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Bharat Electronics Ltd. Interim / Quarterly Report 2021
60828_rns_2021-08-06_991900d5-e87c-44ad-a9fe-92fd5c44c0c2.pdf
Interim / Quarterly Report
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BSE Ltd. Fb<\*\ 414km zrzf Phiroze Jeejeebhoy Towers ÿTTT Dalai Street iprt Mumbai - 400 001
.No. 17565/4/SE/MUMC/SEC / Date: 06.08.2021
Dear Sir/Madam,
CIN : L32309KA1954GQI000787 £ el ÿ/Telefax : +91 (80)25039266 4-WEmail : secretary@bel. co.in fa/Web . www. bel-india.in : " www.bel-india. in
- 30 vÿr, 2021 wm srrfrfÿRi" iuAR>d itwri Sub: Unaudited Standalone and Consolidated Financial Results for the quarter ended 30th June, 2021.
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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 ended 301h June, 2021 along with copy of Press Release.
3T 5rfÿT¥ tÿl This is for your information and record.
/ Thanking you,
Yours faithfully,
wft ÿrf%ÿCompany Secretary tm- ÿtÿttoi
Ends: As stated above.
(CIN: L32309KA1954GC)I000787)
Registered & Corporate Office: Outer Ring Road, Nagavara, Bengaluru - 560 045.
E-mail: [email protected], Website: www.bel-india.in. Ph: 080-25039300/25039266 Fax: 080-25039266
Statement of standalone and consolidated unaudited results for the quarter ended 30 June, 2021
A. Standalone Results
| t | (? in Lakhs) |
||||
|---|---|---|---|---|---|
| SI. | Year ended |
||||
| No | Particulars | 30.06.2021 | 31.03.2021 | 30.06.2020 | 31.03.2021 |
| (Unaudited) | (Refer note 5) |
(Unaudited) | (Audited) | ||
| 1 | operations Revenue from |
||||
| i | Sales / income operations from |
56,434 1, |
6, 75,705 |
63,963 1, |
13,81,816 |
| ii | Other operating income |
7, 025 |
15,129 | 3, 096 |
24,567 |
| operations from revenue Total |
63,459 1, |
90,834 6, |
67,059 1, |
14,06,383 | |
| 2 | Other income | 4, 466 |
717 5, |
839 1, |
12,610 |
| 3 | income (1+2) Total |
67,925 1, |
96,551 6, |
68,898 1, |
14,18,993 |
| 4 | Expenses | ||||
| Cost ofmaterials (a) consumed |
03,229 1, |
3, 06,662 |
83,499 | 6,72,394 | |
| (b) Consumption of stock-in-trade |
731 9, |
72,363 | 18,426 | 23,321 1, |
|
| of (c) Changes in inventories finished goods, work-in-progress and scrap |
(17,495) | 27,907 | (19,582) | (12,933) | |
| benefits Employee (d) expense |
49, 504 |
47,819 | 51,170 | 94,068 1, |
|
| costs (e) Finance |
14 | 555 | 7 | 608 | |
| Depreciation and amortisation (f) expense |
221 9, |
9, 166 |
8, 879 |
36,633 | |
| (g) Other expenses | 12,204 | 39,026 | 18,875 | 11,421 1, |
|
| Total expenses |
66,408 1, |
5, 03,498 |
61,274 1, |
11,25,512 | |
| 5 | Profit before items exceptional & tax (3-4) |
517 1, |
93,053 1, |
7, 624 |
93,481 2, |
| 6 | Exceptional items |
- | - | - | - |
| 7 | Profit before tax (5 - 6) |
517 1, |
93,053 1, |
7, 624 |
93,481 2, |
| 8 | expense (including deferred Tax tax) |
402 | 57,815 | 211 2, |
86,939 |
| 9 | Profit the period for (7 - 8) |
115 1, |
35,238 1, |
413 5, |
2, 06,542 |
| 10 | (net oftax) Income Other Comprehensive / (Loss) |
341 3, |
(5,305) | 2, 004 |
(8,709) |
| 11 | for the period comprehensive income Total (9 + 10) profit and other comprehensive [comprising income for the period] |
4, 456 |
29,933 1, |
417 7, |
97,833 1, |
| 12 | Paid-up share capital equity Value of ? 1/- (Face each) |
24,366 | 24,366 | 24,366 | 24,366 |
| 13 | Other Equity excluding Revaluation Reserves |
- | - | - | 10,56,423 |
| 14 | Eanings per share (Basic Diluted) (?) (not annualised) & |
0. 05 |
5. 55 |
0. 22 |
48 8. |
See-accompanying notes to the financial results.
ore »
B. Consolidated Results
| (X in Lakhs) |
||||||
|---|---|---|---|---|---|---|
| SI. | Quarter ended | Year ended | ||||
| No | Particulars | 30.06.2021 | 31.03.2021 | 30.06.2020 | 31.03.2021 | |
| (Unaudited) | (Refer note 5) | (Unaudited) | (Audited) | |||
| 1 | operations Revenue from |
|||||
| i | from operations Sales / income |
57,514 1, |
6, 76,996 |
64,146 1, |
13,84,971 | |
| ii. | Other operating income |
7, 353 |
14,751 | 413 3, |
25,898 | |
| operations Total revenue from |
64,867 1, |
91,747 6, |
67,559 1, |
14,10,869 | ||
| 2 | Other income | 4, 531 |
751 5, |
648 1, |
12,496 | |
| 3 | (1+2) Total income |
69,398 1, |
6, 97,498 |
69,207 1, |
14,23,365 | |
| 4 | Expenses | |||||
| (a) Cost of materials consumed |
03,600 1, |
05,415 3, |
83,536 | 71,752 6, |
||
| of (b) Consumption stock-in-trade |
731 9, |
72,363 | 18,426 | 23,321 1, |
||
| offinished (c) Changes in inventories goods, |
(17,826) | 29,195 | (19,611) | (12,469) | ||
| work-in-progress and scrap |
||||||
| (d) Employee benefits expense |
49,936 | 48,070 | 51,593 | 95,589 1, |
||
| (e) Finance costs |
13 | 560 | 7 | 637 | ||
| t isation (f) Depreciation expense and amo |
745 9, |
684 9, |
9, 402 |
38,732 | ||
| (g) Other expenses | 12,423 | 38,614 | 19,007 | 11,625 1, |
||
| Total expenses |
67,622 1, |
03,901 5, |
62,360 1, |
11,29,187 | ||
| 5 | Profit items, share of net profit of before exceptional associates accounted under equity method & tax (3-4) |
776 1, |
93,597 1, |
6, 847 |
94,178 2, |
|
| 6 | Exceptional items |
- | - | - | - | |
| 7 | of of associates Profit before net profit share accounted under equity method & tax (5 - 6) |
776 1, |
93,597 1, |
847 6, |
94,178 2, |
|
| 8 | Tax expense (including deferred tax) |
471 | 58,024 | 2, 094 |
87,244 | |
| 9 | share of net profit of associates Profit before accounted under equity method (7 - 8) |
305 1, |
35,573 1, |
4, 753 |
2, 06,934 |
|
| 10 | of Share of net profit associates accounted under equity method |
136 1, |
242 1, |
631 | 042 3, |
|
| 11 | Profit for the period (9 + 10) |
441 2, |
36,815 1, |
384 5, |
2, 09,976 |
|
| 12 | / (Loss) (net oftax) Income Other Comprehensive |
3, 342 |
(5,352) | 2, 005 |
(8,751) | |
| 13 | the period (11 Total comprehensive income for + 12) for [comprising profit and other comprehensive income the period] |
783 5, |
31,463 1, |
389 7, |
2, 01,225 |
|
| 14 | / (Loss) attributable Profit Net to a) Owners of the Company Controlling Interest b) Non |
2, 435 6 |
36,809 1, 6 |
379 5, 5 |
09,894 2, 82 |
|
| Licome Other Comprehensive attributable to a) Owners ofthe Company b) Non Controlling Interest |
342 3, |
(5,352) | 2, 005 |
(8,751) | ||
| Comprehensive Income attributable Total to a) Owners of the Company b) Non Controlling Interest |
5, 777 6 |
31,457 1, 6 |
7, 384 5 |
01,143 2, 82 |
||
| 15 | Paid-up equity share capital (Face Value of ? 1/- each) |
24,366 | 24,366 | 24,366 | 24,366 | |
| 16 | Other Equity excluding Revaluation Reserves |
- | - | - | 10,81,592 | |
| 17 | (ÿ & Diluted) ) (not annualised) Earnings per share (Basic |
0. 10 |
5. 62 |
0. 22 |
8. 62 |
See accompanying notes to the financial results. -
C. Notes:
- 1 These results have been prepared in accordance with the Ind AS notiied under the Companies (Indian Accounting Standards) Rules 2015, as amended.
- 2 Ministry of Corporate Affairs (MCA) has exempted the companies engaged in defence production from the requirement of Segment Reporting.
- 3 The unaudited quarterly results of subsidiaiy 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 June 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.
- 4 The Board of Directors at their meeting held on 22nd June 2021 has recommended a inal dividend of 120% (? 1.20 per share of ? 1/- each) for the year 2020-21 in addition to two interim Dividends amounting to 280% (? 2.80 per share of? 1/- each).
- 5 The figures of quarter ended 31st March 2021 are the balancing figures between the audited figures of the full inancial year 31st March 2021 and the published figures up to 31st December 2020.
- 6 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 noninancial 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 intenal and extenal sources of information and economic forecasts and expects that the carrying amount of these assets will be recovered. The impact of COVID-19 on the financial results may differ from the estimate as at the date of approval ofthe inancial results.
- 7 As required under clause 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the Statutory Auditors have conducted a limited review of the above inancial results for the quater and period ended 30th June 2021.
- 8 The above statement of financial results was reviewed by the Audit Committee at the meeting held on 05th August 2021 and approved by the Board of Directors at the meeting held on 06th August 2021.
Place: Bengaluru Date: 06th August, 2021
%
for and on behalf ofBoard of Directors
Off,ces: Chenna,, Madura,, Co,mbatore, Th,ruvananthapuram, Coonoor, Banga,ore & Koch,
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 ended 30tf June 2021 ("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 ofthe 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 inancial 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 inancial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to inancial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
52/4, Basappa Road, Shanthi Nagar, Bangalore-560 027
9
GSTIN - 29AABFS5023Q1ZR
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 Suri & Co., Chartered Accountants Firm Registration No:004283S
Harieharan M Partner Membership Number: 240075 UDIN: 21240075AAAAAU1435
Place: Bengaluru Date: 061hAugust 2021
Independent Auditor,s Review Report On consolidated unaudited quarterly and year to date financial results ofthe Company Pursuant to the Regulation 33 ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To the Board ofDirectors ofBharat Electronics Limited
-
- 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 profitater tax and total comprehensive incomeof its associates for the quarter ended 301h June 202land for the period from 01 S* April 2021 to 301h June 2021 ("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 291h March 2019.
-
- This Statement, which is the responsibility ofthe 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.
-
- 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 ofIndia. 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 do not express an audit opinion.
080-41270545
52/4, Basappa Roa Bangalore
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.
-
- 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
-
- 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 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.
-
- 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.1,745 lakhs, total net profit/(loss) aftertax of Rs.157 lakhs, total comprehensive income of Rs.157 lakhs for the quarter ended 30 , h June 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 ofthese 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 modified in respect ofthe above matters.
- The consolidated unaudited financial results also includes the Group s share of net profit ater tax of Rs. 1,136 lakhs, total comprehensive income of Rs. 1,137 lakhs for quarter ended 30"f June 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 modiied in respect ofthe above matter.
For Suri & Co., Chartered Accountants Firm Registration No:004283S
7
Harieharan M Partner Membership Number: 240075 UDIN:21240075AAAAAV4545
Place: Bengaluru Date:06'hAugust 2021
PRESS RELEASE
BEL registers a turnover of Rs.1564 crore in 1S' Quarter
Navratna Defence PSU Bharat Electronics Limited (BEL) has achieved a Turnover of Rs. 1564.34 crore, during the 1S1 quarter of FY 2021-22 against a Turnover of Rs. 1639.63 crore recorded in the corresponding period of the previous year.
Profit Before Tax (PBT) during the lS" quarter of FY 2021-22 stood at Rs.15.17 crore against the Profit Before Tax (PBT) of Rs.76.24 crore recorded in the corresponding period of the previous year.
Profit After Tax (PAT) during the 1S1 quarter of FY 2021-22 stood at Rs.11.15 crore against the Profit After Tax (PAT) of Rs.54.13 crore recorded in the corresponding period of the previous year.
The order book position of the company as on 1S[ July, 2021 stood at Rs.54489 crore.
For Bharat Electronics Ltd.