Bharat Electronics Limited records impressive growth in FY 2023-24
Bharat Electronics Limited (BEL), a leading Navratna Defence Public Sector Undertaking, has announced a remarkable performance for the financial year 2023-24, with a turnover of approximately Rs. 19,700 crore (provisional and unaudited). This achievement marks a significant growth of 13.65% over the previous year’s turnover of Rs. 17,333 crore, demonstrating the company’s sustained growth trajectory and its pivotal role in India’s defence sector.
In the fiscal year 2023-24, BEL has successfully secured orders worth around Rs. 35,000 crore, showcasing its competitive edge and the trust placed in its capabilities by its clients. Noteworthy among the defence orders obtained during the year are Electronic Fuzes, EW Systems, Communication Systems for naval warships, Fire Control Systems, Akash Prime Weapon System, Radars, Sonars, Software Defined Radios, Night Vision Devices, Tactical Communication Systems, and other projects in the non-defence sector. As of April 1, 2024, BEL’s total order book stands at an impressive Rs. 76,000 crore.
In addition to its domestic success, BEL has also achieved a significant milestone in its export operations. The company’s export sales reached around US$ 92.98 million during FY 2023-24, marking a growth of 92% compared to the previous year’s export turnover of US$ 48.33 million. The major products exported include Transmit & Receive (TR) Modules, Compact Multi-Purpose Advanced Stabilisation System (CoMPASS), Radar & Electronic Warfare Systems, Medical Electronics, Communication equipment, and more. As of the beginning of FY 2024-25, BEL’s export order book stands at USD 407 million, with export orders acquired during the fiscal year amounting to USD 211 million.
Bhanu Prakash Srivastava, Chairman & Managing Director of BEL, highlighted the company’s achievements and future direction. “BEL has yet again proven its manufacturing prowess with its turnover hitting a new high, courtesy sale of a gamut of products across Defence and non-Defence segments. Exports have also grown significantly as compared to the previous year, a testimony to the all-out efforts made by the company to expand its global footprints and contribute to the MoD’s vision of maximising Defence exports,” he stated.
Srivastava further emphasized the importance of Research & Development, indigenisation, and the ‘Make in India’ initiative, underscoring BEL’s commitment to innovation through in-house R&D efforts and collaborations with DRDO, academia, and industry partners. The company prioritizes procurement from MSMEs and GeM, aligning with national goals for self-reliance and technological advancement.
As BEL looks to the future, it is clear that the company is set on exploring new growth opportunities through export initiatives, diversification, capability enhancement, competitiveness, and modernisation. With a robust order book, impressive export performance, and a steadfast commitment to innovation and national initiatives, Bharat Electronics Limited is poised for continued success and contribution to India’s defence and technological prowess on the global stage.