Bharat Electronics Ltd. — Interim / Quarterly Report 2021

Nov 6, 2020

प्रति To,

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

सं.No. 17565/4/SE/MUMC/SEC दिनांक / Date: 06.11.2020

भारत इलेक्ट्रॉनिक्स 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 : www.bel-india.com वेब/Web

भारत इलेक्ट्रॉनिक्स BHARAT ELECTRONICS

महोदय / महोदया. Dear Sir/Madam,

• विषय -दिनांक 30 सितंबर, 2020 को समाप्त तिमाही और अर्धवार्षिक के लेखा अपरीक्षित स्टैंडअलोन एवं समेकित वित्तीय परिणाम ।
• Sub: Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended 30th September, 2020.

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, 2020 को समाप्त तिमाही और अर्धवार्षिक के लेखा अपरीक्षित स्टैंडअलोन एवं समेकित वित्तीय परिणामों का विवरण और सीमित समीक्षा रिपोर्ट एतद्वारा 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, 2020 along with copy of Press Release.

सूचना व अभिलेख हेत्। This is for your information and record.

सधन्यवाद / Thanking you,

भवदीय Yours faithfully,

कृते भारत इलेक्ट्रॉनिक्स लिमिटेड For Bharat Electronics Limited

एस श्रीनिवास S Sreenivas कंपनी सचिव Company Secretary

संलग्न- यथा उपरोक्त। Encls: As stated above.

BHARAT ELECTRONICS LIMITED

	_
			_
	S//A/QUALITY.	?Ar£lF	CT/?OMCSTECHNOLOGY. INNOVATION.
	BHARAT	ELECTRONICS	LIMITED		_
	Registered & Corporate Office:		(CIN: L32309KA1954GOI000787)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
A.	Statement ofunaudited standaloneand consolidatedStandaloneResults	results for	tthe qua	er and half	year ended 30th September, 2020
			tQuaer ended		Half		(? in Lakhs)Year ended
SI.No.	Particulars	30.09.2020	30.06.2020	30.09.2019	30.09.2020	year ended30.09.2019	31.03.2020
	operationsRevenue from		(Unaudited)		(Unaudited)		(Audited)
1i.	Sales/ incomefromoperations	16,4993,	63,9631,	66,1252,	4,80,462	4,70,323	12,60,776
ii.	Other operatingincomer	2,36718,866	3,09667,059	8,14674,271	5,46385,925	14,10084,423	31,33512,92,111
2	om operationsTotal revenueOther income	3,2,742	1,8391,	2,5031,	4,4,581	4,4,047	10,194
3	(1+2)Total income	3,21,608	68,8981,	2,75,774	90,5064,	88,4704,	13,02,305
4	Expenses(a) Cost ofmaterialsconsumed	50,598	83,499	18,147	34,097	2,08,585	89,476
	(b) Consumption ofstock-in-trade	1,15,267	18,426	1,31,739	2,33,693	54,381	5,95,097
	offinished(c) Changes in inventoriesgoods,	9,533	(19,582)	(3,894)	(10,049)	(11,328)	25,943
	work-in-progress and scrap(d) Employeebenefitsexpense	49,688	51,170	50,728	00,8581,	03,1471,	05,7492,
	(e) Finance costs(f) Depreciationand amortisationexpense	309,139	78,879	1228,565	3701818,	15416,849	32634,964
	(g) Other expenses	31,431	18,875	23,077	50,306	40,353	02,1,833
	Total expenses	2,65,686	61,2741,	2,28,484	26,9604,	1414,12,	10,54,388
5	Profitbefore exceptional items & tax ( 3 - 4 )	55,922	7,624	47,290	63,546	76,329	47,9172,
6	Exceptional items	-	-	-	-	-	-
7	Profitbefore tax (5 - 6)	55,922	7,624	47,290	63,546	76,329	9172,47,
8	Tax expense (includingdeferred tax)	21716,	2112,	13,341	18,428	21,907	68,534
9	Profit forthe period(7 - 8)	39,705	4135,	33,949	45,118	54,422	79,3831,
10	Income / (Loss) (net oftax)Other Comprehensive	(8,008)	2,004	(1,494)	(6,004)	(921)	(3,814)
11	forTotal comprehensiveincomethe period(9 + 10)[comprisingprofitand other comprehensiveincomeforthe period]	31,697	4177,	32,455	39,114	53,501	75,5691,
12	Paid-up equity share capitalValue of(Face? 1/- each)	24,366	24,366	24,366	24,366	24,366	24,366
13	Other Equity excludingRevaluationReserves	-	-	-	-	-	9,60,928
14	Eanings& Diluted)per share (Basic(?) (notannualised)	631.	0.22	391.	851.	2.23	7.36

B. Consolidated Results

	(fin Lakhs)
		HalfQuarter endedyear ended				Year ended
SI.No	Particulars	30.09.2020	30.06.2020	30.09.2019	30.09.2020	30.09.2019	31.03.2020
			(Unaudited)		(Unaudited)		(Audited)
1	Revenue from operations
i.ii.	Sales / income from operations	3,16,836688	64,1461,413	2,66,357475	4,80,982101	4,72,52914,753	12,63,65833,109
	Other operating incomeTotal revenue from operations	2,19,524	3,67,559	8,74,2,832	6,4,87,083	4,87,282	12,96,767
2	Other income	3,2,746	1,6481,	1,153	4,394	7373,	9409,
3	Total income (1+2)	3,22,270	69,2071,	2,75,985	91,4774,	91,0194,	13,06,707
4	Expenses
	(a) Cost of materialsconsumed	50,8811,	83,536	1,17,964	34,4172,	2,09,240	5,89,700
	(b) Consumption ofstock-in-trade	15,267	18,426	31,739	33,693	54,381	95,097
	inventories of(c) Changes infinished goods,	8,854	(19,611)	(4,117)	(10,757)	(11,673)	24,931
	work-in-progress and scrap
	(d) Employee benefits expense	50,135	51,593	51,094	01,7281,	03,8841,	07,4742,
	(e) Finance costs	30	7	123	37	15517,958	36037,186
	(f)Depreciation and amortisation expense	9,66831,656	9,40219,007	9,12223,280	19,07050,663	41,070	04,1191,
	(g) Other expenses
	Total expenses	66,4912,	62,3601,	2,29,205	4,28,851	15,0154,	10,58,867
5	Profitbefore exceptional items, share ofofnet profitassociatesaccounted under equitymethod & tax (3-4)	55,779	6,847	46,780	62,626	76,004	47,8402,
6	Exceptional items	-	-	-	-	-	-
7	before share ofProfitnet profit ofassociates accountedunder equity method & tax (5 - 6)	55,779	6,847	46,780	62,626	76,004	47,2,840
8	Tax Expense (including deferred tax)	16,183	2,094	13,261	18,277	21,886	68,577
9	Profit before share ofnet profitofassociates accountedunder equity method (7-8)	39,596	4,753	33,519	44,349	54,118	79,2631,
10	net profitShare ofofassociates accountedunder equity method	331	631	908	962	3741,	2093,
11	for the period (9+10)Profit	39,927	5,384	34,427	45,311	55,492	82,4721,
12	Other Comprehensive Income / (Loss) (net oftax)	(8,008)	2,005	(1,493)	(6,003)	(920)	(4,102)
13	+12)Total comprehensiveincomefor the period (11[comprisingprofit and other comprehensiveincome for theperiod]	31,919	7,389	32,934	39,308	54,572	78,3701,
14	Net Profit / (Loss) attributable to
	a) Owners oftheCompany	39,901	5,379	34,385	45,280	55,444	82,3851,
	b) Non Controlling Interest	26	5	42	31	48	87
	Other Comprehensive Income attributable to
	a) Owners oftheCompany	(8,008)	2,005	(1,493)	(6,003)	(920)	(4,102)
	b) Non Controlling Interest
	Total Comprehensive Income attributable to
	a) Owners oftheCompany	31,893	3847,	32,892	39,277	54,524	78,2831,
	b) Non Controlling Interest	26	5	42	31	48	87
15	Paid-up equityshare capital(Face Value of? 1/- each)	24,366	24,366	24,366	24,366	24,366	24,366
16	Other Equity excludingRevaluation Reserves	-	-	-	-	-	82,7879,
	Eanings	64	0.22	42	861.	2.28	7.49
17	per share (Basic & Diluted) (?) (not annualised)	1.		1.

See accompanying notes to the financial results.

C. Notes:

1. Standalone Statement ofAssets & Liabilities as at 30 September 2020 is given below.

	(? inLakhs)
SI.No.	Particulars	As at30 September2020 (Unaudited)	As at31 March2020(Audited)
A	ASSETS
(1)	Non-currentassets
	plant	37,826	49,663
(a)(b)	Property,and equipmentCapitalwork-in-progress	2,24,706	2,19,944
(c)	Investmentproperty	9
	Other intangible	395	9297
(d)	assets	5,414	2,48,343
(e)	Intangibleassets under developmentFinancialassets	45,	22,321
(f)		22,8551,	1,
(g)	iDeferredtax assets (net)Invento	50,560	49,740
(h)	es	4,570	2555,
(i)	Other non current assets	38,321	34,078
	currentassetsSub total- Non	5,29,656	5,31,650
(2)	Currentassets
(a)	Inventories	4,63,553	91,0203,
(b)	Financialassets	76,1118,	35,2268,
(c)	Currenttax assets (net)	30,672	27,989
(d)	Other currentassets	5,73,242	05,2246,
	- CurrentSub totalassets	19,43,578	18,59,459
	TOTALASSETS	24,73,234	23,91,109
B	EQUITYLIABILITIESAND
0)	Equity
(a)	Equityshare capital	24,366	24,366
(b)	Other equity	9,65,927	60,9289,
	Sub Total- Equity	90,2939,	9,85,294
(2)	Non-currentliabilities
(a)	Deferredincome	6,679	6,889
(b)	Financialliabilities	9415,	4,954
(c)	Provisions	30,0281,	16,0571,
(d)	liabilitiesOther non current	6	112
	liabilities- Non currentSub total	42,6541,	28,0121,
(3)	Currentliabilities
(a)	Deferredincome	420	422
(b)	liabilitiesFinancial	22,3303,	3,25,670
(c)	liabilitiesOther current	79,8929,	20,1759,
(d)	Provisions	37,645	31,536
(e)	tax liabilitiesCurrent(net)
	liabilities- CurrentSub total	13,40,287	12,77,803
	LIABILITIESEQUITYTOTALAND	24,73,234	23,91,109

C.	Notes

1. Standalone Cash Flow Statement in lakhs)

Particulars	periodtheForended30September2020	theperiodForended 30September2019
ACTIVITIESOPERATINGFLOWA.CASHFROM:
Profitexceptionalitemsbeforeand tax	63,546	76,329
Adjustmentsfor:
Depreciationand amortisationexpense	18,018	16,849
socialresponsibilityCorporate	356	2501,
Transferfromgrantsgovernment	(212)	(511)
incomeInterest	(1,714)	(2,168)
Dividendincome	(351)	(426)
liabilityIntereston lease	12	-
Financecosts	25	154
ofvaluationsubsidiaryFairloanto	(9)	(12)
Profitplantofon saleequipmentproperty,&	(24)	(37)
iOperatingProt BeforeWorkingCapitalChanges	79,647	91,428
Increase/in:(Decrease)
receivablesTrade	(39,198)	(77,775)
Loans	(428)	(314)
Other financialassets	6531,	(389)
Other assets	27,739	(59,082)
Inventories	(71,848)	(9,958)
payablesTrade	(43,228)	(15,340)
Other financialliabilities	5217,	2,405
liabilitiesOther	59,611	33,4341,
Provisions	14,076	6,094
assetsCurrenttax	(7,701)	10,875
GeneratedOperationsfromCash	27,844	81,378
paidIncometaxes(net)	(14,230)	(48,427)
ItemsBeforeExceptionalFlowCash	13,614	32,951
Exceptionalitems	-	-
fromOperatingActivitiesin)/ (usedNetCash	13,614	32,951

Particulars	For the periodended 30	For the periodended 30September 2020 September 2019
B. CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of property, plant & equipment and other intangible assets	(11, 115)	(17, 468)
Less: Receipt of grant		473
Purchase of property, plant & equipment and other intangible assets(net)	(11, 115)	(16,995)
Proceeds from sale of property, plant & equipment	24	37
Increase / (Decrease) from term deposits $&$ other bank balances	(44, 105)	(50, 322)
Equity investments in subsidiaries $&$ associates	(157)
Investments in others	(3, 151)	(2,944)
Interest received	1,714	2,168
Dividend received	351	426
Repayment of loan by subsidiaries & associates	762	560
Net Cash from / (used in) Investing Activities	(55, 677)	(67,070)
C. CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds / Repayment from borrowings (net)	(833)	(834)
Corporate Social Responsibility (CSR) expenditure	(356)	(829)
Dividend paid (including tax on dividend)	(7)	(15, 427)
Repayment of lease liabilities	82
Interest on lease liability	(12)
Finance costs	(25)	(154)
Net Cash from / (used in) Financing Activities	(1,151)	(17, 244)
Net Increase / (Decrease) in Cash and Cash Equivalents (A+B+C)	(43, 214)	(51, 363)
Cash and Cash Equivalents at the beginning of the period	1,55,622	72,193
Cash and Cash Equivalents at the end of the period	1,12,408	20,830

Wyantama

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C. Notes:

1. Consolidated Statement ofAssets & Liabilities as at 30 September 2020 is given below.

	(? in Lakhs)
SI.No.	Particulars	As at30 September2020 (Unaudited)	As at31 March 2020(Audited)
A	ASSETS
(1)	Non-currentassets
(a)	Property, plantand equipment	2,44,517	2,56,777
(b)	Capital work-in-progress	29,442	24,671
(c)	Investment property	9	9
(d)	Other intangibleassets	18,262	14,473
(e)	Intangibleassets under development	53,927	58,127
(f)	Investment inassociate	16,912	16,209
(g)	Financialassets	01,4461,	00,9761,
(h)	Deferredtax assets (net)	50,864	49,870
(i)	Inventories	4,570	5,255
(j)	Other non current assets	38,900	34,655
	- Non currentSub totalassets	5,58,849	5,61,022
	Currentassets
(2)	Inventories	69,488
(a)	Financialassets	4,	3,95,830
(b)		83,6338,	43,3668,
(c)	Current tax assets (net)	30,923	28,495
(d)	Other current assets	5,74,749	06,1186,
	- CurrentSub totalassets	19,58,793	18,73,809
	TOTALASSETS	25,17,642	24,34,831
B	LIABILITIESEQUITYAND
(1)	Equity
(a)	Equity share capital	24,366	24,366
(b)	Other equity	9,87,936	9,82,787
		10,12,302	10,07,153
	Non controllinginterest	4481,	4171,
	- EquitySub Total	10,13,750	10,08,570
(2)	Non-currentliabilities
(a)	Deferredincome	17,996	18,196
(b)	liabilitiesFinancial	941	954
	Provisions	5,30,511	4,16,427
(c)	Other non current liabilities	1,	1,
(d)		10	112
	- Non currentliabilitiesSub total	1,54,458	39,6891,
(3)	Currentliabilities
(a)	incomeDeferred	079	750
	liabilitiesFinancial	1,25,485	1,28,893
(b)	Other current liabilities	3,	3,
(c)	Provisions	9,83,230	22,4789,
(d)		39,640	33,451
(e)	Current tax liabilities(net)
	- CurrentliabilitiesSub total	13,49,434	12,86,572
	EQUITYLIABILITIESTOTALAND	25,17,642	24,34,831

1. Consolidated Cash Flow Statement (? in lakhs)

Particulars	theperiodForended30September2020	periodtheForended30September2019
ACTIVITIESOPERATINGFLOWA.CASHFROM:
ofassociateitemsProfitafterexceptionalsharebut beforeand tax	63,588	77,378
Adjustments for:
Depreciationand amortisationexpense	19,070	17,958
socialresponsibilityCorporate	356	2501,
rom govenmentTransfergrants	(871)	(1,180)
incomeInterest	(1,898)	(2,343)
liabilityon leaseInterest	12
Financecosts	25	155
ofproperty,plantProfiton saleequipment&	(24)	(37)
OperatingBeforeWorkingProfitCapitalChanges	80,258	93,181
inIncrease/ (Decrease):
receivablesTrade	(40,248)	(78,023)
Loans	(428)	(312)
inancialassetsOther	7291,	(703)
Other assets	27,124	(62,853)
Inventories	(72,973)	(10,099)
payablesTrade	(43,380)	(14,827)
Other financialliabilities	7,594	3,595
Other liabilities	60,650	38,1361,
Provisions	14,270	9145,
taxassetsCurrent	(7,469)	10,956
fromOperationsGeneratedCash	27,127	84,965
paidIncometaxes(net)	(14,230)	(48,891)
ItemsBeforeExceptionalFlowCash	12,897	36,074
Exceptionalitems

Net Cash from / (used in) Operating Activities 12,897 36,074

Particulars	For the periodended 30	For the periodended 30September 2020 September 2019
B. CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of property, plant $&$ equipment and other intangible assets	(11, 175)	(19,042)
Less: Receipt of grant		473
Purchase of property, plant & equipment and other intangible assets(net)	(11, 175)	(18, 569)
Proceeds from sale of property, plant & equipment	24	37
Increase / (Decrease) in term deposits & other bank balances	(46, 498)	(49, 059)
Other investments	(3,853)	(4,318)
Interest received	1,898	2,343
Net Cash from / (used in) Investing Activities	(59, 604)	(69, 566)
C. CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds / Repayment from borrowings (net)	(833)	(834)
Corporate Social Responsibility (CSR) expenditure	(356)	(829)
Dividend paid (including tax on dividend)	(7)	(15, 514)
Repayment of lease liabilities	82
Interest on lease liability	(12)
Finance costs	(25)	(155)
Net Cash from / (used in) Financing Activities	(1,151)	(17, 332)
Net Increase / (Decrease) in Cash and Cash Equivalents (A+B+C)	(47, 858)	(50, 824)
Cash and Cash Equivalents at the beginning of the period	1,62,063	75,970
Cash and Cash Equivalents at the end of the period	1,14,205	25,146

Mprotama

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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 requirement of Segment Reporting.
• 7 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 2020. 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"s financial results for the current half year have been impacted by the lockdown on account of COVID-19. However, the company expects to recover the carrying amount of Inventories, Property, Plant & Equipment, Leases, Financial Instruments, Trade Receivables etc. The company will continue to monitor the future economic conditions and assess its impact on its financial results.
• 9 The company has adopted the concessional tax rate under the new tax regime with effect from FY 2020-21.
• 10 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 quater and period ended 30th September 2020.
• 11 The above statement of financial results was reviewed by the Audit Committee and approved by the Board of Directors at the Meeting held on 6th November 2020.

Place: Bengaluru Date: 6th November 2020

for and on behalfof Board of Directors

Independent Auditor's Review report

Review report to the Board of Directors ofBharat Electronics Limited

We have reviewed the accompanying statement of unaudited standalone financial results of Bharat Electronics Limited ("the company") for the quater and half year ended 30tb September 2020 ("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 291h 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 Chatered Accountants of India. This standard requires that we plan and perforin 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 which it is to be disclosed, or that it contains any material misstatement.

blr@suriandco.com 080-41240545 080-41270545 52/4, Basappa Road, Shant Bangalore-560 027

GSTIN - 29AABFS5023Q1ZR

Emphasis of Matter

We draw attention to Note no. C(8) toward impact of outbreak of coronavirus (COVID 19) on the financial results of the company and the recoverability of the carrying amount of Inventories, Property, plant and Equipment, Leases, Financial Instruments, Trade receivable etc. and our opinion is not modified in respect ofthe above matter.

Place: Bengaluru

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

Date: 61h November 2020 Membership Number: 223118 UDIN: A A A A GYTf)

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 ofBharat Electronics Limited

• 1. 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 of its associates for the quater and half year ended 30", September 2020 ("the Statement"), being submitted by the Parent pursuant to the requirement of Regulation 33 ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended read with SEBI circular CIR/CFD/CMD1/44/2019 dated 29", March 2019.
• 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 of the 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 of the Entity", issued by the Institute of Chatered 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 become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

080-41270545

52/4, Basappa Road, Shanthi Nagar, Bangalore-560 027

GSTIN - 29AABFS5023Q1ZR

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the 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 of the review repots ofthe other auditors referred to in paragraph 7 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 of the 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. Emphasis of Matter

We draw attention to Note no. C(8) toward impact of outbreak of coronavirus (COVID 19) on the financial results of the Holding company and the recoverability ofthe carrying amount of Inventories, Property, plant and Equipment, Leases, Financial Instruments, Trade receivable etc. and our opinion is not modified in respect ofthe above matter.

1. We did not review the interim financial results of two subsidiaries included in the consolidated unaudited financial results, whose interim financial results reflect total assets of Rs. 51,507 lakhs as at 30tb September 2020 and total revenues of Rs. 2, 720 lakhs, total net profit/(loss) after tax of Rs.(365)lakhs, total comprehensive income of Rs.(365)lakhs for the half year ended 30"b September 2020 as considered in the consolidated unaudited financial results. These interim financial results have been reviewed by other auditors whose repots 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 repots of the other auditors and the procedures performed by us as stated in paragraph 3 above.

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

1. The consolidated unaudited financial results also includes the Group,s share of net profit ater tax of Rs. 962 lakhs, total comprehensive income of Rs.963 lakhs for half year ended 30th September 2020, as considered in the consolidated unaudited financial 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.

,

Firm Registration No:004283S

Chatered Accountants

Place: Bengaluru Date: 61b November 2020 Partner Membership Number: 223118 UDIN: >I? A £Z- * 3ÿ'

PRESS RELEASE

BEL registers growth of 17% in PAT during the 2nd Quarter of FY 2020-21.

Navratna Defence PSU Bharat Electronics Limited (BEL) has achieved a Turnover of Rs. 3164.99 cr, during the 2nd Quarter of FY 2020-21 over the Turnover of Rs. 2661.25 cr recorded in the corresponding period of the previous year (increase of 18.93% as compared to corresponding quarter of the previous financial year).

Profit Before Tax (PBT) during the 2nd Quarter of FY 2020-21 stood at Rs. 559. 22 cr, over the Profit Before Tax (PBT) of Rs. 472.90 cr recorded in the corresponding period of the previous year.

Profit After Tax (PAT) during the 2nd Quarter of FY 2020-21 stood at Rs. 397.05 cr, over the Profit After Tax (PAT) of Rs. 339.49 cr recorded in the corresponding period of the previous year (increase of 16.95% as compared to corresponding quarter of the previous financial year).

For the half year ending September 2020, the company has achieved a Turnover of Rs. 4804.62 cr over the Turnover of Rs. 4703.23 cr recorded in the corresponding period of the previous year.

Profit Before Tax (PBT) during the 1S1 half of FY 2020-21 stood at Rs. 635.46 cr, over the Profit Before Tax (PBT) of Rs. 763.29 cr recorded in the corresponding period of the previous year.

Profit After Tax (PAT) during the 1$1 half of FY 2020-21 stood at Rs. 451.18 cr, over the Profit After Tax (PAT) of Rs. 544.22 cr recorded in the corresponding period of the previous year.

The order book position of the company as on 1S1 October, 2020 stood at Rs. 52148 cr.

FOR BHARAT ELECTRONICS LTD COMPANY SECRETARY