Bharat Electronics Ltd. bagged orders worth Rs 1,292 crore, including Rs 1,034 crore from the Ministry of Defence to supply software-defined radios and data communication terminals for the Indian Coast Guard.
The radios are jointly developed by the Defence Electronics Applications Laboratory — a laboratory of the Defence Research and Development Organisation — and BEL. The radios will support multi-band, multi-channel and multi-role functionalities to cater network-centric warfare, according to an exchange filing on Thursday.
The company received extra orders worth Rs 258 crore, including earth station for satellite communication, laser range finders and fire control centre. Following these orders, BEL's total accumulated orders stand at Rs 13,147 crore for the current financial year, it said.
Q3 Performance
BEL's net profit surged to Rs 1,311 crore, representing a 53% rise for the third quarter of the current fiscal. The consensus of analysts' estimates polled by Bloomberg had pegged the profit at Rs 942 crore.
Revenue soared by 38.7% to Rs 5,771 crore for the October-December quarter as against Rs 4,162 crore for the year-ago period. The consensus of analysts' estimates polled by Bloomberg had pegged the revenue at Rs 5,023 crore.
Shares of BEL closed 2.7% higher at Rs 260.25 apiece on the National Stock Exchange, compared to a 0.09% fall in the benchmark Nifty. The stock has risen 36.51% in the last 12 months.
Twenty-four out of the 27 analysts tracking the company have a 'buy' rating on the stock, one recommends 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 31.2%.
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