Bharat Electronics Ltd. — Audit Report / Information 2025

May 19, 2025

TRTO, The Manager RlRd-^H fRwr Listing Department National Stock Exchange of India Ltd. ^nw,Rt-l, ^ffr Rt, Exchange Plaza, C-l, Block G, TT5^T-^r^f TTFTRTT,Tin Bandra Kurla Complex Bandra ^ , East, Rrf, ^T^RTg'— ⁴⁰⁰⁰⁵¹ Mumbai,Maharashtra- 400051 nfhr / Symbol: BEL

R.No. ¹⁷⁵⁶⁵/6/SE/NSEC/SEC Rrfr / Date: 19.05.2025

*nfmr / Dear Sir/Madam,

HTYcT \$e}ctg7Pfc/xi BHARATELECTRONICS WcT ^cfcf^TfacRT felPl^'^S (^Kd 'dychK cj>^l VJSPT, ⁷⁵TT HId - ^<⁴ ) Mvjflyd emblem : ³)i'iC'{ f^^T '(1'S, ^FFTRI, sl'iojx - ^{560 045}, '•TT'RT Bharat Electronics Limited (Govt,of India Enterprise, Ministry of Defence) Registered Office:Outer Ring Road, Nagavara, Bangalore - 560 045, INDIA. CIN : L32309KA1954GOI000787 M^ura/Telefax :+⁹¹ (80) ^25039266 f-WE-mail ^r/Web secretary@bel.co.in www.bel-india.in

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Sub: Outcome of Board Meeting - Audited Standalone and Consolidated Financial Results for the quarter and year ended ³¹st March. ²⁰²⁵ and Recommendation of final dividend for the financial year 2024-25.

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In compliance with Regulations ³⁰ and ³³ of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, ²⁰¹⁵, we are enclosing herewith the following w.r.t. the meeting of Board of Directors held on Monday, ¹⁹th May, ²⁰²⁵:

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Audited Standalone and Consolidated Financial Results for the quarter and year ended ³¹st March ²⁰²⁵ [Integrated Filing (Financials)]:

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Audited Standalone and Consolidated Financial Results of the Company for the quarter and year ended ³¹st March, ²⁰²⁵ along with Auditors' Report, declaration under Regulation ³³(3)(d) of the SEBI (LODR) Regulations, ²⁰¹⁵ and copy of Press Release.

(ii) F^f 2024-25 % f%rr sff^R- ^rmt^T RF>|R'9T - Recommendation of final dividend for the financial year 2024-25:

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The Board of Directors of the Company at their meeting held on ¹⁹th May, 2025, inter alia, has recommended ^a final dividend of ? 0.90/- per equity share (90%) of ? 1/ each fully paid-up for the financial year 2024-25 subject to approval by the shareholders in the next Annual General Meeting of the Company.

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Please note that the Board meeting commenced at 02.30 P.M. on ¹⁹th May, ²⁰²⁵ and concluded at 05:40 P.M. on ¹⁹th May, 2025.

^JFFT ^F 3Tf\$Fh3T ^1 This is for your information and record.

FSFFFIF / Thanking you,

FF#F Yours faithfully,

FRF sRd-dlPld'd For Bharat Electronics Limited

SREENIVA S SRIPADA Digitally signed by SREENIVAS SRIPADA Date: 2025.05.19 18:00:49 +05'30'

XTF sDPHm / S Sreenivas 4>H41 Ff%F / Company Secretary

OT- FFT 'CSHOF Ends: As stated above.

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF QUARTERLY AND ANNUAL STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF BHARAT ELECTRONICS LIMITED

Opinion

We have audited the accompanying Standalone Financial Results of BHARAT ELECTRONICS LIMITED (the "Company") for the quarter and year ended March 31, ²⁰²⁵, attached herewith being submitted by the Company pursuant to the requirement of Regulation ³³ of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, ²⁰¹⁵, as amended ("Listing Regulations"). These Standalone Financial Results of the company includes the Financial Statements / Results / Information of the Company'^s branches located at Ghaziabad, Panchkula, Kotdwara, Pune, Navi Mumbai and Machilipatnam, which have been audited by the respective branch auditors for the year ended March ³¹, 2025.

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 the branch auditors on branch financial statements/results/information, these Standalone Financial Results:

• ⁱ. are presented in accordance with the requirements of Regulation ³³ of the Listing Regulations in this regard; and
• ii. gives ^a true and fair view in conformity with the recognition and measurement principles laid down in the IndianAccounting Standard ³⁴ "Interim Financial Reporting" ("IndAS ³⁴") prescribed under section ¹³³ of the CompaniesAct, ²⁰¹³ (the "Act") read with relevant rules issued thereunder and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information of the Company for the quarter and year ended March ³¹, 2025.

Basis for Opinion

We conducted our audit in accordance with the Standards onAuditing ("SAs") specified under section ¹⁴³(10) of the Companies Act, ²⁰¹³ ("the Act"). Our responsibilities under those Standards are further described in theAuditor's Responsibilities for theAudit of the Standalone Financial 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 together with the ethical requirements that are relevant to our audit of the Standalone Financial Results under the provisions of theAct and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics.

We believe that the audit evidence obtained by us and by the branch auditors referred to in the "Other Matters" paragraph, is sufficient and appropriate to provide ^a basis for our opinion.

Board of Director'^s Responsibilities for the Standalone Financial Results

The Company'^s Board of Directors are responsible for the preparation and presentation of these Standalone Financial Results that give ^a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the accounting principles generally accepted in India including the Indian Accounting Standards (Ind AS)

Offices :Bengaluru, Delhi, Mumbai, Ernakulam, Hyderabad, Puttur (DK), Pune, Durg, Kolhapur, Shimoga, Indpref Porvorim (Goa), Guwahati, Raipur, Surat, Bhopal, Rudrapur, Imphal, Jaipur, Lucknow, Sambalpur, Jamshedpur & Aite&|ab£fti ORE "

specified under section ¹³³ of theAct read with the Companies (IndianAccounting Standards) Rules, ²⁰¹⁵, as amended 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 theAct for safeguarding of 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 financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give ^a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Results, 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 Company'^s financial reporting process.

Auditor'^s Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance-about whether the Standalone 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 Standalone Financial Results.

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

• Identify and assess the risks of material misstatement of the Standalone 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 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, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Evaluate the appropriateness and reasonableness of disclosures made by the board of directors in terms of requirements specified under regulation ³³ of LODR regulations.
• Conclude on the appropriateness of 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 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 Financial Results, including the disclosures, and whether the Standalone Financial Results represent the underlying transactions and events in ^a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the branches or business activities within the Company to express an opinion on the Standalone Financial Results.
• We are responsible for the direction, supervision and performance of the audit of the financial information of such branches included in the Standalone Financial Results of which we are the independent auditors. For the other branches included in the Standalone Financial Results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in the section titled 'Other Matter' in this audit report.

Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of ^a reasonably knowledgeable user of the Standalone Financial Statements may be influenced. 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 Financial Statements.

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 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.

Other Matters

• ^a) We did not audit the financial statements / financial information of six branches included in the Standalone Financial Results of the Company whose financial statements / financial information reflect total assets of Rs. ⁷,85,⁰⁴⁷ Lakhs as at ³¹ March ²⁰²⁵, revenue from operations of Rs. ⁷,81,⁸⁶¹ Lakhs and total profit before tax of Rs. 2,25,⁸⁰⁸ Lakhs for the year ended on March ³¹, ²⁰²⁵. The financial statements / financial information of these branches has been audited by the branch auditors appointed by the 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 of these branches, is based solely on the report of such branch auditors.
• ^b) As on ³¹ March 2025, the Company'^s Board of Directors comprises six Whole-time Executive (Functional) Directors including the Chairman and Managing Director and two Part-time Government (Non-Executive) Directors. The composition of the Board is not in terms of Regulation ¹⁷(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulation, ²⁰¹⁵ with effect from ¹⁰ August ²⁰²⁴ and not in terms of section ¹⁴⁹ of the Companies Act, ²⁰¹³ with effect from ²⁸ December ²⁰²⁴, due to non-appointment of requisite number of Independent Directors on the Board of the Company by Ministry of Defence, Government of India.

There are nine vacancies of Independent Directors, including one Independent Woman Director as on ³¹ March ²⁰²⁵. All the vacancies were notified in time to the Government for filling up and the matter is under consideration of the Ministry of Defence, Government of India.

c) The quarterly Standalone Financial Results for the period ended March ³¹, ²⁰²⁵ are the derived figures between the audited figures in respect of the year ended March 31, ²⁰²⁵ and the published year-to-date figures up to December ³¹, 2024, being the date of the end of the third quarter of the current financial year, which were subjected to limited review as required under Listing Regulations.

Our opinion on the Standalone Financial Results is not modified in respect of the above matters.

For RAO & EMMAR Chartered Accountants Firm Registration No: 003084S

BANGALORE ^lI \ ^{P r a v e e n B J} X Partner Membership Number: 215713 UDIN: 25215713BMJHHM6789

Bengaluru May 19, 2025

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF QUARTERLY AND ANNUAL CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF BHARAT ELECTRONICS LIMITED

Opinion

We have audited the accompanying Consolidated Financial Results of BHARAT ELECTRONICS LIMITED (hereinafter referred to as the "Holding Company"), its two Subsidiaries, BEL Thales Limited and BEL Optronic Devices Limited (Holding Company and its Subsidiaries together referred to as the " Group") and its two Associates , BEL IAI AeroSystems Private Limited and GE-BE Private Limited for the year ended March ³¹, ²⁰²⁵, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation ³³ of the SEBI (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 Financial Statements/results/information and on the other financial statements/financial information prepared by the management, these Consolidated Financial Results:

(i) include the results of the following entities:

Subsidiaries:

• ^a. BEL-Thales Systems Limited
• b. BEL Optronic Devices Limited

Associates:

• a. GE-BE Private Limited
• b. BEL IAI AeroSystems Private Limited
• (ii) are presented in accordance with the requirements of Regulation ³³ of the Listing Regulations; and
• ( ii) gives ^a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard ³⁴ "Interim Financial Reporting"("Ind AS ³⁴") prescribed under section ¹³³ of the Companies Act, ²⁰¹³ (the "Act") read with relevant rules issued thereunder and other accounting principles generally accepted in India of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group and its Associates for the year ended March 31, 2025.

Basis for Opinion

We conducted our audit in accordance with the Standards onAuditing ("SAs") specified under section ¹⁴³(10) of the Companies Act, ²⁰¹³ ("Act"). Our responsibilities under those Standards are further described in the Auditor'^s Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group and its Associates in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the

Offices : Bengaluru, Delhi, Mumbai, Ernakulam, Hyderabad, Puttur (DK), Pune, Durg, Kolhapur, Shimoga, Indore/^Porvorim (Goa), Guwahati, Raipur, Surat,Bhopal,Rudrapur, Imphal, Jaipur, Lucknow,Sambalpur, Jamshedpur & AhmedabL .ORE £ ^⁴ £

Consolidated Financial Results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics.

We believe that, the audit evidence obtained by us and by the other auditors referred to in the "Other Matters" paragraph, is sufficient and appropriate to provide ^a basis for our opinion.

Board of Director'^s Responsibilities for the Consolidated Financial Results

The Holding Company'^s Board of Directors are responsible for the preparation and presentation of these Consolidated Financial Results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group and its Associates , in accordance with the accounting principles generally accepted in India including the Indian Accounting Standards (IndAS) specified under section ¹³³ of the Act read with the Companies (Indian Accounting Standards) Rules, ²⁰¹⁵, as amended and in compliance with Regulation ³³ of the Listing Regulations.

The respective Board of Directors of the companies in the Group and its Associates are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its Associates 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 the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Consolidated 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 Financial Results by the Directors of the Holding Company, as aforesaid.

In preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group and its Associates are responsible for assessing the ability of the Group and its Associates 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 companies in the Group and its Associates or to cease operations, or has no realistic alternative but to do so.

Auditor'^s Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Consolidated 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 Financial Results.

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

RAO & EMMAR CHARTERED ACCOUNTANTS Continuation sheet

• Identify and assess the risks of material misstatement of the Consolidated 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 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 but not for the purposes of expressing an opinion on the effectiveness of the Group'^s and Associate'^s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of 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 ability of the Group and itsAssociates 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 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 itsAssociates to cease to continue as ^a going concern.
• Evaluate the overall presentation, structure and content of the Consolidated Financial Results, including the disclosures, and whether the Consolidated Financial Results represent the underlying transactions and events in ^a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the Group and its Associates to express an opinion on the Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Consolidated Financial Results of which we are the independent auditors. For the other entities included in the Consolidated Financial Results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in the section titled, Other Matter, in this audit report.

We communicate with those charged with governance of the Holding Company and other companies included in the Consolidated Financial Results of which we are the 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 SEBI under Regulation ³³(8) of the listing Regulations, as amended, if and to the extent applicable.

Other Matters

• 1. We did not audit the financial statements/ results/ information of two subsidiaries included in the Consolidated Financial Results, whose financial statements / results / information reflect total assets of Rs. ⁵⁰,⁰¹⁶ Lakhs as at March ³¹, 2025, revenue from operation of Rs. 31,⁴⁵⁹ Lakhs, total comprehensive income (comprising of profit and other comprehensive income) of Rs. ²,⁴⁴⁷ Lakhs and net cash flows of Rs.(2,555) Lakhs, for the year ended as on that date. This financial statements / results / information have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the Consolidated Financial Results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors.
• 1. We did not audit the financial statements / results / information of two associates, namely BEL IAI Aero Systems Private Limited and GE-BE Private Limited, whose financial statements reflect the Group'^s share of loss of Rs. ¹⁸ Lakhs and net profit after tax of Rs. 3,⁵⁷² Lakhs respectively, representing ⁴⁰% and ²⁶% interests in these associates accounted for using the equity method. These figures are based on the management drawn / unaudited financial statements of the respective associates.

According to the information and explanations provided to us by the management of the Holding Company, and based on our assessment, the financial statements of these associates are not material to the consolidated financial statements of the Group.

• 1. We did not audit the financial statements/ results/ information of six branches included in the Standalone Financial Statements of the Holding Company whose financial statements / financial information reflect total assets of Rs. 7,85,047 Lakhs as at March ³¹, ²⁰²⁵, revenue from operations of Rs. ⁷,81,⁸⁶¹ Lakhs and total profit before tax of Rs. ²,25,808 Lakhs for the year ended on March 31, 2025. The financial statements / financial information of these branches has been audited by the branch auditors appointed by the 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 of these branches, is based solely on the report of such branch auditors.
• 1. The Holding Company has made investments in Defence Innovation Organisation (DIO), Electronic Warfare (Defence) Testing Foundation, Communication (Defence) Testing Foundation, and UAS Testing Foundation, which are not-for-profit companies registered under Section 8 of the Companies Act, 2013. These entities have not been considered for consolidation in the consolidated financial statements, as the Holding Company does not exercise control over these entities nor does it have rights to variable returns from its involvement, other than the equity investment.
• ⁵. As on ³¹ March ²⁰²⁵, the Holding Company'^s Board of Directors comprises six Wholetime Executive (Functional) Directors including the Chairman and Managing Director and two Part-time Government (Non-Executive) Directors. The composition of the Board is not in terms of Regulation ¹⁷(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulation, ²⁰¹⁵ with effect from ¹⁰ August ²⁰²⁴ and not in terms of section 149 of the Companies Act, ²⁰¹³ with effect from 28 December ²⁰²⁴, due to non-appointment of requisite number of Independent Directors on the Board of the Holding Company by Ministry of Defence, Government of India.

There are nine vacancies of Independent Directors, including one Independent Woman Director as on 31 March 2025. All the vacancies were notified in time to the Government for filling up and the matter is under consideration of the Ministry of Defence, Government of India.

1. The quarterly Consolidated Financial Results for the period ended March 31, 2025 are the derived figures between the audited figures in respect of the year ended March ³¹, ²⁰²⁵ and the published year-to-date figures up to December 31, ²⁰²⁴, being the date of the end of the third quarter of the current financial year, which were subjected to limited review as required under the Listing Regulations.

Our opinion on the Consolidated Financial Results is not modified in respect of the above matters.

For RAO & EMMAR Chartered Accountants F[rm Registration No: 003084S

•( ewsMOft11£ ^J Praveen Partner Membership Number: 215713 UDIN: 25215713BMJHHN3714 £^D ACC

Bengaluru May 19, 2025

BIIARAT ELECTRONICS LIMITED

(CIN: L32309KA1954GOI000787)

Registered & Corporate Office: Outer Ring Road, Nagavara, Bengaluru -^{560 045}. ^E-mail: secretary@bel.co.in, Website: www.bel-india.in. Ph: 080-^25039300 / ^25039266 Fax: ⁰⁸⁰-25039266

Statement of standalone and consolidated audited results for the quarter and year ended ³¹ March, ²⁰²⁵.

A. Standalone Results

						in La kh s)
			Q de d rt ua er en		Y ea r e	nd ed
SI N o.	Pa ic ul rt ar s	31 .0 3. 20 25 (R ef er N 11 ot ) e	31 .1 2. 20 24 (U ud ite d) na	31 .0 3. 20 24 (R ef er No 11 ) te	31 .0 3. 20 25 (A ud ite d)	31 .0 3. 20 24 (A ud ite d)
1	Re fro m ati ve nu e op er on s	9, ,9 71 11	5, 75 12 ,6	8,5 2, 85 4	23 ,6 5, 80 1	20 ,1 6, 93 9
2	O th in er co m e	19 ,4 18	20 ,5 08	22 ,0 52	59 76 ,7	75 ,5 84
3	in To tal ( 1 +2 ) co m e	9, 31 ,3 89	5, 96 ,1 20	8,7 90 4, 6	24 ,4 2, 56 0	20 2, 52 ,9 3
4	Ex pe ns es
	(a ) C f m ria ls t o ed ate os co ns um	42 ,9 44 4,	3, 19 ,1 02	4,5 11 2 7,	12 ,5 6, 14 0	10 ,4 2 9, 76
	(b ) C io of -in pt ck ad sto -tr on su m n e	17 ,4 46	10 ,3 82	17 ,7 96	43 ,0 41	62 ,8 86
	(c ) C ha in in ie f f in ish ed nt od ng es ve or s o go s,	15 ,2 03	(3 0, 20 4)	(3 4, 97 0)	(8 1,0 83 )	(5 05 6, 7)
	in k- nd -p ro w or gr es s a sc ra p
	(d ) E pl be fit m oy ee ne s e xp en se	75 ,8 23	66 ,5 32	63 ,0 00	2, ,4 36 73	2, 46 ,6 70
	(e ) F in an sts ce co	58 0	13 1	39 3	96 1	70 2
	(f) D ci ati d tis ati ep re on an am or on ex pe ns e	12 ,9 78	10 ,2 92	11 ,0 93	43 ,5 58	41 ,2 43
	(g ) O th ex pe er ns es	53 81 ,6	44 ,4 70	1,2 1,9 21	1,9 50 8 7,	2, ,8 13 61
	l e To s ( ta g) to xp en se a	46 27 6, ,6	20 4, ,7 05	6, 36 ,3 45	,3 3, 56 1 17	,5 9, 06 15 7
5	Pr of it be fo io l i s & pt (3 -4 tem ) re ex ce ta na x	2, 84 ,7 62	1,7 5, 41 5	2, 38 ,5 61	7, 08 ,9 99	5, 33 ,4 56
6	Ex io l i pt tem ce na s
7	Pr of it be fo (5 - 6 ) tax re	2, 84 ,7 62	1,7 5, 41 5	2,3 8, 56 1	7, 08 ,9 99	5, 33 ,4 56
8	Ta x ex pe ns e
	- C nt tax ur re	61 ,7 60	47 ,7 65	73 ,7 12	1,7 6, 13 5	95 9 1,4 4,
	- E lie tax ar r y ea rs	27 4		(6 ,8 90 )	27 4	(6 ,8 90 )
	ef - D d ta er re x	12 ,2 50	(3 ,9 56 )	(6 ,6 13 )	3, 76 5	(6 ,6 13 )
	tal isi To fo ati pr r t ov on ax on	74 ,2 84	43 ,8 09	60 ,2 09	1,8 0, 17 4	1, 31 ,4 56
9	Pr of it fo he rio d (7 - 8 r t ) pe	2, 10 ,4 78	1,3 1,6 06	1,7 8,3 52	5, 28 ,8 25	4, 02 ,0 00
10	Ot he r C eh siv In e / (L s) om pr en e co m os Ite ha ill t b cla ifi ed s t t w bs ly of it m lo no nt to e re ss su eq ue pr or ss
	- R f t he t d ef in ed be fit t o lia bi lit y/ em ea su re m en ne t ne as se - E ity in th he str h eh siv ts ot in qu um en ro ug r c om pr en e co m e	(9 ,6 93 ) 2	6, 09 3	(1 1,5 67 ) 2	1, 10 4 2	(7 ,7 05 ) 2
	- I lat in th ite tax to nc om e re g es e m s	2, 43 9	(1 ,5 33 )	2, 91 1	(2 78 )	1,9 39
	th To l o eh siv in ta e / (lo ) ( f t ) er co m pr en t o e co m ss ne ax	,2 52 (7 )	4, 56 0	(8 54 ,6 )	82 8	(5 ,7 64 )
I I	To l c eh siv in fo ta he rio d (9 10 ) om pr en r t e co m e pe + [c isi of it d he eh siv in fo ot he om pr ng pr an r c om pr en r t e co m e rio d] pe	2, 03 ,2 26	1,3 6, 16 6	1,6 9, 69 8	5, 29 ,6 53	3, 96 ,2 36
12	Pa id ui sh (F pi tal f ? ty V alu 1/- ch p ) -u eq ar e ca ac e e o ea	73 ,0 98	73 ,0 98	73 ,0 98	73 ,0 98	73 ,0 98
13	Ea in ha & (B ic Di lu d) (? ) ( te lis ed ) rn gs pe r s re t a as no nn ua	2. 87	1.8 1	2. 44	7. 23	5. 50

See accompanying notes to the financial results.

B. Consolidated Results

			Q rt de d ua er en		Ye ar	(T in La kh s) de d en
SI	Pa icu rt la rs	31 .0 3.	20 25 31 .0 3. 20 24
No		(R ef er	31 .12 .2 02 4 (U ud ite d) na	No (R ef te er	31 .0 3.2 02 5 (A ud ite d)	31 .0 3. 20 24 (A ud ite d)
		No 11 ) te		11 )
1 2	Re e f m ati ve nu ro op er on s Ot he r i nc om e	9, 14 ,9 59 19	,0 5, 77 69	8, 56 ,40 8	23 ,7 6,8 75	20 ,2 6, 82 4
3	To tal in e ( 1+ 2) co m	,4 64 34 9, ,42 3	18 ,6 38 5,9 5, 70 7	,54 22 3 ,95 1 8, 78	74 ,2 36 24 ,5 1, 11 1	67 ,0 14 20 ,9 3, 83 8
4	Ex pe ns es
	(a ) C f m ria ls t o ed ate os co ns um	4, 42 14 ,9	3, 17 ,64 0	56 ,40 4, 3	12 ,8 ,57 18	10 ,5 0,9 18
	(b ) C io of ck -in pt sto ad -tr on su m n e ha in	17 ,44 6	10 ,38 2	17 ,79 6	43 ,04 1	62 ,8 86
	(c ) C in ie f f in ish ed nt od ng es ve or s o go s, -in rk nd wo -p ro gr es s a sc ra p	14 ,5 33	(2 88 7) 9,	(3 3, 11 2)	(8 2, 13 6)	(5 6, 17 2)
	(d ) E pl be fit m oy ee ne s e xp en se	76 ,60 8	67 ,1 97	63 ,7 39	2, 76 ,0 63	2,4 8,9 49
	(e ) F in sts an ce co De iat io	58 6	13 2	40 5	96 8	71 4
	(f) d tis ati pr ec n an am or on ex pe ns e (g ) O th ex pe er ns es	13 ,7 58 81 ,85 2	11 ,09 3 44 88 ,7	11 ,8 54 1,2 2, 85 9	46 ,7 38 1,9 8, 71 9	44 ,32 0 2, ,60 2 15
	To tal (a g) to ex pe ns es	6, 47 ,69 7	4, 21 ,34 5	39 ,94 4 6,	17 ,4 1,2 11	15 17
5	Pr of it be fo io l i sh f n pt tem of it of re et ex ce na ar e o	86				,2 ,67
	s, pr ci ate d de ity & te eth od (3 as so -4 ) ac co un tax un r e qu m	2, ,72 6	1,7 4,3 62	2,3 9,0 07	7, 09 ,90 0	5, 26 ,62 1
6	Ex io l i pt tem ce na s
7	Pr of it be fo sh f n of it of cia et ted de re ar e o te pr as so ac co un un r ui & eth od (5 ty - 6 ) tax eq m	2, 86 ,7 26	36 1,7 4, 2	39 ,00 7 2,	7,0 9,9 00	5, 26 ,6 21
8	Ta x ex pe ns e
	- C nt tax ur re	61 ,92 4	48 ,0 38	73 ,7 07	1,7 6,7 75	1,4 57 5, 6
	lie - E tax ar r y ea rs - D ef ed tax err	26 0		(6 ,89 3)	26 0	(6 ,8 93 )
	To tal isi fo ati r t pr ov on ax on	12 ,44 1 74 ,62 5	(3 ,8 03 ) 44 ,2 35	,37 3) (6 60 ,44 1	4, 15 0 1,8 1, 18 5	,37 3) (6 1.3 2. 31 0
9	Pr of it be fo sh f n of it of ci et ted de re ate ar e o pr as so ac co un un r ui eth od (7 - 8 ty ) eq m	2, 12 ,1 01	1,3 0, 12 7	1,7 8,5 66	5, 28 ,7 15	3. 94 .3 11
10	Sh f n of it of cia et te ted de ity ar e o pr as so ac co un un r e qu eth od m	60 1	1,0 33	1, 10 1	3, 55 3	4, 21 3
11	Pr of it fo he rio d (9 10 r t ) + pe	12 2, ,70 2	1,3 16 0 1,	1,7 9, 66 7	5,3 2, 26 8	3,9 8, 52 4
12	Ot he r C eh siv In e / (L s) om pr en e co m os Ite ill ha t b las sif ied s t bs t w ly of it m nt no e r ec to su eq ue pr or lo ss
	- R f t he t o t d ef in ed be fit lia bi lit y/ em ea su re m en t ne ne as se	(9 ,8 29 )	6,0 92	(1 1,5 37 )	96 8	(7 ,67 5)
	- E ity in th h str he ts eh siv e i qu ot um en ro ug r c om pr en nc om e - S ha of he eh siv e i ot f a re	2		2	2	2
	iat r c om pr en nc om e o ss oc e ted de ity eth od (n of ) ac co et tax un un r e qu m	(4 )	(5 )	(2 9)	(9 )	(2 9)
	- I lat in th ite e t to nc om ax re g es e m s	2,4 78	(1 ,5 33 )	2,9 02	(2 39 )	30 1,9
	To l o th eh e i ta siv (lo e / ) ( f t ) er co m pr en t o nc om ss ne ax	,3 53 (7 )	4, 55 4	(8 2) ,66	72 2	(5 ,7 72 )
13	To tal eh siv e i e f th rio d 12 ) (1 1 co m pr en nc om or e + pe [co isi of it d he eh siv ot e i e f m pr ng pr th an r c om pr en nc om or e rio d] pe	05 ,34 2, 9	1,3 5, 71 4	1,7 1,0 05	5, 32 ,99 0	3, 92 52 ,7
14	Ne fit t P / ( Lo ) a ib ab le ttr ro ut to ss
	a) Ow of th e C ne rs om pa ny	2, 12 ,7 04	1,3 1,0 95	1,7 9, 71 1	5,3 2, 14 4	3, 98 ,45 2
	No b) Co lli In nt ter n t ro ng es	(2 )	65	(4 4)	12 4	72
	Ot he r C eh siv In ib ab le ttr ut to om pr en e co m e a Ow a) of th e C ne rs om pa ny b) No Co lli In nt ter t n ro ng es	(7 ,3 53 )	4, 55 4	(8 62 ,6 )	72 2	(5 ,7 72 )
	To l C eh siv e I ta ib ab le om ttr ut pr en nc om e a to
	Ow a) of th e C ne rs om pa ny	2, 05 ,35 1	1,3 5, 64 9	1,0 49 1,7	5,3 86 2, 6	3,9 2, 68 0
	No b) Co lli In nt ter n t ro ng es	(2 )	65	(4 4)	12 4	72
15	id Pa ity sh ita l ( Fa V alu f ? 1/- ch -u p e qu ) ar e c ap ce e o ea	73 ,09 8	73 ,09 8	73 ,09 8	73 ,09 8	73 ,0 98
16	in Ea ha ic & (B Di lu ?) ted ) ( (n rn ali d) gs pe r s re as ot an nu se	2.9 1	1.7 9	2.4 6	7. 28	5.4 5

See accompanying notes to the financial results.

C. Notes:

¹. Standalone Statement of Assets & Liabilities as at ³¹ March ²⁰²⁵ is ^given below.

			in L ak hs )
SI		A at s	A t s a
N o.	P ti la ar cu rs	31 20 25 M ch ar	31 20 24 M ch ar
A	A SS E T S
(1 )	N nt ts on -c ur re as se
(a )	Pr pl d ui t t t op er y, an eq an pm en	3 ,1 2 ,4 19	2 ,9 11 ,6 9
(b )	C ita l k- in ap w or -p ro gr es s	46 ,8 79	45 ,3 77
(c )	In st t ty ve m en pr op er	4	4
(d )	O th in ib le ta ts er ng as se	4, 88 7	5 78 ,9
(e )	In ib le de ta de lo ts ng t as se un r ve pm en	57 ,4 82	43 ,7 30
(f )	Fi ia l ts na nc as se
	(i ) In st ts ve m en	82 ,0 38	76 ,7 79
	(i i ) de T iv ab le ra re ce s
	(i ii ) L oa ns	66 3	70 3
	(i v) O th fi ia l ts er na nc as se	1, 93 2	1, 42 8
( g)	D ef d (n ) ta ts et er re x as se	53 ,4 12	57 ,4 16
(h )	In ie nt ve or s
( 0	O th t ts er no n cu rr en as se	19 ,3 75	25 ,1 24
	Su b l N to ta t ts on cu rr en as se -	5 ,7 9 ,0 91	5 ,2 6 ,4 50
(2 )	C nt
(a )	ts ur re as se In ie nt ve or s
(b )	Fi ia l a et na nc ss s	06 9, ,9 66	40 7, ,7 59
	(i ) T de iv ab le ra re ce s	9 9 96	36
	(i i ) C h & sh ui le as nt ca eq va s	,0 ,1 68 ,1 68	7, ,2 19 14 ,9 00 1,
	(i ii B k ba ) la [o th th (i i ) ab e] an nc es er an ov	8, 1, 56 2 7	9, 81 ,9 10
	(i v) L oa ns	14 7	14 1
	(v ) O th fi ia l a et er na nc ss s	23 ,9 00	28 ,8 90
(c )	C (n ) nt ta ts et ur re x as se	35 ,1 49	44 ,8 59
(d )	O th t a et er cu rr en ss s	6, 47 ,6 29	7, 4 1, 43 7
	Su b l C to ta nt ts ur re as se -	34 ,6 2 ,7 17	33 ,8 9 ,1 15
	T O T A A SS L E T S	40 ,4 1 ,8 08	39 ,5 65 ,1 5
B	Q E U IT Y A N D L IA B IL IT IE S
(1 )	E it qu y
(a )	E it sh pi l ta qu y ar e ca	73 ,0 98	73 ,0 98
(b )	O th ui ty er eq	18 ,9 6, 67 0	15 ,3 5 ,1 41
	Su b T al ot E it qu y -	19 ,6 9 68 ,7	,0 8 16 ,2 39
(2 )	N lia bi lit ie nt on -c ur re s
(a )	D ef d in er re co m e	5 ,3 87	5 ,7 09
(b )	Fi ia l lia bi lit ie na nc s
	(i ) B in or ro w gs
	(i a) L lia bi lit ie ea se s	5, 86 9	02 5 6,

(Tin Lakhs)

SI N o.	P ti la ar cu rs	A t s a 20 25 31 M ch ar	A t s a 20 24 31 M ch ar
	(i i ) T de bl ra pa ya es
	of l o di du ic ri & al l to ta ut st te an ng es m ro en rp se s sm -
	ri d te en rp s; se an
	l o of di du ed ito he th ic to ta ut st ot an ng es cr rs r an m ro -
	ri & al l e is te nt en rp se s sm er pr es
	(i ii ) O th fi ia l lia bi lit ie er na nc s	1, 45 7	48 0
(c ) (d )	Pr is io ov ns O th lia bi lit ie t	89 ,4 76	,1 04 96
	no n er cu rr en s
	Su b l - N lia bi lit ie to ta t on cu rr en s	18 9 1 ,0 2,	,0 8, 3 18 1
(3 )	C nt lia bi lit ie ur re s
(a )	ef d D in er re co m e	30 8	31 0
(b )	Fi ia l l ia bi lit ie na nc s
	(i ) in B or ro w gs
	(i lia bi lit ie a) L ea se s	25 4	22 6
	(i i ) T de bl ra pa ya es l o di du of ic ri & al l to ta ut st te -
	an ng es m ro en rp se s sm ri d te en rp se s; an	17 ,3 38	2 1 ,2 17
	of l o di du ed ito he th ic to ta ut st ot an ng es cr rs r an m ro -
	ri & al l e is te nt en rp se s sm er pr es	3 ,1 4 ,1 67	3 ,4 8 ,1 48
	(i ii ) O th fi ia l l ia bi lit ie er na nc s	1 ,3 6 ,5 26	1 ,3 1 ,3 03
(c )	O th t l ia bi lit ie er cu rr en s	14 ,2 8 ,2 51	16 ,2 8 ,9 04
(d )	Pr is io ov ns	73 ,0 07	68 ,9 00
(e )	C lia bi lit ie (n ) nt ta et ur re x s
	Su b C l nt lia bi lit ie to ta ur re s -	19 ,6 9, 85 1	2 1 00 8 ,9 9,
	O A Q T T L E U IT Y A N D IA L B IL IT IE S	40 ,4 1, 80 8	39 ,1 5, 56 5

C. Notes

2. Standalone Statement of Cash Flows

		in L ak hs )
ic Pa ul rt ar s	Fo th r ye ar e de d 31 en 20 25 M ch ar	Fo th r e ye ar de d 31 en M ch 20 24 ar
W C A SH O O M O A G A FL FR PE R T IN A C T IV IT IE S :
Pr of it be fo io l i d pt te ta re ex ce na m s an x	7, 08 ,9 99	33 ,4 56 5,
A d ju fo stm ts en r:
D ci io d tis io at at ep re n an am or n ex pe ns e	43 ,5 58	,2 43 41
fo Pr is io r i gi bl de r d el nt ts t ov n an e as se un ev op m en		9, 66 6
In ib le de r d el ha ed of f ta ts t c ng as se un ev op m en rg	12 9
Tr sf fr om t g nt an er go ve rn m en ra s	(3 24 )	(3 36 )
in In te st re co m e	(6 1, 58 7)	(5 6, 73 6)
iv id d in D co m e en	(3 ,2 91 )	(9 ,4 58 )
le In lia bi lit te st re on as e y	41 6	42 1
Fi st na nc e co s	54 5	28 1
of it of Pr le la & ui ty nt t on sa pr op er , p eq pm en	(2 55 )	(3 34 )
O tin of it ef C ita Pr B W ki l C ha pe ra g or e or ng ap ng es	6, 88 ,1 90	5, 18 ,2 03
/ ( In D e) du to cr ea se ec re as e :
Tr ad iv ab le e re ce s	2, (1 ,7 97 7)	(3 4, 01 8)
Lo an s	34	(1 6)
fin ci al O th ts er an as se	(4 89 )	07 4 7,
O th ts er as se	99 ,5 57	61 ,1 .63
ie In nt ve or s	(1 ,6 6, 20 7)	(9 9, 55 4)
Tr ad bl e pa ya es	86 0) (3 7,	37 ,3 62
th fin ci al lia bi lit ie O an er s	6, 60 1	95 7 4,
O th lia bi lit ie er s	(2 ,0 0, 65 3)	99 ,8 38
is io Pr ov ns	(1 ,4 17 )	,0 89 11
C h G ed fr O tio at om as en er pe ra ns	2, 14 ,7 79	6, 06 ,0 98
In id (n ) ta et pa co m e xe s	(1 ,6 6, 73 8)	(1 ,4 1, 29 7)
C h Fl ef tio l I B E te ow as or e xc ep na m s	48 ,0 41	64 ,8 01 4,
io l i Ex pt te ce na m s
N C h fr / ( ed in ) O tin A iv iti et om ct as us pe ra g es	48 ,0 41	4, 64 ,8 01

		(f in L ak hs )
ic Pa rt ul ar s	Fo th r e ye ar de d 31 en M ch 20 25 ar	Fo th r e ye ar de d 31 en M ch 20 24 ar
B . C A SH FL O W FR O M IN V E ST IN G A C S T IV IT IE :
Pu ha of la & ui nd he r i gi bl ty nt t a ot nt ts rc se pr op er , p eq pm en an e as se	,0 0, 40 ( 1 7)	(6 4, 71 4)
ei of R pt t ec gr an
Pr ds fr le of la & ui ty nt om t oc ee sa pr op er , p eq pm en	30 4	48 5
In / D fr de sit & he r b k ba la te ot om rm cr ea se ec re as e po s an nc es	1, 10 ,1 51	(5 60 1) ,6 7,
Eq ui in in bs id ia rie ci & ty stm ts at ve en su s as so es	,5 10 ) (1	(2 ,1 99 )
In in he stm ts ot ve en rs	(3 ,7 47 )	(8 ,1 40 )
In iv ed te st re re ce	,7 59 66	43 ,8 26
iv id d D iv ed en re ce	3, 29 1	45 9, 8
C h / ( ) I N et fr ed in tin A iv iti om ct as us nv es g es	74 ,8 41	(5 ,8 8, 88 5)
O O C . C A SH FL W FR M FI N A N C IN G A C T IV IT IE S :
iv id d id D en pa	8, 05 (1 ,6 6)	(1 ,4 6, 15 4)
f l lia bi lit ie R t o ep ay m en ea se s	(5 97 )	(5 78 )
In le lia bi lit te st re on as e y	(4 ) 16	(4 21 )
Fi st na nc e co s	(5 45 )	(2 81 )
N C h fr / ( in Fi in et ed ) A iv iti om ct as us na nc g es	,6 9, 61 4) (1	(1 ,4 7, 43 4)
/ ( N In D e) in C h d C h iv et E al ts (A +B +C ) cr ea se ec re as as an qu en as	(4 6, 73 2)	(2 ,7 1, 51 8)
C C h d h E iv al th of ts be gi in th at as an as qu en e nn g e ye ar	1, 14 ,9 00	3, 86 ,4 18
C C iv h d h E al ts th d of th at as an as qu en e en e ye ar	68 ,1 68	1, 14 ,9 00

1. Cash flow in respec^t of CSR Activities is ? 2,770 (T 2,755).

2. Non-cash changes recognised in respec^t of liabilities on account of financing activities is Nil (Nil).

C. Notes:

³. Consolidated Statement of Assets & Liabilities as at ³¹ March 2025 is ^given below.

			(? in La kh s)
SI	ti P la ar cu rs	A t s a	A t s a
N o.		31 M ch 20 25 ar	31 M ch 20 24 ar
A	A SS E T S
(1 )	N nt ts on -c ur re as se
(a )	Pr pl nd ui t t a t op er y, an eq pm en	3, 20 ,4 53	2, 78 ,8 47
(b )	C ita l w k- in ap -p ro or gr es s	47 ,6 98	45 ,6 42
(c )	In st t p rt ve m en ro pe y	4	4
(d )	th in O ib le ta ts er ng as se	21 ,4 66	24 ,6 70
(e )	In ib le de de lo ta ts t ng as se un r ve pm en	57 ,4 82	43 ,7 30
(f )	In t i ci st at ve m en n as so e	16 ,1 36	15 ,1 57
( g)	Fi ia l ts na nc as se
	(i ) In st ts ve m en	58 ,1 61	53 ,0 66
	(i i ) T de iv ab le ra re ce s
	(ii i ) L oa ns	3 66	70 3
	(iv ) fi ia l O th ts na nc er as se	2, 4 15	88 3 1,
(h )	D ef d (n ) ta ts et er re x as se	53 ,4 84	57 ,4 68
( 0	In ie nt ve or s
0 )	O th t a et no n er cu rr en ss s	19 ,4 36	,2 00 25
	Su b l - N to ta t ts on cu rr en as se	5 ,9 7 ,3 98	5 ,4 6 ,3 70
(2 )	C nt ts ur re
(a )	as se In ie nt ve or s	9 89 8	44 89
(b )	Fi ia l a et na nc ss s	,1 1,	,6 7,
	(i ) T de iv ab le ra re ce s	11 37	39 ,2 38
	) (i i C h & sh ui le nt as ca va s	9, ,6 34 5 7 1,	7, 20 32 1, ,6
	eq (ii i ) B k ba la [o th th (i i ) ab e] an nc es er an ov	8, 83 ,1 65	9 02 ,8 5, 7
	(iv L ) oa ns	14 7	14 1
	(v ) fi ia l O th ts er na nc as se	24 ,1 33	29 ,4 40
(c )	C (n ) nt ta et ts ur re x as se	35 ,3 62	,9 61 44
(d )	O th t a et er cu rr en ss s	6, 48 ,1 01	42 ,1 70 7,
	Su b l - C to ta nt ts ur re as se	34 ,8 5 ,7 88	29 8 34 ,0 6,
	O A A SS S T T L E T	40 ,8 3 ,1 86	39 ,5 2 ,6 68
B	E Q U IT Y A N D L IA B IL IT IE S
(1 )	E it qu y
(a )	E it sh pi l ta qu y ar e ca	,0 98 73	73 ,0 98
l b )	O th ui ty er eq	19 ,2 4, 29 1	15 ,5 9, 54 9
	E it ib ab le at tr ut th of th to qu y e ow ne rs e co m pa ny	19 ,9 7 ,3 89	16 ,3 2 ,6 47
	N lli in nt te st on co ro ng re	89 4 1,	79 2 1,
	Su b T al it ot E qu y -	19 ,9 9 ,2 83	16 ,3 4 ,4 39
(2 )	N lia bi lit ie nt on -c ur re s
(a )	D ef d in er re co m e	10 ,1 55	11 ,7 76
(b )	Fi ia l lia bi lit ie na nc s
	(i ) in B or ro w gs
	(i a) L lia bi lit ie ea se s	5 ,8 69	6, 02 5

(? in Lakhs)

SI		A t s a	A t s a
N o.	P ti la ar cu rs	31 M ch 20 25 ar	31 M ch 20 24 ar
	(i ) i T de bl ra pa ya es
	l o di du of ic ri & al l to ta ut st te an ng es m ro en rp se s sm -
	ri d te en rp se s; an
	al nd in du of ed ito he th ic -t ot ts ta ot ou g es cr rs r an m ro
	ri & al l e is te nt en rp se s sm er pr es
	(i ii ) O th fi ia l l ia bi lit ie er na nc s	1, 45 7	48 0
(c )	is io Pr ov ns	90 ,2 16	96 ,7 28
(d )	D ef d lia bi lit ie (n ) ta et er re s x	95 2	54 7
(e )	O th t l ia bi lit ie no n er cu rr en s
	Su b l - N lia bi lit ie to ta t on cu rr en s	1, 08 ,6 49	55 1 ,1 5, 6
(3 )	C lia bi lit ie nt ur re s
(a )	D ef d in er re co m e	61 8 1,	1 ,6 37
(b )	Fi ia l l ia bi lit ie na nc s
	(i ) in B or ro gs w
	(i a) L lia bi lit ie ea se s	25 4	22 6
	(i i ) de T bl ra pa ya es
	of al nd in du ic ri & al l -t ot ts ta te ou g es m ro en rp se s sm
	ri d te en rp se s; an	17 ,7 77	2 1, 30 6
	al nd in du of ed ito he ha ic -t ot ts ta ot r t ou g es cr rs n m ro
	ri & al l e is te nt en rp se s sm er pr es	3 ,1 10 0 6,	,4 3 9 ,3 25
	(i ii ) O th fi ia l l ia bi lit ie er na nc s	1 ,3 6, 83 2	1 ,3 1 14 ,7
(c )	th t l ia bi lit ie O er s cu rr en	14 ,2 8 ,7 02	16 ,2 8 ,9 84
(d )	Pr is io ov ns	1 73 ,9 7	69 ,4 53
(e )	C lia bi lit ie (n ) nt et ta ur re s x		28
	Su b l - C lia bi lit ie to ta nt ur re s	19 ,7 5, 25 4	22 ,0 2, 67 3
	O A Q T T L E U IT Y A N D L IA B IL IT IE S	40 ,8 3, 18 6	39 ,5 2, 66 8

C. Notes

4. Consolidated Statement of Cash Flows

		in la kh s)
tic P ul ar ar s	Fo th r e ye ar de d 31 en M ch 20 25 ar	Fo th r e ye ar de d 31 en M ch 20 24 ar
C A SH O W O O A G A C S A FL FR M PE R T IN T IV IT IE :
of it af sh of ci bu t b ef io l i Pr d te at pt te ta r ar e as so e or e ex ce na m s an x	,4 53 7, 13	5, 30 ,8 34
A d ju fo st ts r: m en
ci io tis io D d at at ep re n am or n ex pe ns e an	46 ,7 38	44 ,3 20
is io fo Pr in ib le de r d el ta ts t ov n r ng as se un ev op m en		9, 66 6
ib le r d el of f In de ha ed ta t c ts ng as se un ev op m en rg	12 9
sf Tr fr om t g nt an er go ve rn m en ra s	(1 ,6 47 )	(1 57 ,6 )
in In te st co m e re	(6 2, 23 4)	(5 7, 19 5)
In le lia bi lit te st re on as e y	41 6	42 1
Fi st na nc e co s	55 2	29 3
of it le of ui Pr la & t ty nt on sa pr op er , p eq pm en	(2 ) 55	(7 02 )
O tin Pr of it B ef W ki C ita l C ha pe ra g or e or ng ap ng es	6, 97 ,1 52	5, 25 ,9 80
In / ( D e) du to e cr ea se ec re as :
Tr ad iv ab le e re ce s	(1 ,7 2, 39 9)	(3 5, 0) 89
L oa ns	34	(1 6)
fin ci al O th ts an er as se	27 8	56 5 4,
O th ts er as se	99 ,8 36	61 ,1 70
In ie nt ve or s	20 (1 ,6 7, 9)	(9 9, 29 8)
Tr ad bl e pa ya es	(3 6, 75 4)	37 ,5 56
fin ci al O th lia bi lit ie an er s	6, 49 6	3, 35 1
Pr is io ov ns	(1 ,0 26 )	11 ,2 90
O th lia bi lit ie er s	(2 ,0 0, 28 2)	99 ,0 78
C G fr O tio h ed at om as en er pe ra ns	2, 26 ,1 26	6, 07 ,7 86
In id (n ) ta et pa co m e xe s	46 4) (1 ,6 7,	(1 ,4 1, 83 7)
C h Fl B ef E tio l I te ow m s as or e xc ep na	58 ,6 62	65 4, ,9 49
io l i Ex pt te ce na m s
C N h fr / ( ed in ) O tin A iv iti et om ct as us pe ra g es	,6 62 58	4, 65 ,9 49

		in la kh s)
P tic ul ar ar s	Fo th r ye ar e de d 31 en 20 25 M ch ar	Fo th r e ye ar de d 31 en M ch 20 24 ar
. C A SH O W O ST G A C S B FL FR M IN V E IN T IV IT IE :
of & Pu ha la ui d he in ib le ty nt ts ot ta ts rc se pr op er , p eq pm en an r ng as se	(1 ,0 1, 12 8 )	(6 5, 25 3 )
R ei of pt t ec gr an	7	10
ds fr le of la Pr & ui ty nt om t oc ee sa pr op er , p eq pm en	5 30	85 3
In / D in de si & he ba nk ba la te rm ts ot cr ea se ec re as e po r nc es	1, 01 ,2 49	(5 ,6 9, 00 4)
th in O st ts er ve m en	(6 ,0 83 )	(3 ,2 51 )
iv ed In te st re re ce	67 ,3 44	44 ,2 60
C h N fr / (u d in ) In in A iv iti et st ct om as se ve g es	61 ,6 94	(5 ,9 2 ,3 85 )
C . C A SH FL O W FR O M FI N A N C IN G A C S T IV IT IE :
iv id d D id en pa	(1 8, 07 8 ) ,6	(1 ,4 6, 20 9 )
R f le lia bi lit ie t o ep ay m en as e s	(5 97 )	(5 78 )
In le lia bi lit te st re on as e y	(4 16 )	(4 21 )
Fi st na nc e co s	(5 ) 52	(2 93 )
C h N fr / (u d in ) Fi in A iv iti et ct om as se na nc g es	(1 ,6 9, 64 3 )	(1 ,4 7 ,5 01 )
N In / (D e) in C h d C iv (A +C et h E al +B ) ts cr ea se ec re as as an as qu en	(4 9 ,2 87 )	(2 ,7 3, 93 7 )
C h d C h E iv al th gi in of ts at be th as an as qu en e nn g e ye ar	20 ,6 32 1,	3, 94 ,5 69
C h d C h E iv al th d of th ts at as an as e en e qu en ye ar	71 ,3 45	1, 20 ,6 32

1.Cash flow in respec^t of CSR Activities is ? 2,783 (? 2,768).

1. Non-cash changes recognised in respec^t of liabilities on account of financing activities is :

(i) Parent Company - Nil (Nil)

(ii) Subsidiary Company BELOP - Nil (Nil)

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

C. Notes:

• ⁵ The audited standalone and consolidated financial statements are prepared in accordance with applicable accounting standards i.e. Ind AS, as prescribed under section 133 of the Companies Act, 2013 read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 as amended.
• ⁶ Ministry of Corporate Affairs (MCA) vide ^G.S.R. No. ⁴⁶³ (E) dated ⁵th June ²⁰¹⁵ has exempted companies engaged in defence production from the requirement of Segment Reporting.
• ⁷ The audited financial statements of subsidiary companies viz. BEL Optronic Devices Ltd. (100% shareholding), BEL Thales Systems Ltd. (74% shareholding) are included in consolidated financial statements on ^a line to line basis as prescribed under Ind AS ¹¹⁰ - Consolidated Financial Statements. The associate companies viz. GE BE Pvt. Ltd. (26% Shareholding) and BEL IAI Aerosystems Pvt. Ltd. (40% Shareholding) has been consolidated under equity method as prescribed under Ind AS ²⁸ - Investments in Associates. In respect of our Associate Companies GE BE Pvt. Ltd. and BEL IAI Aerosystems Pvt. Ltd., the financial statements considered for Group'^s Consolidation for FY 2024-25 are unaudited. However, the same has been certified by the management and its impact on Group'^s Consolidation is not material.
• ⁸ In view of the ongoing conflicts in Israel, the company has analysed the existing contracts / agreements with Companies based in Israel. In our opinion there is no material financial impact as at the date of the results.
• 9 One interim dividend of? 1.50 per equity share was paid for the financial year ²⁰²⁴-²⁵ in the month of March ²⁰²⁵.
• 10 A final dividend of^ 0.90 per equity share for the financial year ²⁰²⁴-25 has been recommended by the Board of Directors at the meeting held on 19th May 2025.
• ¹¹ The figures of fourth quarter are the balancing figures between the audited figures for the full financial year and the published figures up to the third quarter of the respective financial years.
• ¹² The financial results for the year ended 31 March 2025 have been audited by the statutory auditors of the company.
• ¹³ The audited results for the year ended ³¹ March ²⁰²⁵ are subject to supplementary audit by the Comptroller and Auditor General of India ^u/^s 143 (6) of the Companies Act, 2013.
• ¹⁴ The above statement of financial results were reviewed by the Audit Committee and approved by the Board of Directors at the Meeting held on 19th May 2025.

Place: Bengaluru Date: 19th May 2025

am 'lcu 3T3S5 tRT. (fcTa) ^g- ^.w.3fr. DAMODAR BHATTAD S. Director (Finance) & CFO

DECLARATION

I, Damodar Bhattad S, 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, Rao and Emmar, Chartered Accountants (FRN: 003084S) 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, 2025.

This Declaration is given in compliance to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, ²⁰¹⁵, as amended read with applicable SEBI Circulars.

For Bharat Electronics Limited

Damodar Bhattad S Director (Finance) & Chief Financial Officer

Date: ¹⁹th May, ²⁰²⁵ Place: Bengaluru.

PRESS RELEASE

BEL registers ^a growth of ³²% in PAT during FY ²⁰²⁴-25.

Navratna Defence PSU Bharat Electronics Limited (BEL) has achieved ^a Turnover of Rs. 23024.10 cr, registering ^a growth of 16.17% during FY ²⁰²⁴-²⁵ over the Turnover of Rs. 19819.93 cr recorded during the previous year.

During the ⁴th Quarter of FY 2024-25, BEL achieved ^a Turnover of Rs. 8850.42 cr as against Rs. 8335.01 cr recorded in the corresponding period of the previous year.

Profit Before Tax (PBT) during FY ²⁰²⁴-²⁵ stood at Rs. 7089.99 cr, with ^a growth of 32.91% over the Profit Before Tax (PBT) of Rs. 5334.56 cr recorded during the previous year.

During the ⁴th Quarter of FY ²⁰²⁴-25, Profit Before Tax (PBT) has increased to Rs. 2847.62 cr from Rs. 2385.61 cr recorded in the corresponding period of the previous year.

Profit After Tax (PAT) during FY ²⁰²⁴-²⁵ stood at Rs. 5288.25 cr, with ^a growth of 31.55% over the Profit After Tax (PAT) of Rs. 4020.00 cr recorded during the previous year.

During the ⁴th Quarter of FY 2024-25, Profit After Tax (PAT) has increased to Rs. 2104.78 cr from Rs. 1783.52 cr recorded in the corresponding period of the previous year.

The order book position of the company as on ¹st April, ²⁰²⁵ stood at Rs. ⁷¹⁶⁵⁰ cr.

For Bharat Electronics Limited s, \$ ! Sreenivas Company Secretary

Date: ¹⁹th May, ²⁰²⁵ Place: Bengaluru.