Bharat Electronics Ltd. — Interim / Quarterly Report 2022

Oct 29, 2021

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: 29.10.2021

BHARAT ELECTRONICS भारत इलेक्ट्रॉनिक्स लिमिटेड (भारत सरकार का उद्यम, रक्षा मंत्रालय) पंजीकृत 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, 2021 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, 2021.

सेबी (सूचीकरण की बाध्यताएँ एवं प्रकटीकरण की अपेक्षाएँ) विनियम, 2015 के विनियम 33 (3) के अनुसार में, प्रेस विज्ञप्ति की प्रति के साथ-साथ, दिनांक 30 सितंबर, 2021 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, 2021 along with copy of Press Release.

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

सधन्यवाद / Thanking you,

भवदीय Yours faithfully,

कते भारत इलेक्टॉनिक्स लिमिटेड For Bharat Electronics Limited

र्स श्रीनिवास S Sreenivas कुंपनी सचिव Company Secretary

संलग्न- यथा उपरोक्त । Encls: As stated above.

			_
			i
	S/YA	ÿrAEL/FC	OMCS
			QUALITY. TECHNOLOGY. INNOVATION.
		BHARAT ELECTRONICS(CIN: L32309KA1954GOIOO()787)	LIMITED
	& Corporate Office:Registered	Outer Ring Road,		Nagavara, Bengaluru -	560 045.
	E-mail:secretary@bel.co.in,Website: www.bel-india.in.		Ph: 080-25039300/2503926		6 Fax: 080-25039266
	Statement ofunauditedstandaloneand consolidated	results for	the quarter and half		__year ended 30th September,	_2021
_A.	Standalone Results
	_		Quarter ended		Half	year ended	(? inLakhs)Year ended
SI.No.	Particulars	30.09.2021	30.06.2021	30.09.2020	30.09.2021	30.09.2020	31.03.2021
	Revenue from operations		(Unaudited)		(Unaudited)		(Audited)
1i.	Sales/ incomefrom operations	3,62,242	56,4341,	3,16,499	6765,18,	80,4624,	13,81,816
ii.	Other operatingincome	8143,	0257,	2,367	10,839	4635,	24,567
2	from operationsTotal revenueOther income	3,66,0566,588	63,4591,4664,	3,18,8662,742	29,5155,11,054	4,85,9254,581	14,06,38361012,
3	Total income(1+ 2)	3,72,644	67,9251,	21,6083,	5,40,569	4,90,506	14,18,993
4	Expenses(a) Cost ofmaterialsconsumed	72,1261,	03,2291,	50,5981,	2,75,355	2,34,097	6,72,394
	(b) Consumption ofstock-in-trade	46,735	7319,	15,267	56,466	33,693	32123,1,
	finished(c) Changes ininventoriesofgoods,work-in-progress and scrap	(12,198)	(17,495)	9,533	(29,693)	(10,049)	(12,933)
	(d) Employeebenefitsexpense	53,269	49,504	49,688	02,7731,	00,8581,	94,0681,
	(e) Financecosts	48	14	30	62	37	608
	(f)and amortisationDepreciationexpense(g) Other expenses	4119,20,479	2219,12,204	9,13931,431	18,63232,683	01818,50,306	36,63311,4211,
	Total expenses	2,89,870	66,4081,	2,65,686	4,56,278	4,26,960	11,25,512
5	Profitbeforeexceptionalitems& tax (3 - 4)	82,774	5171,	55,922	84,291	63,546	93,4812,
6	Exceptionalitems	-	-	-	-	-	-
7	Profitbeforetax (5 - 6)	82,774	5171,	55,922	84,291	63,546	93,4812,
8	Tax expense (includingdeferred tax)	21,514	402	16,217	21,916	18,428	86,939
9	Profitforthe period(7 - 8)	61,260	1,115	39,705	62,375	45,118	2,06,542
10	Income / (Loss) (net oftax)Other Comprehensive	9241,	3413,	(8,008)	5,265	(6,004)	(8,709)
11	Total comprehensiveincomeforthe period(9 + 10)[comprisingprofitand other comprehensiveincomeforthe period]	63,184	4,456	31,697	67,640	39,114	97,8331,
12	Paid-upequityshare capitalof(Face Value? 1/- each)	24,366	24,366	24,366	24,366	24,366	24,366
13	Other Equityexcluding RevaluationReserves	-	-	-	-	-	10,56,423
14	Eanings(BasicDiluted)shareper&(?)(notannualised)	2.51	0.05	631.	2.56	851.	488.

See accompanying notes to the financial results.

B. Consolidated Results

	(? in Lakhs)
SI.			Quarter ended		Half	year ended	Year ended
No.	Particulars	30.09.2021	30.06.2021	30.09.2020	30.09.2021	30.09.2020	31.03.2021
			(Unaudited)			(Unaudited)	(Audited)
1	Revenue from operations
i.	Sales / income fromoperations	3,63,660	57,5141,	3,16,836	21,1745,	80,9824,	13,84,971
ii.	Other operating income	4,145	3537,	2,688	11,498	1016,	25,898
	Total revenue from operations	3,67,805	64,8671,	3,19,524	32,6725,	4,87,083	14,10,869
2	Other income	6,23874,043	5314,	2,746	10,769	4,394	12,496
3	Total income (1+2)	3,	69,3981,	3,22,270	44143,5,	91,4774,	14,23,365
4	Expenses
	(a) Cost ofmaterials consumed	71,8691,	03,6001,	50,8811,	2,75,469	34,4172,	71,7526,
	(b) Consumption ofstock-in-trade	46,735	7319,	15,267	56,466	33,693	23,3211,
	(c) Changes in inventories offinished goods,work-in-progressand scrap	(11,631)	(17,826)	8548,	(29,457)	(10,757)	(12,469)
	(d) Employee benefits expense	53,723	49,936	50,135	03,659	01,728	95,589
	(e) Finance costs	49	13	30	1,62	1,37	1,637
	(f) Depreciation and amortisationexpense	9,940	7459,	9,668	19,685	19,070	38,732
	(g) Other expenses	20,708	12,423	31,656	33,131	50,663	1,11,625
	Total expenses	91,3932,	67,6221,	66,4912,	59,0154,	4,28,851	11,29,187
5	Profit before exceptional items, share ofnet profit ofassociates	82,650	7761,	55,779	84,426	62,626	94,2,178
	accounted under equity method & tax (3 - 4)
6	Exceptional items	-	-	-	-	-	-
7	Profitbefore share ofnet profitof associates accounted underequity method & tax (5 - 6)	82,650	1,776	55,779	84,426	62,626	94,2,178
8	Tax expense (including deferred tax)	21,646	471	16,183	22,117	18,277	87,244
9	before share ofofProfitnet profitassociates accounted undermethod (7-8)equiy	61,004	1,305	39,596	62,309	44,349	2,06,934
	net profit of10 Share ofassociates accounted under equiymethod	4571,	1,136	331	2,593	962	0423,
11	Profitfor the period (9 + 10)	62,461	4412,	39,927	64,902	45,311	2,09,976
12	Other Comprehensive Income / (Loss) (net oftax)	9241,	3,342	(8,008)	5,266	(6,003)	(8,751)
13	Total comprehensive income for the period (11+ 12)[comprisingprofit and other comprehensive income for theperiod]	64,385	5,783	31,919	70,168	39,308	01,2252,
	14 Net Profit / (Loss) attributable toa) Owners ofthe Companyb) Non Controlling Interest	62,44615	2,4356	39,90126	64,88121	45,28031	2,09,89482
	Other Comprehensive Income attributable toa) Owners ofthe Companyb) Non Controlling Interest	9241,	3,342	(8,008)	5,266	(6,003)	(8,751)
	Total Comprehensive Income attributable toa) Owners ofthe Companyb) Non Controlling Interest	64,37015	7775,6	31,89326	70,14721	39,27731	01,1432,82
15	Paid-up equityshare capital(Face Value ofX \l-each)	24,366	24,366	24,366	24,366	24,366	24,366
16	Other Equity excluding Revaluation Reserves	-	-	-	-	-	10,81,592
	17 Eaningsper share (Basic & Diluted) (?) (not annualised)	2.56	0.10	641.	2.66	861.	8.62

C. Notes:

			(? inLakhs)
No	Particulars	Asat30 September2021 (Unaudited)	AsatMarch312021(Audited)
A	ASSETS
(1)	Non currentassets
	plantand equipment(a) Property,	37,6282,	2,42,265
	(b) Capitalwork-in-progress	42,464	35,069
	(c) Investmentproperty	8	8
	(d) Other intangibleassets	5,237	5,730
	(e) Intangibleassets under development	40,066	38,556
	(f) Financialassets	40,1881,	36,668
	(g) Deferredtax assets (net)	48,345	1,46,339
	(h) Inventories	398	938
(i)	Other non currentassets	3,52,413	3,39,081
	currentassetsSub total-Non	69,7475,	47,6545,
	(2) Currentassets
	(a) Inventories
		5,83,990	91,5294,
	(b) Financialassets	11,18,009	11,62,487
	(c) Currenttax assets (net)	24,986	12,998
	(d) Other currentassets	65,3067,	6,90,647
	- CurrentSub totalassets	24,92,291	23,57,661
	TOTALASSETS	30,62,038	29,05,315
B	EQUITYLIABILITIESAND
(1)	Equiy
	(a) Equitycapitalshare	24,366	24,366
	(b) Other equity	10,94,824	10,56,423
	- EquitySub Total	11,19,190	10,80,789
	liabilities(2) Non-current
	income(a) Deferred	6,493	6,493
	liabilities(b) Financial	651	817
	(c) Provisions	38,4111,	40,7441,
	liabilities(d) Other non current	-	-
	currentliabilitiesSub total- Non	45,5551,	48,0541,
	liabilities(3) Current
	(a) Deferredincome	186	396
	liabilities(b) Financial	19,1734,	4,25,333
	liabilities(c) Other current	13,44,534	12,16,497
	(d) Provisions	33,400	34,246
	liabilitiestax(e) Current(net)	-	-
	- CurrentSub totalliabilities	17,97,293	16,76,472
	LIABILITIESEQUITYTOTALAND	30,62,038	29,05,315

1. Standalone Statement ofAssets & Liabilities as at 30 September 2021 is given belov

C. Notes

1. Standalone Cash Flow Statement (? in lakhs)

Particulars	periodtheForended 30September2021	theperiodForended 30September2020
OPERATINGACTIVITIESFLOWA.CASHFROM:
Profitbeforeitemsexceptionaland tax	84,291	63,546
Adjustmentsfor:
Depreciationand amortisationexpense	18,632	18,018
responsibilityCoiporatesocial	518	356
Transferfromgovernment grants	(210)	(212)
Interestincome	(8,268)	(1,714)
Dividendincome	(407)	(351)
Intereston leaseliability	9	12
Financecosts	53	25
ofvaluationloansubsidiarytoFair	(1)	(9)
Profiton saleofplantproperty,&equipment	(117)	(24)
CapitalOperatingBeforeProfitWorkingChanges	94,500	79,647
Increasedue to:/ (Decrease)
receivablesTrade	24,9131,	(39,198)
Loans	35	(428)
Other financialassets	(5,424)	6531,
Other assets	(87,991)	27,739
Inventories	(91,921)	(71,848)
payablesTrade	(45,978)	(43,228)
liabilitiesOther financial	11,193	5217,
Other liabilities	28,0371,	59,611
Provisions	2,086	14,076
Currenttax assets	(2,366)	(7,701)
OperationsGeneratedfromCash	27,0841,	27,844
Incomepaidtaxes(net)	(33,544)	(14,230)
FlowBeforeItemsExceptionalCash	93,540	13,614
Exceptionalitems
Cash fromOperatingActivitiesin)Net/ (used	93,540	13,614

Particulars	For the periodended 30	For the periodended 30September 2021 September 2020
B. CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of property, plant & equipment and other intangible assets	(22, 407)	(11, 115)
Less: Receipt of grant
Purchase of property, plant & equipment and other intangible assets(net)	(22, 407)	(11, 115)
Proceeds from sale of property, plant & equipment	117	24
Increase / (Decrease) from term deposits & other bank balances	(2,99,667)	(44, 105)
Equity investments in subsidiaries $&$ associates		(157)
Investments in others	(3,611)	(3,151)
Interest received	8,268	1,714
Dividend received	407	351
Repayment of loan by subsidiaries & associates	380	762
Net Cash from / (used in) Investing Activities	(3,16,513)	(55, 677)
C. CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds / Repayment from borrowings (net)		(833)
Corporate Social Responsibility (CSR) expenditure	(1, 324)	(356)
Dividend paid (including tax on dividend)	(27)	(7)
Repayment of lease liabilities	53	82
Interest on lease liability	(9)	(12)
Finance costs	(53)	(25)
Net Cash from / (used in) Financing Activities	(1, 360)	(1,151)
Net Increase / (Decrease) in Cash and Cash Equivalents (A+B+C)	(2, 24, 333)	(43, 214)
Cash and Cash Equivalents at the beginning of the period	3,01,565	1,55,622
Cash and Cash Equivalents at the end of the period	77,232	1,12,408

C. Notes:

3.	Consolidated	Statement ofAssets	& Liabilities		as at 30 September 2021 is given	below.
----	--------------	--------------------	---------------	--	----------------------------------	--------

SINo	Particulars	As at30 September2021 (Unaudited)	As at31 March2021(Audited)
A	ASSETS
	(1) Non currentassets
	plant(a) Property,and equipment	2,43,495	2,48,550
	(b) Capital work-in-progress	47,148	39,747
	(c) Investment property	8	8
	(d) Other intangibleassets	16,937	16,656
	assets under development(e) Intangible	48,630	52148,
	(f) Investment inassociate	21,335	18,989
	(g) Financialassets	18,7241,	15,2121,
		35848,	46,346
(i)	Inventories	3,398	3,938
(j)	Other non current assets	53,007	39,669
	Sub total- Non currentassets	01,0406,	5,77,636
	(2) Currentassets
	(a) Inventories
		5,89,386	4,96,798
	(b) Financialassets	11,25,400	11,69,793
	(c) Current tax assets (net)	20125,	13,588
	(d) Other current assets	7,66,696	6,91,378
	Sub total- Currentassets	25,06,683	23,71,557
	TOTALASSETS	31,07,723	29,49,193
B	AND LIABILITIESEQUITY
	(1) Equity
	(a) Equityshare capital	24,366	24,366
	(h)Deferred taxassets (net)(b) Other equity	500	81,592
		11,22,11,46,866	10,
	Non controllinginterest	5201,	11,05,9584991,
	Sub Total- Equity	11,48,386	11,07,457
	(2) Non currentliabilities
	(a) Deferredincome	16,495	16,499
	(b) Financialliabilities	651	817
	(c) Provisions	38,9351,	41,2031,
	tax liabilities(d) Deferred(net)	-	36
	(e) Other non current liabilities	129	-
	Sub total - Non currentliabilities	56,2101,	1,58,555
	liabilities(3) Current
	(a) Deferred income	845	7111,
	liabilities(b) Financial	4,20,288	26,1444,
	(c) Other current liabilities	13,47,689	12,20,298
	(d) Provisions	34,249	35,028
	(e) Current tax liabilities(net)	56	-
	liabilities- CurrentSub total	18,03,127	16,83,181
	AND LIABILITIESEQUITYTOTAL	31,07,723	29,49,193

C. Notes

4. Consolidated Cash Flow Statement in lakhs)

Particulars	theperiodForended30September2021	periodtheForended30September2020
ACTIVITIESOPERATINGFLOWA.CASHFROM:
tofexceptionalProfitassociatebut beforeitemsshareand taxera	87,019	63,588
Adjustmentsfor:
and amortisationDepreciationexpense	19,685	19,070
socialresponsibilityCorporate	518	356
rTransfergrantsom government	(869)	(871)
incomeInterest	(8,411)	(1,898)
on leaseliabilityInterest	9	12
Financecosts	53	25
ofProfiton saleplantproperty,&equipment	(117)	(24)
WorkingCapitalOperatingProfitBeforeChanges	97,887	80,258
due to:Increase/ (Decrease)
receivablesTrade	24,5141,	(40,248)
Loans	33	(428)
Other financialassets	(5,498)	7291,
assetsOther	(88,656)	27,124
Inventories	(92,048)	(72,973)
payablesTrade	(45,765)	(43,380)
liabilitiesfinancialOther	11,284	7,594
Other liabilities	27,5201,	60,650
Provisions	2192,	14,270
assetstaxCurrent	(2,178)	(7,469)
fromOperationsGeneratedCash	29,3121,	27,127
paidIncometaxes(net)	(33,544)	(14,230)
ItemsBeforeExceptionalFlowCash	95,768	12,897
Exceptionalitems
Operatingin)ActivitiesfromNetCash/ (used	95,768	12,897

Particulars	For the periodended 30	For the periodended 30September 2021 September 2020
B. CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of property, plant $&$ equipment and other intangible assets	(22, 422)	(11, 175)
Less: Receipt of grant
Purchase of property, plant & equipment and other intangible assets(net)	(22, 422)	(11, 175)
Proceeds from sale of property, plant & equipment	117	24
Increase / (Decrease) in term deposits $&$ other bank balances	(2,99,678)	(46, 498)
Other investments	(5,944)	(3,853)
Interest received	8,411	1,898
Net Cash from / (used in) Investing Activities	(3, 19, 516)	(59, 604)
C. CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds / Repayment from borrowings (net)		(833)
Corporate Social Responsibility (CSR) expenditure	(1, 324)	(356)
Dividend paid (including tax on dividend)	(27)	(7)
Repayment of lease liabilities	53	82
Interest on lease liability	(9)	(12)
Finance costs	(53)	(25)
Net Cash from / (used in) Financing Activities	(1,360)	(1,151)
Net Increase / (Decrease) in Cash and Cash Equivalents (A+B+C)	(2, 25, 108)	(47, 858)
Cash and Cash Equivalents at the beginning of the period	3,04,290	1,62,063
Cash and Cash Equivalents at the end of the period	79,182	1,14,205

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 2021. The associate viz. GE BE Pvt. Ltd. has been consolidated under equity method [26% Shareholding]. The consolidated inancial results have been prepared as per Ind AS 110 and Ind AS 28.
• 8 The Company has considered the possible effects that may result from the pandemic relating to COVID-19 in the preparation of the inancial results including the recoverability of carrying amount of inancial and non-inancial assets. In developing the assumptions relating to the possible future uncertainities in the global economic conditions because of pandemic, the company has used its available internal and external sources of information and economic forecasts and expects that the carrying amount ofthese assets will be recovered. The impact of COVID-19 on the inancial results may differ from the estimate as at the date of approval of the inancial results.
• 9 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 2021.
• 10 The above statement of inancial results was reviewed by the Audit Committee at the Meeting held on 28th October 202. 1 and approved by the Board of Directors at the Meeting held on 29th October 2021. for and o:. rectors

Place Amritsar Date: 29th October 2021

Chairman & Managing Director (Additional charge)

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 for the period ended 301h September 2021 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 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,

For Guru t Jana Chartered Accountants

Mmeemmboeerrsshniipp Nnoo..:: 2z1i8o1i4ÿ5d f » udin: A-A-fVfV-W

Place: Amritsar Date: 291h October 2021

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

Review Report to the Board of Directors of Bharat Electronics Limited

• 1 o 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 quarter ended 301h September 2021 and for the peiod from 01${ April 2021 to 301h September 2021 ("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 291h 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 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 become aware of all significant matters that might be identified 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) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

• 1. The Statement includes the results of the 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 arid procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 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. We did not review the interim financial results of two subsidiaries included in the consolidated unaudited financial results, whose interim financial results reflect total revenues of Rs,4,366 lakhs, total net profit/(loss) after tax of Rs, 410 lakhs, total comprehensive income of Rs, 410 lakhs for the half year ended 301h September 2021 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 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 of the above matters.

1. The consolidated unaudited financial results also include the Group's share of net profit after tax of Rs. 2,593 lakhs, total comprehensive income of Rs. 2,594 lakhs for half year ended 301h September 2021, 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 of the above matter.

For Guru St Jana Chartered Accountants Membership No.: 218145 _ . UDIN: ck) Place: Amritsar Date: 291h October 2021

PRESS RELEASE

BEL registers a growth of 54% in PAT during 2nd Quarter of FY 2021-22.

Navratna Defence PSU Bharat Electronics Limited (BEL) has achieved a Turnover of Rs. 3622.42 cr, registering a growth of 14.45% during the 2nd Quarter of FY 2021-22 over the Turnover of Rs. 3164.99 cr recorded in the corresponding period of the previous year.

During the 1S1 half of FY 2021-22, BEL achieved a Turnover of Rs. 5186.76 cr , registering a growth of 7.95% over the Turnover of Rs. 4804.62 cr recorded in the corresponding period of the previous year.

Profit Before Tax (PBT) during the 2nd Quarter of FY 2021-22 stood at Rs. 827.74 cr, with a growth of 48.02% over the Profit Before Tax (PBT) of Rs. 559.22 cr recorded in the corresponding period of the previous year.

During the 1S1 half of FY 2021-22, Profit Before Tax (PBT) stood at Rs. 842.91 cr, with a growth of 32.65% over the Profit Before Tax (PBT) of Rs. 635.46 cr recorded in the corresponding period of the previous year.

Profit After Tax (PAT) during the 2nd Quarter of FY 2021-22 stood at Rs. 612.60 cr, with a growth of 54.29% over the Profit After Tax (PAT) of Rs. 397.05 cr recorded in the corresponding period of the previous year.

During the 1S1 half of FY 2021-22, Profit After Tax (PAT) stood at Rs. 623.75cr, with a growth of 38.25% over the Profit After Tax (PAT) of Rs. 451.18 cr recorded in the corresponding period of the previous year.

The order book position of the company as on 1S1 October, 2021 stood at Rs. 54627 cr.