Bharat Electronics (BEL), the public sector defence company, has approved the issue of bonus shares to the shareholders of the company in the ratio of 2:1 (2 bonus shares for every share held). The Board of directors at its meeting on July 24 also approved the proposal to increase the authorised share capital of the company to Rs 250 crore from Rs 100 crore, and consequential amendments to the memorandum of association and articles of association.
The proposals are subject to the approval by members of the company at the ensuring AGM through e-voting and ballot, the company said in a filing to BSE.
The Bengaluru-based defence company reported a 2.3-time jump in the net profit at Rs 61 crore for the quarter ended June against Rs 26 crore in the corresponding quarter last year. It has shown a moderate growth of 8.2% in the total income at Rs 1,095 crore in the quarter against Rs 1,012 crore a year ago.
However, its operating profit for the quarter fell 44% to Rs 46 crore against Rs 82 crore in the same period last year. The rise in the net profit was aided by growth in other income, which rose 9.5% to Rs 126 crore. Major supplies in the first quarter were Akash Missile Systems, low-level light weight radar, passive night vision devices, Schilka gun tank upgrade, new generation hull mounted sonar, gigabit ethernet based ship data network and ship borne EW system.
BEL’s order book rose 2.6% to Rs 21,053 crore against Rs 20,512 crore in April as the company added orders worth Rs 541 crore. Major orders include pay loads for Mi17 upgrade, strategic communication network, electronic voting machine, thermal imager fire control system and advanced composite communication systems. The export order book as of July 1 stood at $189.20 million and the export turnover during the first quarter was $12.5 million.