BSE Ltd. 4i4kM Phiroze Jeejeebhoy Towers Dalai Street Mumbai - 400 001

*T.No. 17565/4/SE/MUMC/SEC tÿTTÿI Date: 28.01.2021

y fclTo, (*TNcT WR cJTT \JgT*T, TÿTT ÿM<|) Hul<£c1 cfTRTteRT : 3TTÿr fÿT 1MNKI, GfTTÿr - 560 045, *FNtT Bharat Electronics Limited (Govt, of India Enterprise, Ministry of Defence) Registered Office : Outer Ring Road, Nagavara, Bangalore - 560 045, INDIA. CIN : L32309KA1954GQI000787 coilÿWTelefax : +91 (80) 25039266 ÿo/E-mail : secretary@bel. co.in WWeb : www. bel-india. in t-WEmail Wweb

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BHARATELECTRONICS

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Sub: Unaudited Standalone and Consolidated Financial Results for the Quarter and Nine Months ended 31St December, 2020.

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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 and nine months ended 31St December, 2020 along with copy of Press Release.

gw |$i This is for your information and record.

/ Thanking you,

, ÿÿ{mYours faithfully,

For BharatÿElectronics Limited

3" fÿTRT / S Sreenivas

wt / Company Secretary

ÿTTItT: I Ends: As stated above.

BHARAT ELECTRONICS LIMITED (CIN: L32309K.A1954GC>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 unaudited standalone and consolidated results for the quarter and nine months ended 31st December, 2020 A. Standalone Results

							(X in Lakhs)
SI.No.	Particulars	Quarter ended			Nine months ended		Year ended
		31.12.2020	30.09.2020	31.12.2019	31.12.2020	31.12.2019	31.03.2020
		(Unaudited)		(Unaudited)		(Audited)
1	Revenue rom operations
i.	/ income rom operationsSales	2,25,649	16,4993,	2,17,904	06,1117,	6,88,227	12,60,776
ii.	incomeOther operating	9753,	2,367	9,200	9,438	23,300	31,335
	Total revenue fromoperations	2,29,624	3,18,866	27,1042,	7,15,549	11,5277,	12,92,111
2	Other income	3122,	2,742	3173,	6,893	7,364	10,194
3	(1+2)Total income	31,9362,	21,6083,	30,4212,	22,4427,	18,8917,	13,02,305
4	Expenses
	(a) Cost ofmaterialsconsumed	31,6351,	50,5981,	28,2091,	3,65,732	3,36,794	89,4765,
	ofstock-in-trade(b) Consumption	17,265	15,267	38,381	50,958	92,762	95,097
	iofnished(c) Changes ininventoriesgoods, workin-progress and scrap	(30,791)	9,533	(39,008)	(40,840)	(50,336)	25,943
	i(d) Employeets expensebene	45,391	49,688	45,133	46,2491,	48,2801,	2,05,749
	(e) Finance costs	16	30	11	53	165	326
	Depreciation and amortisation(f)expense	4499,	9,139	6128,	27,467	25,461	34,964
	(g) Other expenses	22,089	31,431	18,917	72,395	59,270	02,8331,
	Total expenses	95,0541,	65,6862,	2,00,255	22,0146,	12,3966,	10,54,388
5	beforeProfitexceptionalitems& tax ( 3 - 4 )	36,882	55,922	30,166	00,4281,	06,4951,	47,9172,
6	Exceptionalitems	-	-	-	-	-	-
7	it before tax (5 - 6)Pro	36,882	55,922	30,166	00,4281,	06,4951,	47,9172,
8	deferredTax expense (includingtax)	10,696	16,217	6578,	29,124	30,564	68,534
9	Profitthe periodfor(7 - 8)	26,186	39,705	21,509	71,304	75,931	79,3831,
10	Income / (Loss) (net oftax)Other Comprehensive	2,600	(8,008)	2,866	(3,404)	9451,	(3,814)
11	the periodincome forTotal comprehensivei(9 + 10)[comprisingt and other comprehensiveproincomefor the period]	28,786	31,697	24,375	67,900	77,876	75,5691,
12	Paid-upequity share capital(Face Value of? 1/-each)	24,366	24,366	24,366	24,366	24,366	24,366
13	excluding RevaluationOther EquityReserves	-	-	-	-	-	9,60,928
14	(BasicDiluted)Earningspershare&(?)(notannualised)	081.	631.	0.89	2.93	3.12	7.36

See accompanying notes to the inancial results.

B. Consolidated Results

in Lakhs)

			Quarter ended		Nine months ended		Year ended
SI.No	Particulars	31.12.2020	30.09.2020	31.12.2019	31.12.2020	31.12.2019	31.03.2020
			(Unaudited)		(Unaudited)		(Audited)
1	Revenue from operations
i.	Sales / incomefrom operations	26,9932,	3,16,836	2,18,272	7,07,975	90,8016,	12,63,658
ii.	Other operatingincome	5,046	2,688	9,536	11,147	24,289	33,109
	Total revenue from operationsOther income	32,0392,	3,19,524	2,27,808	19,1227,	7,15,090	12,96,767
23	Total income (1+2)	3512,34,3902,	2,74622,2703,	3,33931,1472,	6,74525,8677,	7,07622,1667,	9,94013,06,707
4	Expenses
	(a) Cost ofmaterialsconsumed	31,9201,	50,8811,	28,0141,	3,66,337	3,37,254	5,89,700
	(b) Consumption ofstock-in-trade	17,265	15,267	38,381	50,958	92,762	95,097
	offinishedininventorieswork-in(c) Changesgoods,progress and scrap	(30,907)	8548,	(38,944)	(41,664)	(50,617)	24,931
	(d) Employee benefitsexpense	45,791	50,135	45,550	47,5191,	49,4341,	07,4742,
	(e) Finance costs	40	30	12	77	167	360
	and amortisation(f) Depreciationexpense	9,978	9,668	9,170	29,048	27,128	37,186
	(g) Other expenses	22,348	31,656	19,137	73,011	60,207	04,1191,
	Total expenses	96,4351,	66,4912,	01,3202,	6,25,286	6,16,335	10,58,867
5	ofProfititems,profitexceptionalbeforeshareofnetassociates accounted under equity method & tax (3-4)	37,955	55,779	29,827	00,5811,	05,8311,	47,8402,
6	Exceptional items	-	-	-	-	-	-
7	before share ofnet profit ofProfitassociates accountedunder equity method & tax (5 - 6)	37,955	55,779	29,827	00,5811,	05,8311,	47,8402,
8	Tax Expense (including deferedtax)	10,943	16,183	8,574	29,220	30,460	68,577
9	ofnet profit ofProfitbefoeshaeassociates accountedunder equity method (7 - 8)	27,012	39,596	21,253	71,361	75,371	79,2631,
	10 Share ofofnet profitassociates accounted under equitymethod	838	331	0301,	8001,	2,404	3,209
11	Profitfor the period (9 + 10)	27,850	39,927	22,283	73,161	77,775	82,4721,
	Income / (Loss) (net oftax)12 Other Compehensive	2,604	(8,008)	2,864	(3,399)	9441,	(4,102)
	income for the period (1113 Total compehensivei+ 12)[comprisingt and other comprehensive incomefor theproperiod]	30,454	31,919	25,147	69,762	79,719	78,3701,
	it / (Loss) attributable to14 Net Pro
	a) Owners oftheCompany	27,805	39,901	22,268	73,085	77,712	82,3851,
	b) Non ControllingInterest	45	26	15	76	63	87
	Other Comprehensive Income attributableto
	a) Owners oftheCompanyb) Non Controlling Inteest	2,604	(8,008)	2,864	(3,399)	9441,	(4,102)
	Total Comprehensive Income attributable to
	a) Owners oftheCompany	30,409	31,893	25,132	69,686	79,656	78,2831,
	b) Non ControllingInterest	45	26	15	76	63	87
15	Paid-up equity shaecapital? l/-each)(Face Value of	24,366	24,366	24,366	24,366	24,366	24,366
	16 Other Equity excluding Revaluation Reserves	-	-	-	-	-	82,7879,
17	per shaeEarnings(Basic & Diluted) (?) (not annualised)	1.14	641.	910.	3.00	3.19	7.49

See accompanying notes to the financial results

K y\f>ovHA«Aÿ

C. Notes:

1 These results have been prepared in accordance with the ind AS notified 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 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 31st December 2020. The associate viz. GE BE Pvt. Ltd. has been consolidated under equity method [26 % Shareholding], The consolidated inancial results have been prepared as per lnd AS 110 and Ind AS 28.
4 The company"s inancial results for the current nine months 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 inancial results.
5 The company has adopted the concessional tax rate under the new tax regime with effect rom FY 2020-21.
6 As required under clause 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the Statutory Auditors have conducted a limited review ofthe above inancial results for the quarter and period ended 31st December 2020.
7 An interim dividend of ? 1.40 per share for the year 2020-21 has been declared by the Board of Directors at the meeting held on 28th January 2021.
8 The above statement of inancial results was reviewed by the Audit Committee and approved by the Board of Directors at the Meeting held on 28th January 2021.

Place: Puducherry Date: 28th January 2021

for and on behalfofBoard of Directors

Chairman & Managing Director

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 nine months ended 31S, December 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 291b 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 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 i which it is to be disclosed, or that it contains any material misstatement.

52/4, Basappa R Bangalore-560 027

GSTIN - 29AABFS5023Q1ZR

Emphasis of Matter

We draw attention to Note no. C(4) toward impact of outbreakof 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 of the above matter.

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

Place: Bengaluru

Date: 281h January 2021 Membership Number: 223118 UDIN:21223118AAAABC9146

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

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 nine months ended 3l S, December 2020 ("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 Repoting" ("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.

www.suriandco.com

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.

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
Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review repots of the 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.
Emphasis of Matter

We draw attention to Note no. C(4) toward impact of outbreak of coronavirus (COVID 19) on the financial results of the company and the recoverability of the carrying amount of Inventories, Propety, plant and Equipment, Leases, Financial Instruments, Trade receivable etc. and our opinion is not modified in respect ofthe above matter.

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.6377 lakhs, total net profit/(loss) after tax of Rs.4371akhs and total comprehensive income of Rs.4371akhsfor nine months ended 31 stDecember2020as 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 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 matter.

The consolidated unaudited financial results also includes the Group"s share of net profit after tax of Rs. 1800 lakhs, total comprehensive income of Rs.l8051akhs for the nine months ended 31 stDecember2020, 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 Suri & Co., Chartered Accountants Firm Registration No:004283S

Date: 281h January 2021 Membership Number: 223118 UD1N:21223118AAAABD6854 Partner

Place: Bengaluru

PRESS RELEASE

BEL registers a growth of 22% in PAT during 03 of Financial Year 2020-21

Navratna Defence PSU Bharat Electronics Limited (BEL) has achieved a Turnover of Rs. 2256.49 cr, during the 3rd Quarter of FY 2020-21 over the Turnover of Rs. 2179.04 cr recorded in the corresponding period of the previous year.

Profit Before Tax (PBT) during the 3rd Quarter of FY 2020-21 stood at Rs. 368.82 cr, over the Profit Before Tax (PBT) of Rs. 301.66 cr recorded in the corresponding period of the previous year.

Profit After Tax (PAT) during the 3rd Quarter of FY 2020-21 stood at Rs. 261.86 cr, over the Profit After Tax (PAT) of Rs. 215.09 cr recorded in the corresponding period of the previous year.

For the nine months period ending 31S1 December 2020, the Company has achieved a Turnover of Rs. 7061.11 cr, over a Turnover of Rs. 6882.27 cr recorded in the corresponding period of the previous year.

Profit Before Tax (PBT) upto the 3rd Quarter of FY 2020-21 stood at Rs. 1004.28 cr, over the Profit Before Tax (PBT) of Rs. 1064.95 cr recorded in the corresponding period of the previous year.

Profit after Tax (PAT) upto the 3rd Quarter of FY 2020-21 stood at Rs. 713.04 cr, over the Profit after Tax (PAT) of Rs. 759.31 cr recorded in the corresponding period of the previous year.

The Board has, in its meeting held on 281h January 2021, declared an interim dividend of Rs. 1.40/- per equity share to be paid to the eligible shareholders as on 51h February 2021, being the record date fixed for the purpose.

The order book position of the company as on 1St January, 2021 stood at Rs. 54791 cr.

AI assistant

Bharat Electronics Ltd. Interim / Quarterly Report 2021

60828_rns_2021-01-28_7c17dc3b-5e6c-46db-acd3-eefff211831e.pdf