR132 billion of this received during the year. It also said that its revenues for 2019/20 included exports worth USD48.59 million.

BEL’s orders in FY 2019/20 included components linked to the Akash surface-to-air missile system. BEL produces the system’s Rajendra 3D phased array multifunctional fire-control radar. (Via PIB)

Major BEL orders for the Indian armed forces during the year included those linked to the production of Akash surface-to-air missiles (SAMs), a coastal surveillance system, upgrades to unidentified electronic warfare systems, maintenance and repair services, and software-defined radios, said BEL.

In September the Indian government approved the procurement of six additional squadrons of the Akash SAM system for INR55 billion. BEL produces the system’s Rajendra 3D phased array multifunctional fire-control radar.

At its shareholders’ meeting, the company also said that it is assessing the full impact of Covid-19 on its business operations.