Bharat Electronics Wins Order Worth Over Rs 2,400 Crore From Defence Ministry

Bharat Electronics Ltd. bagged a Rs 2,463-crore order from the Ministry of Defense for the delivery of Ashwini radars, according to an exchange filing on Wednesday.

The state-run company and the Defence Research and Development Organisation jointly developed these indigenous radars, a press release stated.

"These mobile radars with advanced ECCM features can be deployed on all terrains that will automatically detect and track aerial targets ranging from fighter aircrafts to slow moving targets," it added.

With this order win, BEL has now accumulated orders totalling Rs 17,030 crore in the ongoing financial year.

On March 6, the company disclosed that it won additional orders worth Rs 577 crore in around the preceding two weeks.

The orders included those related to airborne electronic warfare products, advanced composite communication system for submarines, doppler weather radar, train communication system and radar upgradation.

The Navratna PSU reported a 53% year-on-year increase in its net profit to Rs 1,311 crore for the quarter that ended in December. During the same period, it posted a 39% YoY jump in revenue to Rs 5,771 crore.

Shares of BEL on Wednesday closed 0.13% lower at Rs 276.83 apiece on the National Stock Exchange, compared to a 0.12% fall in the benchmark Nifty 50. The stock has risen by 35.53% in the last 12 months.

Out of 26 analysts tracking the company, 23 recommend 'buy' rating on the stock, one suggests 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 23.3%.