BEL to Supply Electronic Equipment for Navy’s Next Generation Missile Vessels
Bharat Electronics has received an order worth Rs. 2,118.57 crore from Cochin Shipyard Ltd. (CSL) for the supply of fire control systems, weapon equipment, sensors and other equipment. It also includes communication equipment for six Next Generation Missile Vessel (NGMV) corvettes for the Indian Navy.
Earlier, in March 2023, Ministry of Defence (MoD) had signed a contract worth Rs. 9,805 crore with CSL for the procurement of six NGMVs. The delivery of these warships is expected to commence from March 2027.
Bharat Electronics Secures Order for Upgradation of Defence Equipment
In addition, BEL has won multiple orders in the Indian defence sector collectively worth Rs. 886 crore. These orders are for the upgradation of Akash Missiles with Radio Frequency (RF) Seeker, Air Force Network (AFNET) for Satellite Communications (SATCOM) N/W, Inertial Navigation System and other related equipment.
BEL’s Share Price Jumps 3% Post Announcement of Order Wins
Bharat Electronics Limited’s share prices saw an impressive jump of 3.09% after the company announced the aforementioned orders. Further, volume of trades of the company’s shares peaked at 5,18,60,000 after the company announced its orders, against 96,51,000 trades on the day before the announcement of the orders.
BEL’s Order Inflow Crosses 14,000 Cr., on Track to Achieve FY-24 Revenue Target
With the aforementioned order wins, BEL’s Year-To-Date (YTD) order book stands at Rs. 14,384 crore.
During the earnings call for Q1 of FY-24, the management of BEL stated that orders from non-defence contribute 6% of the total book.
Speaking about the company’s FY-24 revenue target, the management said that BEL expects a 17% growth in top line, which equates to a revenue of over INR 20,000 crores. The management added that BEL’s order book and order execution are well on track to achieve the company’s revenue target.
About Bharat Electronics Ltd.: Bengaluru-headquartered Bharat Electronics Limited is an Indian aerospace and defence electronics company with nine units across India. BEL was founded in 1954 and it is engaged in manufacturing advanced electronic products for ground and aerospace applications. BEL reported a turnover of Rs. 17,333.37 crore for FY-23.