BANGALURU, May 31: State owned Bharat Electronics Limited (BEL) has registered a 17 per cent growth in 2016-17 with turnover touching Rs 8825 crore as against Rs 7541 Crore achieved in 2015-16, BEL Chairman and Managing Director M V Gowtama said today.
Announcing the annual results here, he said that the company has earned a profit of Rs 1848 Crore as against Rs 1307 crore earned in the previous year.
He said that the company is aiming to achieve a turnover of Rs 10,000 crore this year.
He said that the export earning has come down to US dollar 65 million as against US Dollar 85 million in 2015-16. The shortfall was mainly because delivery of products ordered worth more than US dollar 30 million were not taken.
Mr Gowtama said that the company has order book value to the tune of Rs 40,242 crore.
He said that the highlights of 2016-17 included induction of Weapon Locating Radar to Army, turnover from indigenous technology is 87 per cent, sales from Defence business was 88 per cent. He said that the company is investing Rs 2500 crore in the R & D and has released three year Plan for 2017-20 with enhanced focus on collaborative R & D. The company has spent Rs 777 Crore in 2016-17 on R & D as against Rs 704 crore spent in the year 2015-16. Mr Gowtama said that a Training Academy being established will be inaugurated shortly in Bengaluru and two more plants will be coming up at Machilipatnam and Anantapur. He said that capacity enhancement and creation of new facilities for Defence business was given top priority by the company besides focusing on Radars, Missile Systems, Communication and Network Centric Systems, Tank Electronics, gun Upgrades, Electro-Optic Systems and Electronic Warfare and Avionics Systems. (AGENCIES)
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