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*t.No. 17565/6/SE/NSEC/SEC fÿO/ Date: 23/05/2022

Trfrÿq" / TrffÿTT, Dear Sir/Madam,

J/TTcT \$c)ctilPlcK7 BHARATELECTRONICS * TRcT ÿcFÿrcRT (O WccK cPT T5TT Wl) xtÿhT : 3TTÿ>r fÿhnr HHMKI, - ⁵⁶⁰ 045, WcT Bharat Electronics Limited (Govt, of India Enterprise, Ministry of Defence) Registered Office : Outer Ring Road, Nagavara, Bangalore - 560 045, INDIA. CIN : L32309KA1954GOI000787 ÿotef/Telefax : +91 (80) ^25039266 ÿ-WE-mail : secretary@bel. co.in o/Web : www. bel-india.com

fÿPT ³¹ *THf, ²⁰²² MTF ÿpf % ttÿ mRuiihi
Sub: Audited Standalone and Consolidated Financial Results for the quarter/year ended 31S1 March 2022.

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Pursuant to Regulation 33(3) of SEBI (LODR) Regulations, 2015, please find enclosed herewith the Audited Standalone and Consolidated Financial Results of the Company for the quarter/ year ended 31St March, 2022 along with Auditors Report, declaration under Regulation 33(3)(d) of the SEBI (LODR) Regulations, 2015 and copy of Press Release.

This is for your information and record.

/ Thanking you,

wfPT Yours faithfully,

wfÿfW rat Electronics Limited ^S Sreenivas ttfRq Company Secretary

*RTT- W ^I Ends: As stated above.

A. Standalone Results

			_






	MAf A	r&f cneoMCS
	QUALITY.	TECHNOLOGY. INNOVATION.
	BHARAT ELECTRONICS		LIMITED
	& Corporate Office:	(CIN: L32309KA1954GOI000787)	Road, Nagavara, Bengaluru -
	Registered Outer Ring E-mail: [email protected]. Website: www.bel-india.in.		Ph: 080-25039300/25039266	560 045.	Fax: 080-25039266
	Statement of audited standalone and consolidated	results	for the quarter	and year ended 31 March,	2022.
	A. Standalone Results
_					_	(X in Lakhs)
	_		Quarter ended		Year ended
SI.	Particulars	31.03.2022	31.12.2021	31.03.2021	31.03.2022	31.03.2021
No.		(Refer	(Unaudited)	(Refer	(Audited)	(Audited)
	Revenue rom	Note 11)		Note 11)
1 i	operations rom Sales / income operations	20,069 6,	3, 65,622	6, 75,705	15,04,367	13,81,816
ii.	Other operating income	12,421	749 3,	15,129	27,009	24,567
	Total revenue from operations	32,490 6,	69,371 3,	90,834 6,	15,31,376	14,06,383
2	Other income	6, 377	5, 928	717 5,	23,359	610 12,
3	(1+2) Total income	38,867 6,	3, 75,299	96,551 6,	15,54,735	14,18,993
4	Expenses (a) Cost ofmaterials
	consumed ofstock-in-trade (b) Consumption	39,476 3, 25,200	97,767 1, 23,683	3, 06,662 72,363	8, 12,598 05,349 1,	6, 72,394 23,321 1,
	offinished (c) Changes in inventories goods,
	work-in-progress and scrap	3, 429	(1.433)	27,907	(27,697)	(12,933)
	benefits (d) Employee expense (e) Finance	57,775 405	50,391	47,819	2, 10,939 485	94,068 1,
	costs (f) Depreciation and amortisation expense	10,097	18 289 9,	555 9, 166	38,018	608 36,633
	(g) Other expenses	49,829	16,751	39,026	99,263	11,421 1,
	Total expenses	4,86,211	2, 96,466	03,498 5,	12,38,955	11,25,512
5	i t beore exceptional items & tax (3-4) Pro	52,656 1,	78,833	93,053 1,	3, 15,780	93,481 2,
6	Exceptional items	-	-	-	-	-
	i
7	Pro t before tax (5 - 6)	52,656 1,	78,833	93,053 1,	3, 15, 780	93,481 2,
8	Tax expense (including deferred tax) i	38,475	20,496	57,815	80,887	86,939
9	Pro t for the period (7 - 8)	14,181 1,	58,337	35,238 1,	2, 34,893	06,542 2,
10	Income / (Loss) (net oftax) Other Comprehensive	(20,699)	513	(5,305)	(14,921)	(8,709)
11	Total comprehensive income for the period i (9 + 10) [comprising t and other comprehensive income pro for the period]	93,482	58,850	29,933 1,	2, 19,972	97,833 1,
12	(Face Value of Paid-up equity share capital ? 1/- each)	24,366	24,366	24,366	24,366	24,366
13	Other Equity excluding Revaluation Reserves	-	-	-	11,74,060	10,56,423
14	Eanings & Diluted) per share (Basic (?) (not annualised)	4. 69	2. 39	5. 55	9. 64	8. 48

See accompanying notes to the financial results.

B. Consolidated Results

						(? in Lakhs)
			Quarter ended			Year ended
SI. No.	Particulars	31.03.2022 (Refer Note 11)	31.12.2021 (Unaudited)	31.03.2021 (Refer Note 11)	31.03.2022 (Audited)	31.03.2021 (Audited)
1	Revenue from operations
i.	Sales / income from operations	21,216 6,	66,084 3,	6, 76,996	15,08,474	13,84,971
ii.	Other operating income Total revenue from operations	12,765 33,981 6,	081 4, 70,165 3,	14,751 91,747 6,	28,344 15,36,818	25,898 10,869
2	Other income	6, 394	991 5,	751 5,	23,154	14, 12,496
3	(1+2) Total income	6, 40,375	76,156 3,	6, 97,498	15,59,972	14,23,365
4	Expenses
	(a) Cost ofmaterials consumed	3, 39,934	96, 992 1,	05,415 3,	8, 12,395	71,752 6,
	(b) Consumption of stock-in-trade	25,200	23,683	72,363	05,349 1,	23,321 1,
	offinished (c) Changes in inventories goods, work-in-progress and scrap	2, 680	(1,251)	29,195	(28,028)	(12,469)
	benefits (d) Employee expense	58,282	50,860	48,070	12,801 2,	95,589 1,
	(e) Finance costs	425	18 819	560 684	505 40,113	637
	(f) Depreciation and amortisation expense (g) Other expenses	10,609 50,132	9, 16,950	9, 38,614	00,213 1,	38,732 1, 11,625
	Total expenses	4, 87,262	97,071 2,	03,901 5,	12,43,348	11,29,187
5	i i share of t of t before exceptional items, net pro Pro associate accounted under equity method & tax (3-4)	53,113 1,	79,085	93,597 1,	3, 16,624	94,178 2,
6	Exceptional items	-	-	-	-	-
7	i before share of t of Profit net pro associate accounted under equity method & tax (5 - 6)	53,113 1,	79,085	93,597 1,	3, 16,624	94,178 2,
8	Tax expense (including deferred tax)	38,463	20,598	58,024	81,178	87,244
9	i i t before share ofnet t of associate pro Pro accounted under equity method (7 - 8)	1, 14,650	58,487	35,573 1,	2, 35,446	2, 06,934
10	Share ofnet profit of associate accounted under equity method	859	1, 124	242 1,	4, 576	3, 042
11	i t for the period (9 + 10) Pro	1, 15,509	59,611	36,815 1,	2, 40,022	2, 09,976
12	Income / (Loss) (net oftax) Other Comprehensive	(20,695)	512	(5,352)	(14,917)	(8,751)
13	for the period (11 Total comprehensive income i + 12) for [comprising t and other comprehensive income pro the period]	94,814	60,123	31,463 1,	25,105 2,	01,225 2,
14	i t / (Loss ) attributable Net Pro to a) Owners of the Company b) Non Controlling Interest	15,420 1, 89	59,586 25	36,809 1, 6	2, 39,887 135	2, 09,894 82
	Other Comprehensive Income attributable to a) Owners of the Company b) Non Controlling Interest	(20,695)	512	(5,352)	(14,917)	(8,751)
	Total Comprehensive Income attributable to a) Owners ofthe Company b) Non Controlling Interest	94,725 89	60,098 25	31,457 1, 6	24,970 2, 135	01,143 2, 82
15	of Paid-up equity share capital (Face Value ? 1/- each)	24,366	24,366	24,366	24,366	24,366
16	Other Equity excluding Revaluation Reserves	-	-	-	12,04,227	10,81,592
17	per share (Basic Earnings & Diluted) (?) (not annualised)	4. 74	45 2.	5. 62	9. 85	8. 62

See accompanying notes to the financial results.

C. Notes:

Standalone Statement ofAssets & Liabilities as at 31 March ²⁰²² is given below.

			(? in Lakhs)
SI. No.	Particulars	As at 31 March 2022	As at 31 March 2021
A	ASSETS
(1)	Non-current assets
(a)	Property, plant and equipment	451 45, 2,	2, 42,265
(b)	Capital work-in-progress	39, 855	35,069
(c)	Investment property	7	8
(d)	Other intangible assets	6, 905	5, 730
(e)	Intangible assets under development	46, 045	38, 556
(f)	Financial assets	58,427 1,	36,668 1,
(g)	Deferred tax assets (net)	62,070	46, 339
(h)	Inventories	2, 734	3, 938
0)	Other non current assets	67,784	39,081
	current Sub total assets - Non	29,278 6,	5,47,654
(2)	Current assets
(a)	Inventories	5,53,956	91,529 4,
(b)	Financial assets	13,70, 632	11,62,487
(c)	Current tax assets (net)	14, 325	12,998
(d)	Other current assets	7, 76, 803	6, 90,647
	- Current Sub total assets	27,15,716	23,57,661
	TOTAL ASSETS	33,44,994	29,05,315
B	EQUITY LIABILITIES AND
(1)	Equity
(a)	Equity share capital	24,366	24, 366
(b)	Other equity	74,060 11,	10,56,423
	Sub Total - Equity	11,98,426	10,80,789
(2)	Non-current liabilities
(a)	Deferred income	152 6,	6, 493
(b)	liabilities Financial	7, 207	817
(c)	Provisions	80,006 1,	40, 1, 744
(d)	liabilities Other non current
	liabilities - Non current Sub total	93,365 1,	48,054 1,
(3)	liabilities Current
(a)	Deferred income	339	396
(b)	liabilities Financial	32,451 4,	4, 25,333
(c)	liabilities Other current	78,850 14,	12,16,497
(d) (e)	Provisions Current tax liabilities (net)	41, 563	34,246

	liabilities - Current Sub total	19,53,203	16,76,472
	EQUITY LIABILITIES TOTAL AND	33,44,994	29,05,315

C. Notes

2.Standalone Cash Flow Statement

_





















Notes C.
2.Standalone Cash Flow Statement
	_ For the year	_ in Lakhs) For the year
Particulars	ended 31 March 2022	ended 31 March 2021
ACTIVITIES CASH FLOW FROM OPERATING A. :
Profit before exceptional items and tax Adju stments for:	3,15,780
		2,93,481
Depreciation and amortisation expense	38,018	36,633
Provision for intangible assets under development	-	7,213
assets under development charged off Intangible Capital WIP charged off	- -	75 1,468
Corporate social responsibility	5,329	4,688
Transfer r om government grants Interest income	(398) (17,377)	(422) (5,649)
income Dividend	(407)	(351)
liability Interest on lease Finance costs	306 179	24 584
of Fair valuation loan to subsidiary	-	(14)
of Profit on sale property, plant & equipment Capital Pro t Before Working Operating Changes	(45) 3,41,385	(121) 3,37,609
i Increase / (Decrease) due to:
Tiade receivables Loans	44,815 392	18,137 5,303
Other financial assets	(3,540)	(2,872)
Other assets Inventories	(1,14,859) (61,223)	(90,426) (99,192)
Trade payables	6,947	87,188
Other financial liabilities Other liabilities	6,133 2,62,353	8,248 2,96,210
Provisions	26,640	15,759
Current tax assets	(12,683)	(12,388)
from Operations Cash Generated Income taxes paid (net)	4,96,360 (80,244)	5,63,576 (53,230)
Exceptional Items Before Cash Flow Exceptional items	4,16,116	5,10,346

		in Lakhs)
Particulars	the For year ended 31 March 2022	For the year ended 31 March 2021
B. CASH FLOW FROM INVESTING ACTIVITIES :
Purchase ofproperty, plant & equipment and other intangible assets	(55,348)	(46,773)
Less: Receipt ofgrant	-	-
Purchase ofproperty, and other intangible plant & equipment assets (net)
		133
Increase / (Decrease) r om term deposits & other bank balances	(4,26,927)	(1,99,281)
Equity investments in subsidiaries & associates	-	(157)
Investments in others	(22,305)	(16,781)
Interest received	17,377	5, 649
Dividend received Proceed ro ofproperty,plant&	407	351
m sale equipment Investing Net Cash from Activities / (used in)	(55,37408) (4,86,056)	(46,773) (2,56,859)
C. CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds / Repayment from borrowings (net)	-	(833)
Responsibility Corporate Social (CSR) expenditure	(4,738)	(3.670)
Dividend paid (including tax on dividend)	(1,02,331)	(1,02,274)
Repayment oflease liabilities	(167)	(159)
Interest on lease liability	(306)	(24)
Finance costs	(179)	(584)
Net Cash from Financing Activities / (used in)	(1,07,721)	(1,07,544)
Net Increase Cash and Cash Equivalents / (Decrease) in (A+B+C)	(1,77,661)	45,943 1,
at the of the Cash and Cash Equivalents beginning year	01,565 3,	55,622 1,
at the Cash and Cash Equivalents end of the year	23,904 1,	01,565 3,

Non-cash changes recognised in respect ofliabilities on account offinancing activities is Nil (Nil).

C.Notes:

Consolidated Statement ofAssets & Liabilities as at 31 March ²⁰²² is given below.

			(? in Lakhs)
SI.	Particulars	As at	As at
No.		31 March 2022	31 March 2021

A	ASSETS
(1)	Non-current assets
(a)	plant and equipment Property,	50,937 2,	48,550 2,
	(b) Capital work-in-progress	44,593	39,747
	(c) Investment property	7	8
	(d) Other intangible assets	582 16,	16,656
	(e) Intangible assets under development	56,011	48, 521
(f)	in Investment associate	23,292	18,989
	(g) Financial assets	37,055	15,212
(h)	Deferred	1, 62,094	1, 346
	tax assets (net) Inventories		46,
(i)		2, 734	3, 938
	(J) Other non current assets	68,382	39,669
	- Non current Sub total assets	61,687 6,	77,636 5,
(2)	Current assets
	(a) Inventories	59,190 5,	4, 96,798
	(b) Financial assets	13,77, 585	11,69,793
	(c) Current tax assets (net)	14,474	13,364
	(d) Other current assets	78,122	91,376
		7,	6,
	- Current Sub total assets	27,29,371	23,71,331
	TOTAL ASSETS	33,91,058	29,48,967
	LIABILITIES
B	EQUITY AND
(1)	Equity
	capital share (a) Equity	24,366	24,366
	(b) Other equity	04,227 12,	10,81,592
	Equity owners attributable of
	to the the company	12,28,593	11,05,958
	controlling interest Non	634 1,	499 1,
	- Equity Sub Total	12,30,227	11,07,457
	(2) Non-current liabilities
(a)	income Deferred	14,843	16,499
	(b) Financial liabilities	7, 207	817
(c)	Provisions	80,532	41,203
	tax liabilities	1, 145	1,
	(d) Deferred (net) Other non current liabilities		36
(e)		-	-
	liabilities current Sub total - Non	2, 02,727	58,555 1,
	liabilities (3) Current
		654	711 1,
	income Deferred
		1,
	(b) Financial liabilities	4, 33,092	4,
	(c) Other current liabilities	14,80,907	25,920 12,20,296
	(d) Provisions tax liabilities (e) Current (net)	42,382 69	35,028 -
(a)
	liabilities - Current Sub total LIABILITIES	19,58,104	16,82,955

C. Notes

4. Consolidated Cash Flow Statement

in lakhs)

Particulars	the For year ended 31 March 2022	the For year ended 31 March 2021
OPERATING ACTIVITIES A. CASH FLOW FROM :
Profit after share of associate but before exceptional items and tax	3,21,200	2,97,220
Adjustment s for:
and amortisation Depreciation expense	40,113	38,732
for Provision intangible assets under development	-	7,213
charged off Intangible assets under development	-	75
charged off WIP Capital	-	1,468
responsibility Corporate social	5,348	4,711
Transfer from government grants	(1,713)	(1,736)
Interest income	(17,645)	(6,050)
Interest on lease liability	306	24
Finance costs	199	613
ofproperty, Profit on sale plant & equipment	(45)	(121)
Profit Operating Before Working Capital Changes	3,47,763	3,42,149
Increase / (Decrease) due to:
Trade receivables	45,390	16,203
Loans	12	4,079
Other financial assets	(3,456)	(2,713)
Other assets	(1,15,459)	(90,272)
Inventories	(61,188)	(99,651)
Trade payables	7,045	84,886
Other financial liabilities	6,093	7,891
Provisions	26,755	14,650
Other liabilities	2,60,611	2,97,706
Current tax assets	(12,415)	(12,299)
Cash Generated from Operations	5,01,151	5,62,629
taxes paid Income (net)	(80,429)	(53,307)
Exceptional Items Before Cash Flow	4,20,722	5,09,322
Exceptional items
Operating Net Cash from / (used in) Activities	4,20,722	5,09,322

		(? iii lakhs)
Particulars	For the year ended 31 March 2022	the For year ended 31 March 2021
FROM INVESTING ACTIVITIES CASH FLOW B. :
Purchase of property, plant & equipments and other intangible assets	(55,456)	(46,925)
Less: Receipt ofgrant	-	-
propety Purchase of , plant & equipment and other intangible assets (net)	(55,456)	(46,925)
ofpropet Proceed from sale y, plant & equipment	740	133
& other bank balances Increase / (Decrease) in term deposits	(4,23,480)	(1,99,223)
Other investments	(26,615)	(19,557)
Interest received	17,645	050 6,
Investing Net Cash from Activities / (used in)	(4,87,166)	(2,59,522)
ACTIVITIES FROM FINANCING CASH FLOW C. :
Proceeds / Repayment from borrowings (net)	-	(833)
Responsibility Corporate Social (CSR) expenditure	(4,757)	(3,670)
Dividend Paid (including tax on dividend)	(1,02,331)	(1,02,274)
liabilities Repayment of lease	(167)	(159)
liability Interest on lease	(306)	(24)
Finance costs	(199)	(613)
Net Cash from / (used in) Financing Activities	(1,07,760)	(1,07,573)
Net Increase/(Decrease) Cash and Cash Equivalents in (A+B+C)	(1,74,204)	1,42,227
of Cash and Cash Equivalents beginning at the the year	3,04,290	1,62,063
end ofthe Cash and Cash Equivalents at the year	1,30,086	3, 04,290

1.Non-cash changes recognised in respect ofliabilities on account of financing activities is :

(i) Parent Company - Nil (Nil)

(ii) Subsidiary Company BELOP - Nil (Nil)

(iii) Subsidiary Company BEL-Thales - Nil (Nil) J

C. Notes:

5 These results have been prepared in accordance with the Ind AS notified under the Companies (Indian Accounting Standards) Rules 2015, as amended.
6 Ministry of Corporate Affairs (MCA) has exempted the companies engaged in defence production from the requirements of Segment Reporting.
7 The audited annual results of subsidiary company viz. BEL Optronic Devices Ltd. (100% shareholding), BEL Thales Systems Ltd (74% shareholding) are included in consolidated financial results for the year 2021-22. The associate viz. GE BE Pvt. Ltd. has been consolidated under equity method [26 % Shareholding], The consolidated financial results have been prepared as per Ind AS 110 and Ind AS 28.
8 The Company has considered the possible effects that may result from the pandemic relating to COVID ¹⁹ in the preparation ofthe financial statements including the recoverability of carrying amount of financial and non-financial assets. In developing the assumptions relating to the possible future unceitainities in the global economic conditions because of pandemic, the company has used its available internal and external sources of information and economic forecasts and expects that the carrying amount of these assets will be recovered. The impact of COVID-19 on the financial statements may differ from the estimate as at the date ofapproval ofthe financial statements.
9 Two interim dividend totalling ? 3.00 per equity share was paid for the financial year 2021-22 in the month of February and March 2022.
10 ^A final dividend of? 1.50 per equity share for the financial year 2021-22 has been recommended by the Board ofDirectors at the meeting held on 23rd May 2022.
11 The figures offourth quarter are the balancing figures between the audited figures for the full financial year and the published igures up to the third quarter ofthe respective inancial years.
12 The inancial results for the year ended ³¹ March ²⁰²² have been audited by the statutory auditors ofthe company.
13 The audited results for the year ended ³¹ March ²⁰²² is subject to supplementary audit by the Comptroller and Auditor General of India u/s ¹⁴³ (6) ofthe Companies Act, 2013.
14 The above statement of inancial results were reviewed by the Audit Committee at the Meeting held on 21st May ²⁰²² and approved by the Board of Directors at the Meeting held on 23rd May 2022.

for and on behalf of Board of Directors

Date: 23rd May ²⁰²² Anandi Ramalingam Chairman & Managing Director (Additional Charge)

Place: Varanasi

INDEPENDENT AUDITOR,S REPORT

To, The Board of Directors, Bharat Electronics Limited

Report on the audit of Standalone Annual Financial Results

Opinion

We have audited the accompanying standalone financial results of BHARAT ELECTRONICS LIMITED (the "Company") for the quarter and year ended 31 March 2022, attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEB1 (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, these standalone annual inancial results:

i. are presented in accordance with the requirements of Regulation ³³ of the Listing Regulations in this regard; and
ii. give ^a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian accounting standards and other accounting principles generally accepted in India of the net proit, total comprehensive income and other inancial information for the quarter and year ended ³¹ March 2022.

Basis for Opinion:

We conducted our audit in accordance with the Standards on Auditing ("SA"s) speciied under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in the Auditor,s Responsibilities for the Audit of the standalone annual inancial results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ( " 1CAI") together with the ethical requirements that are relevant to our audit of the standalone inancial statements under the provisions of the Act and the Rules made thereunder, and we have fulilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is suficient and appropriate to provide ^a basis for our opinion on the standalone annual inancial results.

Management and Board of Directors Responsibilities for the Standalone Annual Financial Results

These standalone financial results for the quarter and year ended 31 March 2022, have been prepared on the basis of the standalone financial statements.

The Company's Management and Board of Directors are responsible for the preparation and presentation of these standalone annual financial results that give ^a true and fair view of the net proit / loss, total comprehensive income and other inancial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, " Interim Financial Reporting" prescribed under section ¹³³ of the Act read with the relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation ³³ of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal inancial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone annual inancial results that give ^a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone annual inancial results, the Management and the Board of Directors are responsible for assessing the Company's ability to continue as ^a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the inancial reporting process of the Company.

Auditor's Responsibilities for the Audit ofthe Standalone Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone annual inancial results as ^a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor ^s report that includes our opinion. Reasonable assurance is ^a high level of assurance but is not ^a guarantee that an audit conducted in accordance with SAs will always detect ^a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone annual inancial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

. Identify and assess the risks of material misstatement of the standalone annual inancial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suficient and appropriate to provide ^a basis for our opinion. The risk of not detecting ^a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through ^a separate report on the complete set of inancial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone annual financial results made by the Management and the Board of Directors.
. Conclude on the appropriateness of the Management and the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether ^a material uncertainty exists related to events or conditions that may cast significant doubt on the Company ^s ability to continue as ^a going concern. If we conclude that ^a material uncertainty exists, we are required to draw attention in our auditor ^s report to the related disclosures in the standalone annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as ^a going concern.
. Evaluate the overall presentation, structure and content of the standalone annual financial results, including the disclosures, and whether the standalone annual financial results represent the underlying transactions and events in ^a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone annual financial results that, individually or in aggregate, makes it probable that the economic decisions of ^a reasonably knowledgeable user of the standalone annual financial results may be inluenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone annual financial results.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identiy during our audit.

Other Matters

1. We did not audit the financial statements of six branches included in the standalone annual financial results of the Company whose financial statements reflect total assets of Rs. 5,98,940 lakhs as at 31 March 2022 and total revenues of Rs. 5, 16,364 lakhs for the year ended on that date, as considered in the standalone annual financial results. The inancial statements of these branches have been audited by the branch auditors appointed by Comptroller & Auditor General of India, whose reports have been furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in respect ofthese branches, is based solely on the report of such branch auditors.
1. The standalone annual financial results include the results for the quarter ended 31 March 2022 being the balancing figure between the audited figures in respect of the full inancial year and the published unaudited year to date igures up to the third quarter of the current inancial year.

Our opinion is not modified in respect of the above matters.

For Guru and Jana Chartered Accountants 26S

Partner Membership No.:218145 udin: 22. lA.8±4£A'5K&rc2JJ ³⁸

Place: Varanasi Date: 23 May 2022

To, The Board of Directors, Bharat Electronics Limited

Report on the audit of Consolidated Annual Financial Results

Opinion

We have audited the accompanying consolidated annual financial results of BHARAT ELECTRONICS LIMITED (hereinater referred to as the "Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as " the Group") and its associate for the quarter and year ended 31 March 2022, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation ³³ of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ( " Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate audited inancial statements of the subsidiaries and associate, the aforesaid consolidated annual inancial results:

i. include the annual inancial results of the following entities:
a. BEL Optronics Devices Limited (BELOP) Subsidiary
b. BEL Thales Systems Limited Subsidiary
c. GE BE Private Limited Associate
ii. are presented in accordance with the requirements of Regulation ³³ of the Listing Regulations in this regard; and
iii. give ^a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian accounting standards and other accounting principles generally accepted in India of the consolidated net proit, total comprehensive income and other inancial information of the Group for the quarter and year ended ³¹ March 2022.

Basis for Opinion:

We conducted our audit in accordance with the Standards on Auditing ("SA"s) speciied under section 143(10) of the Companies Act, 2013 ( " the Act"). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results section of our report. We are independent of the Group, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ( " 1CAI") together with the ethical requirements that are relevant to our audit ofthe consolidated inancial statements under the provisions of the Act and the Rules made thereunder, and we have fulilled our other ethical responsibilities in accordance with these requirements and the ICAI"s Code of Ethics. We believe that the audit evidence obtained by us is suficient an appropriate to provide ^a basis for our opinion on the consolidated annual inancial results.

Management's and Board of Directors> Responsibilities for the Consolidated Annual Financial Results

These consolidated annual financial results for the quarter and year ended 31 March 2022, have been prepared on the basis of the consolidated annual financial statements.

The Holding Company's Management and Board of Directors are responsible for the preparation and presentation of these consolidated annual financial results that give ^a true and fair view of the consolidated net profit / loss, total comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, "Interim Financial Reporting" prescribed under section 133 of the Act read with the relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation ³³ of the Listing Regulations.

The respective Management and Board of Directors of the entities included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the each entity and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated annual financial results that give ^a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated annual financial results by the Management and the Board of Directors of the Holding Company, as aforesaid.

In preparing the consolidated annual financial results, the respective Management and Board of Directors of the entities included in the Group are responsible for assessing the ability of each entity to continue as ^a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are also responsible for overseeing the financial reporting process of each entity.

Auditor>s Responsibilities for the Audit of the Consolidated Annual Financial results

Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results as ^a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor ^s report that includes our opinion. Reasonable assurance is ^a high level of assurance but is not ^a guarantee that an audit conducted in accordance with SAs will always detect ^a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated annual financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

. Identify and assess the risks of material misstatement of the consolidated annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide ^a basi

for our opinion. The risk of not detecting ^a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through ^a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the consolidated annual financial results made by the Management and Board of Directors.
. Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether ^a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as ^a going concern. If we conclude that ^a material uncertainty exists, we are required to draw attention in our auditor ^s report to the related disclosures in the consolidated annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor ^s report. However, future events or conditions may cause the Group and its associates to cease to continue as ^a going concern.
. Evaluate the overall presentation, structure and content of the consolidated annual financial results, including the disclosures, and whether the consolidated annual financial results represent the underlying transactions and events in ^a manner that achieves fair presentation.

We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated annual financial results of which we are independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with ^a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

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Other Matters

The consolidated annual financial results include the audited financial results of two subsidiaries whose financial statements / financial information reflect Group ^s share of total assets of Rs. 45,877 lakhs as at 31 March 2022, Group's share of total revenue of Rs.2,822 lakhs and Rs.9,822 lakhs and Group's share of total net profit after tax (including Other Comprehensive Income) of Rs. 404 lakhs and Rs. 1,048 lakhs for the quarter and year ended 31 March 2022 respectively, as considered in the consolidated annual financial results, which have been audited by their respective independent auditors.

The consolidated annual financial results also reflect the Group>s share of net assets of Rs. 23,292 lakhs and net profit (including other comprehensive income) of Rs. 4,570 lakhs in the associate, whose financial statements have not been audited by us.

The independent auditor"s reports on financial statements/financial information of these entities have been furnished to us and our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed by us are as stated in paragraph above.

Our opinion is not modified in respect of the above matter.

The consolidated annual inancial results include the results for the quarter ended ³¹ March 2022, being the consolidated balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year.

For Guru and Jana Chartered Accountants Firm Registration No. 006826S

Place: Varanasi Date: 23 May 2022

DECLARATION

I , Dinesh Kumar Batra, Director (Finance) & Chief Financial Officer of Bharat Electronics Limited (CIN: L32309KA1954GOI000787) having its Registered & Corporate Office at Outer Ring Road, Nagavara, Bengaluru - 560045, hereby declare that, the Statutory Auditors of the Company, M/s. Guru and Jana, Chartered Accountants (FRN: 006826S) have issued an Audit Report with unmodified opinion on Annual Audited Financial Results of the Company (Standalone & Consolidated) for the quarter and year ended on 31 March, 2022.

This Declaration is given in compliance to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended by the SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2016, vide Notification No. SEBI/LAD-NRO/GN/2016-17/001 dated May 25, ²⁰¹⁶ and Circular No. CIR/CFD/CMD/56/2016 dated May 27, 2016.

(Dinesh Kumar Batra) Director (Finance) & Chief Financial Officer

PRESS RELEASE

BEL registers ^a growth of 14% in PAT during FY 2021-22.

Navratna Defence PSU Bharat Electronics Limited (BEL) has achieved ^a milestone Turnover of Rs. 15,043.67 cr, registering ^a growth of 8.87% during FY 2021-22 over the Turnover of Rs. 13,818.16 cr recorded during the previous year.

Profit After Tax (PAT) during FY 2021-22 stood at Rs. 2,348.93 cr, with ^a growth of 13.73% over the Profit After Tax (PAT) of Rs. 2,065.42 cr recorded during the previous year.

Profit Before Tax (PBT) during FY 2021-22 stood at Rs. 3,157.80 cr, with ^a growth of 7. 60% over the Profit Before Tax (PBT) of Rs. 2,934.81 cr recorded during the previous year.

During Q4 of FY 2021-22, the company has achieved Turnover of Rs. 6,200.69 cr and PAT of Rs. 1,141.81 cr as against Turnover of Rs. 6,757.05 cr and PAT of Rs. 1,352.38 cr respectively during the corresponding previous period.

The order book position of the company as on 1S1 April, 2022 stood at Rs. 57,570 cr.

FOR BHARAT ELECTRONICS LTD

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Bharat Electronics Ltd. Annual Report 2022