Bharat Electronics (BEL) reported a standalone net profit of Rs 611.05 crore in Q2 FY23, marginally lower than Rs 612.60 crore in Q2 FY22.
On a standalone basis, the PSU company's net sales rose 7.6% to Rs 3,896.20 crore for the quarter ended 30 September 2022 compared with Rs 3,622.42 crore in the same quarter a year ago.Bharat electronics' reported a profit before tax of Rs 824.86 crore in Q2 FY23 as against Rs 827.74 crore recorded in the corresponding period of the previous year.
Total expenses rose 10.26% to Rs 3,195.98 crore in Q2 FY23 over Q2 FY22. Cost of material consumed jumped 30.98% to Rs 2254.45 crore and employee benefits expenses increased 11.79% to Rs 595.50 crore.
The order book position of the company as on 1 October 2022 stood at Rs 52,795 crore.
State-run BEL is a Navratna PSU under the Ministry of Defence, Government of India. It manufactures electronic products and systems for the Army, Navy and the Air Force. The Government of India held 51.14% stake in BEL as on 30 September 2022.
Shares of Bharat Electronics rose 2.76% to end at Rs 107.85 on the BSE.
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