Bharat Electronics Ltd. — Interim / Quarterly Report 2019

Jan 30, 2019

To National Stock Exchange of India Ltd., Exchange Plaza, Plot No. C/1,G Block, Bandra-Kurla Complex, Bandra (E) Mumbai - 400 051

No. 17565/6/SE/NSEC/SEC 30th January, 2019

Dear Sir/Madam,

Sub: Unaudited Standalone Financial Results for the Quarter and Nine Months Ended 31S1 December, 2018.

Pursuant to Regulation 33(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Statement of Unaudited Standalone Financial Results and Limited Review Report for the quarter and nine months ended 31St December, 2018 along with copy of Press Release.

This is for your information and record.

Thanking you,

Yours faithfully,

Ends: As stated above.

ANNEXlRE I

BHARAT 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 unaudited financial results for the quarter and nine months ended 31st December, 2018

	in Lakhs)(~
SI.		Quarter ended			Nine months ended		Year ended
No.	Particulars	31.12.2018	30.09.2018	31.12.2017	31.12.2018	31.12.2017	31.03.2018
		(Unaudited)			(Unaudited)		(audited)
1	Revenue fromoperations
i.	Sales / income from operations	2,65,638	3,28,240	2312,45,	01,6628,	65,6876,	10,08,484
ii.	Other operating income	0116,	9019,	5,335	18,334	12,191	31,577
	Total revenue from operations	71,6492,	38,1413,	2,50,566	8,19,996	77,8786,	10,40,061
2	Other income	7621,	4251,	4,923	4,075	17,248	20,038
3	Total income (1+2)	73,4112,	3,39,566	2,55,489	24,0718,	95,1266,	10,60,099
4	Expenses
	(a) Cost ofmaterials consumed	1,12,789	42,2521,	1.17,479	82,4363,	25,1853,	4,63,946
	(b) Consumption ofstock-in-trade	12,086	9,246	7827,	31.083	35,786	49,680
	(c) Changes in inventories offinished goods,work-in-progress and scrap	649	10,462	16,363	(15,314)	(9,556)	37,889
	(d) Excise duty					7,828	7,828
	(e) Employee benefits expense	49,499	46,924	45,635	43,7051,	39,0471,	77,2331,
	(f)Finance costs			2	27	30	127
	(g) Depreciation and amortisationexpense	9717,	4347,	9385,	22,294	17,442	25,100
	(h) Other expenses	19,814	43,813	18,790	84,781	59,234	03,5121,
	Total expenses	02,8082,	60,1312,	2,11,989	49,0126,	5,74,996	65,3158,
5	Profit before exceptional items & tax ( 3-4 )	70,603	79,435	43,500	75,0591.	20,1301,	94,7841.
6	Exceptional items	-	-	-	-	-	-
7	Profitbefore tax (5 - 6)	70,603	79,435	43,500	75,0591,	20,1301,	94,7841,
8	Tax expense (including deferred tax)	19,840	22,304	13,216	49,192	36,075	54,855
9	it for the period (7 - 8)Pro	50,763	57,131	30,284	25,8671,	84,055	39,9291,
10	Other Comprehensive Income / (Loss) (net oftax)	(4,217)	2771,	(181)	(1,385)	(2,746)	145
11	Total comprehensive income for the period (9 + 10)i[comprising prot and other comprehensive incomefor the period]	46,546	58,408	30,103	24,4821,	81,309	40,0741,
12	Paid-up equity share capital(Face Value of, 1/- each)	24,366	24,366	24,570	24,366	24,570	24,366
13	Other Equity excluding Revaluation Reserves	-	-	-	-	-	51,7357,
14	Earnings per share (Basic & Diluted) (*) (notannualised)	2.09	2.34	231.	5.17	3.42	5.70

See accompanying notes to the financial results.

• 1 These results have been prepared in accordance with the Ind AS notified under the Companies (Indian Accounting Standards) Rules 2015, as amended.
• 2 Adoption of Ind AS 115- Revenue from Contracts with Customers :
• Effective April 1, 2018, the company has adopted Ind AS 115 "Revenue from Contract with Customers" using the cumulative effect method. The standard is applied retrospectively only to contracts that are not completed as at the date of initial application and hence the comparative information is not restated. The adoption ofthe standard did not have any material impact on the financial statements ofthe company.
• 3 Ministry of Corporate Affairs (MCA) has exempted the companies engaged in defence production from the requirement of Segment Reporting.
• 4 The quarterly results of Subsidiary Companies viz. BEL Optronic Devices Ltd., BEL Thales Systems Ltd. and associate company viz. GE BE Pvt. Ltd. are not included above.
• 5 As required under clause 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the Statutory Auditors have conducted a limited review ofthe above financial results for the quarter and period ended 31st December 2018.
• 6 An interim dividend of Rs 0.30 per share for the year 2018-19 has been declared by the Board of Directors at the meeting held on 30th January 2019.
• 7 The above statement of financial results was reviewed by the Audit Committee and approved by the Board of Directors at the Meeting held on 30th January 2019.

Place: New Delhi Date: 30th January 2019

for and on behalfof Board ofDirectors

Chartered Accountants 52/4, Basappa Road, Shanthi Nagar,

Offices: Chennai, Thiruvananthapuram, Madurai Coimbatore, Coonoor, Kochi & Bangalore

ÿ SURI&CO., GSTIN: 29MBFS5023Q1ZR

Bangalore- 560 027 Tel : (080) 41240545, 41270545 E-mail: blr@suriandco. com

Independent Auditor,s Review Report

To the Board of Directors of Bharat Electronics Limited

We have reviewed the accompanying statement of standalone unaudited financial results of Bharat Electronics Limited ("the company") for the quarter and nine months ended 31S, December, 2018 ("the statement " ) being submitted by the company pursuant to the requirement of Regulation 33 of SEB1 (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with circular No. CIR/CFD/FAC/62/2016 dated 5", July 2016. This statement is the responsibility of the Company,s Management and has been approved by the Board of Directors. Our responsibility is to issue a report on these statements based on our review.

We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the statement are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of standalone unaudited financial results prepared in accordance with applicable Indian Accounting Standards (Ind AS) and other accounting practices and policies consistently followed by the company, generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015. read with circular No. CIR/CFD/FAC/62/2016 dated 5"h July 2016, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Suri & Co., Chartered Accountants Firm Registration No:004283S

Partner Membership Number: 223118

Place: New Delhi Date: 301f January 2019

PRESS RELEASE

BEL reg'sters 20 % growth 'n Top ''ne upto 3rd Quarter

'n the n'ne month per'od upto December 2018, Navratna Defence PSU Bharat E'ectron'cs L'm'ted (BEL) ach'eved a Net Turnover of Rs. 8016.62 Cr, reg'ster'ng a growth of about 20 % over the Net Turnover of Rs. 6578.59 Cr recorded 'n the correspond'ng per'od of the prev'ous year.

Prof't After Tax (PAT) up to 3rd Quarter of FY 2018-19 stood at Rs. 1258.67 Cr aga'nst the Prof't After Tax (PAT) of Rs. 840.55 Cr recorded 'n the correspond'ng per'od of the prev'ous year.

An 'nter'm D'v'dend of 30% has been dec'ared by the Board of D'rectors for the year 2018-19.

Dur'ng the 3rd Quarter

The Company has ach'eved a Net Turnover of Rs. 2656.38 Cr, dur'ng the 3rd quarter of FY 2018-19, reg'ster'ng a growth of about 8 %, over the Net Turnover of Rs. 2452.31 Cr recorded 'n the correspond'ng per'od of the prev'ous year.

Prof't After Tax (PAT) dur'ng the 3rd quarter of FY 2018-19 stood at Rs. 507.63 Cr, aga'nst the Prof't After Tax (PAT) of Rs. 302.84 Cr recorded 'n the correspond'ng per'od of the prev'ous year.

The order book pos't'on of the company as on 1st January, 2019 was Rs. 48402 Cr.