Bharat Electronics gains on defence body’s nod to buy EW suite

The defence body’s approval for the electronic warfare suites comes as a part of proposals cleared on August 24, which are worth Rs 7,800 crore, to strengthen the operational capacities of the Indian armed forces.

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Bharat Electronics shares gained by a percent in morning trade on August 25 after the Defence Acquisition Council granted ‘acceptance of necessity’ to the Indian Air Force for procuring electronic warfare (EW) suites from the company. It said that the sophisticated defence equipment would be installed on Mi-17 V5 helicopters to enhance their survivability.

The defence body’s approval comes as a part of proposals cleared on August 24, which are worth Rs 7,800 crore, to strengthen the operational capacities of the Indian armed forces.

At 10.15 am on the NSE, Bharat Electronics stock was quoting at Rs 136, up 1.19 percent or Rs 1.60.

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The financials

In its results for Q1FY24, the company reported a 12.48-percent YoY (year-on-year) increase in revenue from operations at Rs 3,533 crore. Net profit for the quarter was up 47.26 percent YoY to Rs 539 crore. The operating profit margins for the quarter expanded by 200 basis points on a yearly basis to 19 percent.

Also read Defence stocks up on government panel’s nod to proposals worth Rs 7,800 crore

Product portfolio

Bharat Electronics is a state-owned ‘Navratna’ company primarily engaged in the production of defence equipment such as radars, sonars, electro-optics, and tank electronics. In the non-defence sector, its product range includes electronic voting machines, tablet personal computers, hybrid microcircuits, semiconductor devices, and solar cells among others.

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