Bharat Electronics Ltd. — Interim / Quarterly Report 2020

Nov 4, 2019

प्रति To,

बीएसई लि. BSE Ltd. फिरोज जीजीबॉय टावर्स Phiroze Jeejeebhoy Towers दलाल स्टीट Dalal Street मंबई Mumbai - 400 001

सं.No. 17565/4/SE/MUMC/SEC दिनांक / Date: 04.11.2019

BHARAT ELECTRONICS भारत इलेक्टॉनिक्स लिमिटेड (भारत सरकार का उद्यम, रक्षा मंत्रालय) पंजीकत कार्यालय : आउटर रिंग रोड नागवारा, बेंगलूर - 560 045, भारत Bharat Electronics Limited (Govt. of India Enterprise, Ministry of Defence) Registered Office : Outer Ring Road, Nagavara, Bangalore - 560 045, INDIA. CIN: L32309KA1954GOI000787 टेलीफैक्स/Telefax: +91 (80) 25039266 ई-मेल/E-mail : secretary@bel.co.in वेब/Web : www.bel-india.com

भारत इलेक्ट्रॉनिक्स

महोदय / महोदया. Dear Sir/Madam,

विषय - दिनांक 30 सितंबर. 2019 को समाप्त तिमाही और अर्धवार्षिक के लेखा अपरीक्षित स्टैंडअलोन एवं समेकित वित्तीय परिणाम ।

Unaudited Standalone and Consolidated Financial Results for the quarter Sub: and half year ended 30th September, 2019.

सेबी (सूचीकरण की बाध्यताएँ एवं प्रकटीकरण की अपेक्षाएँ) विनियम, 2015 के विनियम 33 (3) के तारतम्य में, प्रेस विज्ञप्ति की प्रति के साथ-साथ, दिनांक 30 सितंबर, 2019 को समाप्त तिमाही और अर्धवार्षिक के लेखा अपरीक्षित स्टैंडअलोन एवं समेकित वित्तीय परिणामों का विवरण और सीमित समीक्षा रिपोर्ट एतद्दारा संलग्न पाएँ।

Pursuant to Regulation 33(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Statement of Unaudited Standalone and Consolidated Financial Results and Limited Review Report for the quarter and half year ended 30th September, 2019 along with copy of Press Release.

सचना व अभिलेख हेता This is for your information and record.

सधन्यवाद / Thanking you,

भवदीय Yours faithfully,

कते भारत कुलेक्टॉनिक्स लिमिटेड For Bharat Electronics Limited

एस श्रीलिवास S Sreenivas कंपनी सचिव Company Secretary

संलग्न- यथा उपरोक्त। Encls: As stated above.

QUALITY. TECHNOLOGY. INNOVATION. BHARAT ELECTRONICS LIMITED

(CIN: L32309K.A1954GOI000787)

Registered & Corporate Ofice: 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 results for the quarter and half year ended 30th September, 2019

A. Standalone Results

(? in Lakhs)
	HalfQuarter endedyear ended				Year ended
SI.	Particulars	30.09.2019	30.06.2019	30.09.2018	30.09.2019	30.09.2018	31.03.2019
No.			(Unaudited)		(Unaudited)		(Audited)
1	Revenue from operations
i	roincomeSales /m operations	66,1252,	04,1982,	28,2403,	4,70,323	5,36,024	11,78,922
ii.	incomeOther operating	1468,	9545,	9019,	14,100	12,323	29,538
	Total revenue rom operations	74,2712,	10,1522,	38,1413,	4,84,423	48,3475,	12,08,460
2	Other income	5031,	2,544	4251,	4,047	3132,	16,954
3	(1+2)Total income	2,75,774	2,12,696	3,39,566	88,4704,	5,50,660	12,25,414
4	Expenses
	(a) Cost ofmaterialsconsumed	18,1471,	90,438	42,2521,	08,5852,	69,6472,	5,32,087
	ofstock-in-trade(b) Consumption	31,739	22,642	2469,	54,381	18,997	75,906
	iof(c) Changes ininventoriesnished goods,work-in-progress and scrap	(3,894)	(7,434)	10,462	(11,328)	(15,963)	(13,220)
	i(d) Employee benets expense	50,728	52,419	46,924	03,1471,	94,206	87,9051,
	(e) Financecosts	122	32		154	27	2211,
	(f)Depreciationand amortisationexpense	5658,	2848,	4347,	16,849	14,323	31,622
	(g) Other expenses	23,077	17,276	43,813	40,353	64,967	39,5741,
	Totalexpenses	28,4842,	83,6571,	60,1312,	1414,12,	4,46,204	9,55,095
5	it before exceptionalitems& tax ( 3 - 4 )Pro	47,290	29,039	43579,	76,329	04,4561,	70,3192,
6	itemsExceptional	-	-	-	-	-	-
7	iProt before tax (5 - 6)	47,290	29,039	79,435	76,329	04,4561,	70,3192,
8	Tax expense (includingdeferredtax)	13,341	5668,	22,304	21,907	29,352	77,590
9	ithe periodt for(7 - 8)Pro	33,949	20,473	57,131	54,422	75,104	92,7291,
10	/ (Loss) (net ofOther ComprehensiveIncometax)	(1,494)	573	2771,	(921)	2,832	(4,021)
11	Total comprehensivethe periodincome for(9 +	32,455	21,046	58,408	53,501	77,936	88,7081,
	i10)[comprisingt and other comprehensiveincomeprothe period]for
12	Paid-up equityshare capital(Face Value of? 1/-each)	24,366	24,366	24,366	24,366	24,366	24,366
13	Other Equity excludingRevaluationReserves	-	-	-	-	-	8,77,525
14	Earnings& Diluted)per share (Basic(?) (notannualised)	391.	0.84	2.34	2.23	083.	917.

See accompanying notes to the inancial results.

B. Consolidated Results

(? in Lakhs)
SI.		Quarter ended			Halfyear ended		Year ended
No	Particulars	30.09.2019	30.06.2019	30.09.2018	30.09.2019	30.09.2018	31.03.2019
			(Unaudited)		(Unaudited)		(Audited)
1	Revenue from operations
i.	Sales / income fromoperations	2,66,357	06,1722,	29,1533,	4,72,529	39,6495,	11,85,470
ii.	Other operating income	4758,74,832	6,278450	10,22539,378	14,7534,87,282	12,97352,622	30,947417
2	Total revenue from operationsOther income	2,1,153	2,12,2,584	3,0311,	3,737	5,7991,	12,16,2997,
3	Total income (1+2)	2,75,985	2,15,034	3,40,409	91,0194,	54,4215,	12,23,716
4	Expenses
	(a) Cost ofmaterialsconsumed	1,17,964	91,276	42,6711,	2,09,240	71,2432,	31,5925,
	(b) Consumption ofstock-in-trade	31,739	22,642	2469,	54,381	18,997	75,906
	(c) Changes in inventories offinishedgoods,work-in-progress and scrap	(4,117)	(7,556)	9809,	(11,673)	(16,076)	(13,068)
	(d) Employee benefitsexpense	51,094	52,790	47,285	03,8841,	94,926	89,5141,
	(e) Finance costs	123	32	13	155	97	2751,
	(f)Depreciation and amortisation expense	9,122	8,836	9687,	17,95841,070	15,390	33,81341,850
	(g) Other expenses	23,280	17,790	44,082		65,536	1,
	Total expenses	2,29,205	85,8101,	61,2452,	4,15,015	50,1134,	9,60,882
5	ibefore exceptional items, share oft ofProfitnet proassociates accounted under equity method & tax (3-4)	46,780	29,224	79,164	76,004	04,3081,	2,62,834
6	Exceptional items	-	-	-	-	-	-
7	ioft before share ofnet profitassociates accountedProunder equity method & tax (5 - 6)	46,780	29,224	79,164	76,004	04,3081,	2,62,834
8	Tax Expense (including deferred tax)	13,261	6258,	22,184	21,886	29,378	03178,
9	iit before share oft ofnet proassociates accountedPro	33,519	20,599	56,980	54,118	74,930	84,8031,
	under equity method (7-8)
10	iShare oft ofassociates accountednet prounder equity method	908	466	2081,	3741,	2,104	3,864
11	it for the period (9 + 10)Pro	34,427	21,065	58,188	55,492	77,034	88,6671,
12	Other Comprehensive Income / (Loss) (net oftax)	(1,493)	573	2741,	(920)	2,825	(4,127)
13	Total comprehensive income for the period (11i+ 12)[comprisingt and other comprehensive income for theproperiod]	32,934	21,638	59,462	54,572	79,859	84,5401,
14	Net Profit/ (Loss) attributable toa) Owners oftheCompany	34,38542	21,059	58,186	55,44448	77,029	88,6401,27
	b) Non ControllingInterest		6	2		5
	Other Comprehensive Income attributable toa) Owners oftheCompany	(1,493)	573	2741,	(920)	8252,	(4,127)
	b) Non Controlling Interest
	Total Comprehensive Income attributable to	32,892	21,632	59,460	54,524	79,854	84,513
	a) Owners ofthe Companyb) Non ControllingInterest	42	6	2	48	5	1,27
		24,366	24,366	24,366	24,366	24,366	24,366
15	Paid-up equity share capital? l/-each)(Face Value of
16	Other Equity excluding Revaluation Reserves	-	-	-	-	-	8,96,784
17	Earnings per share (Basic & Diluted) (?) (not annualised)	421.	0.86	2.39	2.28	3.16	7.74

See accompanying notes to the financial results.

C. Notes:

1. Standalone Statement ofAssets & Liabilities as at 30 September 2019 is given below.

	Particulars	As at30 September2019 (Unaudited)	As at31 March 2019(Audited)
A	ASSETS
(1)	Non-currentassets
(a)	plantand equipmentProperty,	2,00,087	2,05,984
(b)	Capitalwork-in-progress	32,648	27,507
(c)	Investmentproperty	10	10
(d)	intangibleOtherassets	2,275	2,446
(e)	Intangibleunder developmentassets	46,176	44,629
(f	Financialassets	11,2031,	08,7371,
)(g)	Deferredassets (net)tax	47,987	47,120
(h)	Inventories	2,689	4,114
(i)	Othernon current assets	36,368	25,550
	- Non currentSub totalassets	4,79,443	66,0974,
(2)	Currentassets
(a)	Inventories	4,52,748	41,4,365
(b)	Financialassets	7,09,535	32,1686,
(c)	(net)Current taxassets	39,281	24,503
(d)	Othercurrent assets	30,4755,	82,2114,
	- CurrentSub totalassets	17,32,039	15,80,247
	TOTALASSETS	22,11,482	20,46,344
B	EQUITYLIABILITIESAND
(1)	Equity
(a)	Equityshare capital	24,366	24,366
(b)	equityOther	81,1788,	8,77,525
	- EquitySub Total	9,05,544	01,8919,
(2)	Non-currentliabilities
(a)	Deferredincome	6,268	6,164
(b)	liabilitiesFinancial	2,920	3,055
(c)	Provisions	97,196	92,143
(d)	liabilitiesnon currentOther	287	475
	currentliabilitiesSub total- Non	06,6711,	01,8371,
(3)	Currentliabilities
(a)	Deferredincome	103	245
(b)	liabilitiesFinancial	68,3412,	47,1322,
(c)	current liabilitiesOther	83,0428,	49,7,420
(d)	Provisions	47,781	45,819
(e)	Current tax liabilities(net)
	- CurrentliabilitiesSub total	11,99,267	10,42,616
	EQUITYLIABILITIESTOTALAND	22,11,482	20,46,344

C.Notes

1. Standalone Cash Flow Statement (? in lakhs)

PARTICULARS	fortheyearended30September2019	theforyearended30September2018
OPERATINGACTIVITIESFLOWCASHA.FROM:
Profitbeforeexceptionalitemsand tax	76,329	04,4561,
Adjufor:stments
Depreciationand amortizationexpense	16,849	14,323
socialresponsibilityCorporate	2501,	796
TransferfromGovernmentgrants	(195)	(169)
Interestincome	(2,062)	(1,132)
Dividendincome	(426)	(606)
Financecost	154	27
ofValuationSubsidiaryFairLoanto	(12)
ofProfiton saleplantproperty,&equipments	(37)	(6)
ProfitWorkingCapitalOperatingBeforeChanges	91,850	17,6891,
in:Increase/(Decrease)
receivablesTrade	(77,775)	(1,20,004)
Loans	246	(102)
Other financialassets	(389)	(24,290)
assetsOther	(59,082)	54,501
Inventories	(9,958)	(29,207)
payablesTrade	(15,340)	(16,610)
liabilitiesfinancialOther	2,405	41,742
Other liabilities	33,4341,	73,940
Provisions	6,094	16,495
Currenttaxasset	10,875	(1,440)
fromCash GeneratedOperations	82,360	12,7141,
Incomepaid(net)taxes	(48,427)	(18,300)
ofdefferedReceiptincomegrants/	157	9012,
BeforeExceptionalItemsFlowCash	34,090	97,315
Exceptionalitems
ActivitiesOperatingfromin)CashNet/(used	34,090	31597,

MA*-

PARTICULARS	for the yearended 30September 2019	for the yearended 30September 2018
B. CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of property, plant & equipments and other intangible ass	(17, 468)	(44, 872)
Proceed from sale of property, plant & equipments	37	6
Increase / (Decrease) from term deposits $&$ other bank balances	(50, 322)	(9,768)
Investments in others	(2,944)	(2,508)
Interest received	2,062	1,132
Dividend received	426	606
Net Cash from / (used in) Investing Activities	(68,209)	(55, 404)
C. CASH FLOW FROM FINANCING ACTIVITIES:
Proceed / Repayment from borrowings (net)	(834)	(833)
Corporate social responsibility (CSR) expenditure	(829)	(431)
Dividend paid (including tax on dividend)	(15, 427)	(1,982)
Finance cost	(154)	(27)
Net Cash from / (used in) Financing Activities	(17, 244)	(3,273)
Net Increase / (Decrease) in Cash and Cash Equivalents (A+B+C+D	(51, 363)	38,638
Cash and Cash Equivalents at the beginning of the period	72,193	73,822
Cash and Cash Equivalents at the end of the period	20,830	1,12,460

Wheretama

V.up.

C. Notes:

1. Consolidated Statement ofAssets & Liabilities as at 30 September 2019 is given below.

			(? in Lakhs)
	Particulars	As at30 Septcmbcr2019 (Unaudited)	As at31 March2019(Audited)
A	ASSETS
(1)	Non-currentassets
	plant(a) Property,and equipment	2,07,632	2,13,878
	(b) Capitalwork-in-progress	37,423	32,285
	(c) Investmentproperty	10	10
	(d) Other intangibleassets	16,109	15,872
	(e) Intangibleunder developmentassets	54,574	52,618
	inassociate(f) Investment	14,399	13,024
	(g) Financialassets	92,014	89,061
	(h) Deferredtax assets(net)	48,091	47,201
(i)	Inventories	6892,	4,114
0)	Othernon current assets	37,032	26,551
	- Non currentSub totalassets	5,09,973	94,6144,
(2)	Currentassets
	(a) Inventories	4,55,859	4,44,335
	(b) Financialassets	7,17,065	39,8026,
	(c) Current taxassets(net)	39,525	24,366
	(d) Othercurrent assets	31,3135,	78,9414,
	- CurrentSub totalassets	17,43,762	15,87,444
	TOTAL
	ASSETS	22,53,735	20,82,058
B	AND LIABILITIESEQUITY
(1)	Equity
	(a) Equityshare capital	24,366	24,366
	(b) Otherequity	01,3669,	96,7848,
		25,7329,	21,1509,
	Non controllinginterest	3781,	3301,
	Sub Total- Equity	27,1109,	22,4809,
	liabilities(2) Non-current
	(a) Deferredincome	18,244	18,809
	liabilities(b) Financial	9202,	3,055
	(c) Provisions	97,196	92,364
	non current liabilities(d) Other	288	475
	Sub total- Non currentliabilities	1,18,648	1,14,703
	liabilities(3) Current
	(a) Deferredincome	4311,	5731,
	(b) Financialliabilities	71,9042,	2,48,985
	(c) Other current liabilities	8,84,558	46,2357,
	(d) Provisions	50,084	48,082
	liabilities(e) Current tax(net)	-	-
	- CurrentliabilitiesSub total	12,07,977	10,44,875
	LIABILITIESTOTALEQUITYAND	22,53,735	20,82,058

C. Notes

4.Consolidated Cash Flow Statement (? in lakhs)

PARTICULARS	fortheyearended30September2019	fortheyearended30September2018
OPERATINGACTIVITIESA.FLOWCASHFROM:
Profititemsexceptionaland taxbefore	77,378	41206,1,
Adjfor:ustments
Depreciationand amortizationexpense	17,958	15,390
socialresponsibilityCorporate	2501,	796
TransferfromgrantsGovernment	(864)	(834)
Interestincome	(2,343)	(1,326)
Financecost	155	97
ofProfiton saleproperty,plantequipments&	(37)	(6)
iWorkingOperatingProBeforeCapitaltChanges	93,497	20,5291,
in:Increase(Decrease)/
receivablesTrade	(78,023)	(1,25,737)
Loans	(312)	(61)
financialOtherassets	(703)	(24,611)
Otherassets	(62,853)	52,393
Inventories	(10,099)	(29,612)
Tradepayables	(14,827)	(12,949)
financialliabilitiesOther	3,595	40,457
liabilitiesOther	38,1361,	75,404
Provisions	9145,	16,675
Currenttaxasset	10,956	(1,454)
GeneratedfromOperationsCash	85,281	11,0341,
paidIncometaxes(net)	(48,891)	(18,611)
ofdeferredReceiptincomegrants/	157	9022,
ItemsFlowBeforeExceptionalCash	36,547	95,325
Exceptionalitems
(used in)OperatingfromActivitiesNet/Cash	36,547	95,325
ACTIVITIESINVESTINGFLOWB.CASHFROM:
Purchase ofplantand other intangibleproperty,equipments&ass	(19,042)	(44,989)
ofpropertyProceed fromsale, plantequipments&	37	6
depositsIncreasefromother bank balances/ (Decrease)term&	(49,059)	(8,888)
Otherinvestments	(4,318)	(4,293)
receivedInterest	2,343	3261,
InvestingActivitiesfrom(used in)Net Cash/	(70,039)	(56,838)

PARTICULARS	for the yearended 30September 2019	for the yearended 30September 2018
C. CASH FLOW FROM FINANCING ACTIVITIES :
Proceed / Repayment from borrowings (net)	(834)	(2,204)
Corporate social responsibility (CSR) expenditure	(829)	(431)
Dividend paid (including tax on dividend)	(15,514)	(2,106)
Finance cost	(155)	(97)
Net Cash from / (used in) Financing Activities	(17, 332)	(4, 838)
Net Increase / (Decrease) in Cash and Cash Equivalents (A+B+C+D	(50, 824)	33,649
Cash and Cash Equivalents at the beginning of the period	75,970	80,443
Cash and Cash Equivalents at the end of the period	25,146	1,14,092

Wyordama

$V - W/c$

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 Adoption of Ind AS 116 Leases :

Effective April 1, 2019, the company has adopted Ind AS 116 "Leases" using the cumulative effect method. The standard is applied retrospectively and hence the comparative information is not restated. The adoption ofthe standard did not have any material impact on the financial statements ofthe company.

7 Ministry of Corporate Affairs (MCA) has exempted the companies engaged in defence production from the requirement of Segment Reporting.

8 The unaudited quarterly 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 quarter ended 30th September 2019. 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.

• 9 As required under clause 33 of SEB1 (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 30th September 2019.
• 10 The above statement of financial results was reviewed by the Audit Committee and approved by the Board of Directors at the Meeting held on 4th November 2019.

for and on behalf ofBoard of Directors

M SOGowtama

Chairman & Managing Director

Place: Gangtok

Date: 4th November 2019

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

SURI & CO., GSTIN:29AABFSS023Q1ZR

Accountants 52/4, Basappa Road, Shanthi Nagar, Bangalore- 560 027 Tel: (080) 41240545, 41270545 E-mail : blr@suriandco. com

Independent Auditor,s Review report

Review report to the Board of Directors of Bharat Electronics Limited

We have reviewed the accompanying statement of unaudited standalone financial results of Bharat Electronics Limited ("the company") for the quarter and half year ended 301b September 2019 ("the statement " ), being submitted by the Company,s Management pursuant to the requirements of Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 ("the regulation" ) as amended, read with SEBI circular CIR/CFD/CMD1/44/2019 dated 29,h March 2019 and in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and has been approved by the Board of Directors. Our responsibility is to issue a report on these financial statements based on our review.

We conducted our review of the Statement in accordance with the Standard on Review Engagements (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 financial statements 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 unaudited financial results prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

Place: Gangtok Date: 4", November 2019 For Suri & Co. , Chartered Accountants Firm Registration No:004283S

Natarajan V \J Partner Membership Number: 223118

! IfLLl i; 8- A 4ÿ4 OB

SURI & CO., GSTIN". 29AABFS5023Q1ZR

Chartered Accountants 5214, Basappa Road, Shanthi Nagar,

Offices: Chennai, Thiruvananthapuram, Madurai ÿ®' . (0®0) 41240545, 41270545 Coimbatore, Coonoor, Kochi & Bangalore E-mail : blr@suriandco.com

Bangalore- 560 027

Independent Auditor,s Review Report On consolidated unaudited quarterly and year to date financial results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To the Board of Directors of Bharat Electronics Limited

• I. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of Bharat Electronics Limited ( " the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as " the Group"), and its share of the net profit after tax and total comprehensive income ofits associates for the quarter and halfyear ended 30,h September, 2019 and for the period from 01S1 April 2019 to 301b September 2019 ("the Statement"), being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended read with SEBI circular CIR/CFD/CMD1/44/2019 dated 29;h March 2019. Attention is drawn to the fact that the consolidated figures for the corresponding quarter and halfyear ended 30,h September, 201 8 and the corresponding period from 01S" April 2018 to 30", September 2018, as reported in these financial results have been approved by the Parent,s Board of Directors, but have not been subjected to review.
• 1. This Statement, which is the responsibility of the Parent*s Management and approved by the Parent,s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 ofthe Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor ofthe Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would

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become aware of all signiicant matters that might be identiied in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

• 1. The Statement includes the results ofthe following entities:
  • a. BEL Optronics Devices Limited (BELOP) Subsidiary
  • b. BEL Thales Systems Limited Subsidiary
  • c. GE BE Private Limited Associate
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration ofthe review reports ofthe other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We did not review the interim inancial results oftwo subsidiaries included in the consolidated unaudited financial results, whose interim financial results reflect total revenues of Rs.4, 393 lakhs, total net profit/(loss) ater tax of Rs. 203 lakhs, total comprehensive income of Rs.203 lakhs for the half year ended 30", September 2019 and cash flows (net) of Rs. 538 lakhs for the period from 01S" April 2019 to 30"1 September 2019 as considered in the consolidated unaudited financial results. These interim financial results have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports ofthe other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modiied in respect ofthe above matters.

1. The consolidated unaudited financial results also includes the Group,s share of net profit ater tax of Rs. 1374 lakhs, total comprehensive income of Rs. 1375 lakhs for the half year ended jO"' September 2019, as considered in the consolidated unaudited inancial results, in respect of one associate, whose interim financial results have not been audited by us. These interim financial results are unaudited and have been furnished by the Management and our opinion on the statement, in so far as it relates to the amounts and disclosures included in respect of the associate is based solely on such unaudited interim financial results. In our opinion and according to the information and explanations given to us by the Management, these interim financial results are not material to the Group.

Our conclusion on the Statement is not modified in respect ofthe above matter.

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

Partner Membership Number: 223118 l/MM! !9a-0-2)/8-A

Place: Gangtok Date: 4,b November 2019

PRESS RELEASE

BEL registers a turnover of Rs. 4703 cr in the 1S* Half of FY 2019-20.

Navratna Defence PSU Bharat Electronics Limited (BEL) has achieved a Turnover of Rs. 4703.23 cr, during the 1S1 half of FY 2019-20 over the Turnover of Rs. 5360.24 cr recorded in the corresponding period of the previous year.

Profit After Tax (PAT) during the 1S1 half of FY 2019-20 stood at Rs. 544.22 cr, over the Profit After Tax (PAT) of Rs. 751.04 cr recorded in the corresponding period of the previous year.

The order book position of the company as on 151 October, 2019 stood at Rs. 56178 cr.

FOR BHARAT ELECTRONICS LTD