BEL inks $73 million contract with US-based Hyperion Global

Bharat Electronics (BEL) and Hyperion Global Group have entered into a contract to develop, manufacture and supply Internet of Things (IoT) devices for the US market.

Hyperion Global Group is an infrastructure telecommunication distribution company based in the USA.

As per the contract, BEL will manufacture and supply IoT devices worth US $73 million to Hyperion during the first year of commencement of supply with a provision to negotiate and supply upgrades of the products, worth US $365 million, in the next five years.

The contract pairs Hyperion's need to provide advanced connectivity solutions with BEL's world-class engineering and manufacturing capabilities. BEL, as India's leading defence electronics company, is uniquely qualified to deliver a durable product to Hyperion, USA which has a robust product roadmap and global expansion strategy in place.

BEL is a state-owned aerospace and defense company with about nine factories, and several regional offices in India. It primarily manufactures advanced electronic products for the Indian Armed Forces. The Government of India held 51.14% stake in BEL as on 30 September 2021.

On a consolidated basis, the company reported a 54.1% increase in net profit to Rs 610.04 crore on a 14.8% rise in net sales to Rs 3,636.60 crore in Q2 FY22 over Q2 FY21.

The scrip shed 0.44% to currently trade at Rs 203.35 on the BSE.

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