Bharat Electronics Ltd. — Interim / Quarterly Report 2023

Oct 28, 2023

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f.No. 17565/6/SE/NSEC/SEC / Date: 28.10.2023

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mTcT \$o)ctglacM BHARATELECTRONICS TCÿT ÿcfÿicRT (ÿRcT TRcPR cfJI WR, Wl) 0,|i|lcdi| : 3TnJCT fÿT Te, HI"NKI, - ⁵⁶⁰ 045, ÿK?T Bharat Electronics Limited (Govt, of India Enterprise, Ministry of Defence) Registered Office : Outer Ring Road, Nagavara, Bangalore - 560 045, INDIA. CIN : L32309KA1954GOI000787 tÿw/Telefax : +91 (80) ^25039266 t-WE-mail : secretary@bel. co.in WWeb : www.bel-india.in

^{30 2023} T afc % ?tW\ srrtflRr xnj Rxflq hR"ih ^I Sub:llnaudited Standalone and Consolidated Financial Results for the quarter and half year ended 30th September. 2023.

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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 half year ended 30'h September, ²⁰²³ along with copy of Press Release.

fW SÿTFT ^t f% fÿTRT ²⁸ 3TÿT, ²⁰²³ 10.00 ÿft 3ÿT ²⁸ 3Trjÿc, ²⁰²³ 12.20 ÿ3PTTH" ^I

Please note that the Board meeting commenced at 10.00 A.M. on 281h October, 2023 and concluded at 12.20 P.M. on 28' ^h October, 2023.

ÿRT ^ÿ tÿl This is for your information and record.

/ Thanking you,

ÿ ÿ41 <4 / Yours faithfully,

" lnc?rÿ+dTt+u For Bharat Electronics Limited

SREENIVAS SRIPADA Digitally signed by SREENIVAS SRIPADA Date: 2023.10.28 12:26:32 +05'30'

tt?t%TlR=im / ^S Sreenivas / Company Secretary

ÿqfTrfr ⁱ Ends: As stated above.

BENGALURU OFFICE

1/1,1®1 Floor, Eshwari complex. Dr. Raj Kumar Road, Prakashnagar, Bengaluru- 560 021. Email: pgb@pgbhagwatca.com Web: www.pgbhagwatca.com

Independent Auditors' Review Report

on the unaudited quarter and halfyear ended standalone inancial results ofBharat Electronics Limited Pursuant to the Regulation ³³ ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, ²⁰¹⁵

To, The Board of Directors of Bharat Electronics Limited Outer Ring Road, Nagavara, Bengaluru - 560045, Karnataka

• 1. We have reviewed the accompanying Statement ofUnaudited Standalone Financial Results ofBharat Electronics Limited ("BEL" or the Company) for the quarter and halfyear ended September 30, ²⁰²³ ( " the Statement") being submitted by the Company pursuant to the requirement of Regulation ³³ of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company>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 ofthe 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 Statement is free of material misstatement. ^A review is limited primarily to inquiries of company personnel and analytical procedure 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.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement 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.

^P G BHAGWAT LLP Chartered Accountants LLPIN: AAT-9949

Other matters

• 1. The comparative inancial information of the Company for the quarter ended June 30, 2023, corresponding quarter ended and halfyear ended September 30,2022 included in the accompanying Statement are based on the previously issued standalone inancial results prepared in accordance with the recognition and measurement principles of Indian Accounting Standard ³⁴ "Interim Financial Reporting" ("Ind AS 34"), as speciied under section ¹³³ of the Companies Act, 2013, read with relevant rules issued thereunder and other accounting principles generally accepted in India and were reviewed by the predecessor auditors, who have expressed an unmodiied conclusion on those standalone inancial results dated July 27, ²⁰²³ , October 27, ²⁰²² respectively.
• 1. The inancial information of the Company for the year ended March 31, ²⁰²³ included in the accompanying Statement are based on the previously issued standalone inancial results prepared in accordance with the recognition and measurement principles ofIndian Accounting Standard read with relevant rules issued thereunder and other accounting principles generally accepted in India and were audited by the predecessor auditors' whose report for the year ended March 31, 2023 dated May 20, ²⁰²³ expressed an unmodiied Opinion on those standalone inancial results.

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

For ^{P G} BHAGWAT LLP Chartered Accountants 100682

Membership Number: 136835 UDIN: A3i3gS35 S&,XPR. XIÿ6S

Panchkula October 28, 2023

^P G BHAGWAT LLP Chartered Accountants LLPIN: AAT-9949

BENGALURU OFFICE 1/1,1=' Floor, Eshwari complex. Dr. Raj Kumar Road, Prakashnagar, Bengaluru- 560 021. Email: pgb@pgbhagwatca.com Web: wvvw.pgbhagwatca.com

Independent Auditor's Review Report

on the unaudited quarter and halfyear ended consolidated inancial results ofBhart Electronics Limited Pursuant to the Regulation ³³ ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, ²⁰¹⁵

To, The Board of Directors of Bharat Electronics Limited Outer Ring Road, Nagavara, Bengaluru - 560045, Karnataka

• 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Bharat Electronics Limited ("BEI/the Holding Company"), and its Subsidiaries (Holding Company and its Subsidiaries together referred to as "the Group") and its Associate for the quarter and half year ended September 30, ²⁰²³ ("the Statement"), being submitted by the Holding Company pursuant to the requirement of Regulation ³³ of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").
• 1. This Statement , which is the responsibility of the Holding Company ^s Management and has been approved by the Holding Company " ^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 ofthe 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 inancial information consists of making inquiries, primarily of persons responsible for inancial 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 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) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

Offices at: Pune ^| Mumbai ubballi ^| Dharwad ^| Belagavi

^P G BHAGWAT LLP Chartered Accountants LLPIN: AAT-9949

1. The Statement includes the results ofthe following entities:

A. Subsidiaries

• i. BEL Optronics Devices Limited
• ii. BEL Thales Systems Limited
• B. Associate
• i. GE BE Private Limited
• 1. Based on our review conducted and 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 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.

Other Matters

• 1. We did not review the inancial results oftwo. subsidiaries included in the Statement , whose interim inancial results reflect total assets of Rs. 47, ³⁶² Lakhs and net assets of Rs. 33, 910 Lakhs as on September 30, 2023, total revenues of Rs. 7,898 Lakhs, total net proit after tax of Rs. ³⁷³ Lakhs and total comprehensive income of Rs. ³⁷³ Lakhs for the half year ended September 30, ²⁰²³ and net cash outflow of Rs. 1,699 Lakhs for the period April 01, ²⁰²³ to September 30, ²⁰²³ 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.
• 1. The consolidated unaudited inancial results also include the Group's share of Net Proit After Tax of Rs. 1,898 Lakhs and total comprehensive income of Rs. 1, ⁸⁹⁹ Lakhs for halfyear ended September 30, 2023, as considered in the consolidated unaudited inancial results, in respect of one associate, whose interim inancial results have not been audited by us. These interim inancial 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 inancial results furnished by the Management. In our opinion and according to the information and explanations given to us by the Management, these interim inancial results are not material to the Group.
• 1. The comparative inancial information of the Company for the quarter ended June 30, 2023, corresponding quarter ended and half year ended September 30, ²⁰²² included in the accompanying Statement are based on the previously issued consolidated inancial results prepared in accordance with the recognition and measure ' - , es of Indian Accounting

BEL Limited Review Report (Consolidated) September 30,2023 Page ² of ³

PG BHAGWAT LLP Chartered Accountants LLPIN: AAT-9949

Standard ³⁴ "Interim Financial Reporting" ("Ind AS 34"), as speciied under section ¹³³ of the Companies Act, 2013, read with relevant rules issued thereunder and other accounting principles generally accepted in India and were reviewed by the predecessor auditors, who have expressed an unmodiied conclusion on those consolidated inancial results dated July 27,2023, October 27,2022 respectively.

1. The inancial information of the Company for the year ended March 31, ²⁰²³ included in the accompanying Statement are based on the previously issued consolidated inancial results prepared in accordance with the recognition and measurement principles of Indian Accounting Standard read with relevant rules issued thereunder and other accounting principles generally accepted in India and were audited by the predecessor auditors whose report for the year ended March 31, ²⁰²³ dated May 20, ²⁰²³ expressed an unmodiied Opinion on those consolidated inancial results.

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

For PG BHAGWAT LLP Chartered Accountants F S2

Membership Number: 136835 UDIN: J?.? 134335 B6, XPRyjw

Panchkula October 28, 2023

			_
					_
	B/M	i r&	f
		A JFCT QUALITY. TECHNOLOGY. INNOVATION.	OMCS
		BHARAT ELECTRONICS	LIMITED
	Registered & Corporate Office: Outer Ring	(CIN: L32309KA1954GOI000787)	Road, Nagavara, Bengaluru -		560 045.
	secretary@bel.co.in, Website: www.bel-india.in. E-mail:		Ph: 080-25039300 / 25039266 Fax: 080-25039266
_ A.	Statement of unaudited standalone and consolidated Standalone Results		results for the quarter and half		year ended 30 September, 2023
							(? in Lakhs)
SI.	Particulars	30.09.2023	Quarter ended 30.06.2023	30.09.2022	Half 30.09.2023	year ended 30.09.2022	Year ended 31.03.2023
No.			(Unaudited)		(Unaudited)		(Audited)
1 i.	Revenue from operations Sales / income from operations	91.813 3,	3, 44,669	3, 89,620	36,482 7,	95,978 6,	17,33,337
ii.	Other operating income	519 7,	415 6.	4, 963	13,934	9, 883	31,283
	Total revenue from operations	99,332 3,	51,084 3,	94,583 3,	50,416 7.	05,861 7,	17,64,620
2	Other income	17,051	14,166	501 7,	31,217	23,475	36,002
* 3	Total income (1+2)	4, 16,383	65,250 3,	4, 02,084	81,633 7,	29,336 7,	18,00,622
4	Expenses
	(a) Cost of materials consumed	92,453 1,	81,736 1,	25,445 2,	74,189 3,	4, 10,230	37,844 9,
	(b) Consumption of stock-in-trade	17,777	706 9.	15,966	27,483	35,570	82,785
	of (c) Changes in inventories finished goods,	(5,713)	998 6,	(17,586)	285 1,	(41,129)	(39,745)
	work-in-oroeress and scrap
	(d) Employee benefits expense	59,343	62,370	59,550	21,713 1,	17,190 1,	29,773 2,
	(e) Finance costs	151	107	174	258	276	479 1,
	(f) Depreciation and amortisation expense	10,043 35,035	10,127 23,831	10,419 25,630	20,170 58.866	19,828 47,075	40,787 49,211
	(g) Other expenses						1,
	Total expenses	09.089 3,	94,875 2,	3, 19,598	6, 03,964	89,040 5,	14,02,134
5	Profit before exceptional items & tax (3 - 4)	07.294 1,	70,375	82,486	77,669 1,	40,296 1,	98,488 3,
6	Exceptional items	-	-	-	-	-	-
7	i Pro t before tax (5 - 6)	07,294 1,	70,375	82,486	77,669 1,	40,296 1,	3, 98,488
8	Tax expense (including deferred tax)	26.060	17,291	21,381	43,351	36,042	97,821
9	i t for the period (7 - 8) Pro	81.234	53,084	61,105	34,318 1,	04,254 1,	3, 00,667
10	Other Comprehensive Income / (Loss) (net oftax)	569	963 5,	(5,299)	6, 532	2, 072	(16,624)
11	Total comprehensive income for the period (9 + 10) i [comprising t and other comprehensive income for pro the neriodl	81,803	59,047	55,806	40,850 1,	06,326 1,	84,043 2,
12	Paid-up equity share capital (Face Value of ? 1/- each)	73,098	73,098	73,098	73,098	73,098	73,098
13	Other Equity excluding Revaluation Reserves	-	-	-	-	-	12,85,101
14	Earnings per share (Basic & Diluted) (?) (not annualised)	1. 11	0. 73	0. 84	84 1.	43 1.	4. 11
	See accompanying notes to the financial results.

B. Consolidated Results

	(? in Lakhs)
SI.			Quarter ended		Half	year ended	Year ended
No.	Particulars	30.09.2023	30.06.2023	30.09.2022	30.09.2023	30.09.2022	31.03.2023
			(Unaudited)		(Unaudited)		(Audited)
1	Revenue from operations
i.	Sales / income from operations	3, 93,063	3, 46, 538	90,735 3,	39,601 7,	99,463 6,	17,40,418
ii.	Other operating income	843 7,	756 6,	424 5,	14,599	10, 757	33,026
	Total revenue from operations Other income	4, 00,906	3, 53,294	96,159 3,	54,200 7, 27,729	7, 10, 220	17,73,444
2 3	Total income (1+2)	13,706 14,612 4,	14,023 67,317 3,	379 7, 4, 03,538	81,929 7,	15,600 25,820 7,	28,080 18,01,524
4	Expenses	93,046	82,700	25,079	75,746	4, 10,845	39,299
	(a) Cost ofmaterials consumed (b) Consumption of stock-in-trade	1, 17,777	1, 9, 706	2, 15, 966	3, 27,483	35,570	9, 82,785
	(c) Changes in inventories of finished goods,	(6,457)	615 6,	(17,534)	158	(40,830)	(39,328)
	work-in-progress and scrap
	(d) Employee benefits expense	59,846	62,868	60,038	22,714 1,	18,145 1,	31,734 2,
	(e) Finance costs	151	107	175	258	277	495 1,
	(f) Depreciation and amortisation expense	10,826	10,894 24,154	10,945	21, 720 59,431	20,877	42, 882
	(g) Other expenses	35,277		25,782		47, 425	50,366 1,
	Total expenses	3, 10,466	2, 97,044	20,451 3,	07,510 6,	92,309 5,	14,09,233
5	i i of net of exceptional Pro before items, share pro t t associates accounted under equity method & tax (3 - 4)	04,146 1,	70,273	83,087	74,419 1,	33,511 1,	92,291 3,
6	Exceptional items	-	-	-	-	-	-
7	i Profit before share of t of associates accounted net pro under equity method & tax (5 - 6)	04,146 1,	70,273	83,087	74,419 1,	33,511 1,	92,291 3,
8	Tax expense (including deferred tax)	073 26,	17,413	21,604	43,486	36,415	98,256
9	i t before share of net profit of associates accounted Pro under equity method (7 - 8)	78,073	52,860	61,483	30,933 1,	97,096	2, 94,035
10	Share of net profit of associates accounted under equity method	898	000 1,	957	898 1,	977 1,	4, 589
11	i t for the period (9 + 10) Pro	78,971	53,860	62,440	32,831 1,	99,073	2, 98, 624
12	Other Comprehensive Income / (Loss) (net of tax)	570	5, 963	(5,299)	533 6,	2, 073	(16,602)
13	Total comprehensive income for the period (11 + 12)	79,541	59,823	57,141	39,364 1,	01,146 1,	82,022 2,
	[comprising profit and other comprehensive income for the period]
14	i t / (Loss) attributable to Net Pro
	a) Owners of the Company	78,935	53,848	62,374	32,783 1,	98,939	2, 98,442
	b) Non Controlling Interest	36	12	66	48	134	182
	Other Comprehensive Income attributable to a) Owners ofthe Company b) Non Controlling Interest	570	963 5,	(5,299)	533 6,	2, 073	(16,602)
	Total Comprehensive Income attributable to a) Owners of the Company	79,505	59,811	57,075	39,316 1,	01,012 1,	81,840 2,
	b) Non Controlling Interest	36	12	66	48	134	182
15	Paid-up equity share capital of ? l/-each) (Face Value	73,098	73,098	73,098	73,098	73,098	73,098
16	Other Equity excluding Revaluation Reserves	-	-	-	-	-	13,13,065
17	Earnings per share (Basic & Diluted) (?) (not annualised)	08 1.	0. 74	0. 86	82 1.	36 1.	4. 09
	i nancial results. See accompanying notes to the

C. Notes:

C. Notes: _		_
	1. Standalone Statement ofAssets & Liabilities as at 30 September 2023 is given below.		_ (? in Lakhs)
CI ol. No.	_ Particulars	As at 30 September 2023 (Unaudited)	As at 31 March 2023 (Audited)
	A ASSETS
	(1) Non current assets
	(a) Property, plant and equipment	57,187 2,	2, 59,630
	(b) Capital work-in-progress (c) investment property	43, 238 6	36,157 6
	(d) Other intangible assets	6, 629	7, 583
	(e) Intangible assets under development	49,914	47,970
	(f) Financial assets (i) Investments	70,176	66,440
	(ii) Trade receivables	-	-
	(iii) Loans	687 064	656 917
	(iv) Other financial assets (g) Deferred tax assets (net)	1, 56,664	1, 50,339
	(h) Inventories	596	587
	(i) Other non current assets	161 44,	43,835
	Sub total - Non current assets	30,322 5,	15,120 5,
	(2) Current assets
	(a) Inventories	68,180 6,	618 6, 40,
	(b) Financial assets (i) Trade receivables	32,197 7,	02,201 7,
	(ii) Cash & cash equivalents	37,801 1,	86,418 3,
	(iii) Bank balances [other than (ii) above]	76,851 6, 157	4, 14,482 172
	(iv) Loans (v) Other financial assets	31,351	22,392
	(c) Current tax assets (net)	50,047	40,156
	(d) Other current assets	59,548 7,	7, 83,889
	Sub total - Current assets	30,56,132	29,90,328
	TOTAL ASSETS	35,86,454	35,05,448
B	EQUITY AND LIABILITIES
	(1) Equity
	(a) Equity share capital (b) Other equity	73,098 13,82,092	73,098 12,85,101
	Sub Total - Equity	14,55,190	13,58,199
	(2) Non-current liabilities
	(a) Deferred income	828 5,	019 6,
	(b) Financial liabilities (i) Borrowings	-	-
	(ia) Lease liabilities	5, 925	5, 942
	(ii) Trade payables i total outstanding dues ofmicro - enterp
	ses & small enterprises; and
	total outstanding dues of creditors other - than micro enterprises & small enterprises		37
	(iii) Other financial liabilities	303 1,	473
	(c) Provisions (d) Other non current liabilities	86,114 ÿ	83,897 "
	Sub total - Non current liabilities	99,170	96,368
	(3) Current liabilities (a) Deferred income	336	336
	(b) Financial liabilities
	(i) Borrowings (ia) Lease liabilities	- 213	- 192
	(ii) Trade payables
	total outstanding dues of micro enterprises -	11,120	20,713
	& small enterprises; and total outstanding dues ofcreditors - other
	than micro enterprises & small enterprises	2, 76,449	11,253 3,
	(iii) Other financial liabilities (c) Other current liabilities	62,488 1, 41,159 15,	27,006 1, 15,29,066
	(d) Provisions	40,329	62,315
	(e) Current tax liabilities (net)	-	-
	Sub total - Current liabilities	20,32,094	20,50,881

C. Notes

2. Standalone Cash Flow Statement (? in lakhs)

Particulars	period For the ended 30 September 2023	period For the ended 30 September 2022
ACTIVITIES FROM OPERATING CASH FLOW A. :
Profit before exceptional items and tax	77,669 1,	40,296 1,
Adju stments for:
and amortisation Depreciation expense	20,170	19,828
Provision for intangible assets under development	170
responsibility Corporate social		24
Transfer from government grants	(191)	(170)
Interest income	(26,051)	(14,714)
Dividend income	(3,738)	(8,122)
liability Interest on lease	210	175
Finance costs	48	101
of Profit & equipment on sale property, plant	(53)	(61)
Operating Working Capital Profit Before Changes	68,234 1,	37,357 1,
Increase / (Decrease) due to:
Trade receivables	(29,996)	(24,038)
Loans	(16)	39
Other financial assets	(8,106)	(2,904)
Other assets	24,015	(94,897)
Inventories	(27,571)	(94,564)
Trade payables	(44,434)	16,104
liabilities Other financial	14,797	7, 147
Other liabilities	12,093	(1,56,123)
Provisions	(13,237)	12,135
Current tax assets	(4,067)	(5,994)
Cash Generated from Operations	91,712	(2,05,738)
Income taxes paid (net)	(55,500)	(46,500)
Cash Flow Exceptional Items Before	36,212	(2,52,238)
Exceptional items
Net Cash from / (used in) Operating Activities	36,212	(2,52,238)

Particulars	period For the ended 30 September 2023	the period For ended 30 September 2022
ACTIVITIES FROM INVESTING FLOW CASH B. :
Purchase of property, plant & equipment and other intangible assets	(25,968)	(22,030)
of Proceeds from sale property, plant & equipment	53	61
Increase / (Decrease) from term deposits & other bank balances	(2,62,369)	59,131 2,
Investments in others	(3,736)	(4,482)
Interest received	26,051	14,714
Dividend received	3, 738	8, 122
Net Cash from / (used in) Investing Activities	(2,62,231)	55,516 2,
FLOW FROM FINANCING ACTIVITIES CASH C. :
Responsibility Corporate Social (CSR) expenditure	(1,177)	(1,301)
Dividend paid	(21,421)	(17,838)
Repayment of liabilities lease	258	78
Interest on lease liability	(210)	(175)
Finance costs	(48)	(101)
Net Cash from in) Financing Activities / (used	(22,598)	(19,337)
Net Increase in / (Decrease) Cash and Cash Equivalents (A+B+C)	(2,48,617)	(16,059)
at the of the beginning period Cash and Cash Equivalents	86,418 3,	23,904 1,
at the period Cash and Cash Equivalents end of the	37,801 1,	07,845 1,

C. Notes:

_	C. Notes: 3.Consolidated Statement ofAssets & Liabilities as at 30 September 2023 is given below	_	_
ol. CI No.	_ Particulars	As at 30 September 2023 (Unaudited)	in Lakhs) As at 31 March 2023 (Audited)
	A ASSETS (1) Non current assets
	(a) Property, plant and equipment	66, 466 2,	69,431 2,
	(b) Capital work-in-progress	43,348	36,123
	(c) Investment property (d) Other intangible assets	6 26,307	6 26,849
	(e) Intangible assets under development	914 49,	371 49,
	(f) Investment in associate	18,601	20,073
	(g) Financial assets (i) Investments	46,462	44, 926
	(ii) Trade receivables	-	-
	(iii) Loans (iv) Other financial assets	687 289 1,	656 045 2,
	(h) Deferred tax assets (net)	56,695	50,372
	(") Inventories 0) Other non current assets	596 44, 226	587 43,904
	Sub total - Non current assets	54,597	44,343
		5,	5,
	(2) Current assets (a) Inventories	6, 73, 234	44, 6, 804
	(b) Financial assets
	(i) Trade receivables (ii) Cash & cash equivalents	33,591 7, 44, 252	03,348 7, 94,569 3,
	(iii) Bank balances [other than (ii) above]	1, 369 6, 78,	4, 16,589
	(iv) Loans (v) Other financial assets	157 31,547	172 20,342
	(c) Current tax assets (net)	50,359	40,314
	<d) assets<="" current="" other="" td="">	60,585 7,	84,636 7,	60,585 7,	84,636 7,
	Sub total - Current assets	30,72,094	30,04,774
	TOTAL ASSETS	36,26,691	35,49,117
	B EQUITY AND LIABILITIES
	(1) Equity
	(a) Equity share capital (b) Other equity	098 73, 14,08,521	73,098 13,13,065
		14,81,619	13,86,163
	Non controlling interest	769 1,	775 1,
	Sub Total - Equity	14,83,388	13,87,938
	(2) Non current liabilities	203	13,395
	(a) Deferred income (b) Financial liabilities	13,
	(i) Borrowings (ia) Lease liabilities	- 925 5,	- 942 5,
	(ii) Trade payables
	total outstanding dues of micro enterprises - & small enterprises; and
	total outstanding dues ofcreditors other -		37
	than micro enterprises & small enterprises (iii) Other financial liabilities	303 1,	473
	(c) Provisions	86, 729	84,465
	(d) Deferred tax liabilities (net) (e) Other non current liabilities	313	289 ÿ
	Sub total - Non current liabilities	07,473 1,	04,601 1,
	(3) Current liabilities
	(a) Deferred income	008 1,	665 1,
	(b) Financial liabilities (i) Borrowings	-	-
	(ia) Lease liabilities	213	192
	(ii) Trade payables total outstanding dues ofmicro enterprises -	11,141
	& small enterprises; and		20,754
	total outstanding dues ofcreditors other - than micro enterprises & small enterprises	295 2, 78,	3, 12,284
	(iii) Other in ancial liabilities	62,728 1,	29,023 1,
	(c) Other current liabilities (d) Provisions	41, 630 15, 40,815	29,906 15, 62,754
	(e) Current tax liabilities (net)	"	"
	Sub total - Current liabilities	20,35,830	20,56,578
	TOTAL EQUITY AND LIABILITIES	36,26,691	35,49,117

C. Notes

4. Consolidated Cash Flow Statement (? in lakhs)

Particulars	period the For ended 30 September 2023	the period For ended 30 September 2022
OPERATING ACTIVITIES FLOW CASH A. FROM :
t er share of Profit items associate but before exceptional and tax a	76,317 1,	35,488 1,
Adj for: ustments
Depreciation and amortisation expense	21,720	20,877
intangible Provision for assets under development	170
responsibility social Corporate		24
from Transfer government grants	(849)	(829)
income Interest	(26,293)	(15,176)
liability on lease Interest	210	175
Finance costs	48	102
of Profit equipment property, & on sale plant	(53)	(61)
Operating Profit Working Before Capital Changes	1,71,270	40,600 1,
Increase / (Decrease) due to:
receivables Trade	(30,243)	(25,141)
Loans	(16)	39
financial Other assets	(10,449)	(2,875)
Other assets	23,729	(95,007)
Inventories	(28,439)	(93,601)
payables Trade	(43,639)	15,725
liabilities financial Other	13,020	7, 096
liabilities Other	11,724	(1,57,334)
Provisions	(13,142)	11,937
Current tax assets	(4,330)	(6,099)
from Operations Cash Generated	89,485	(2,04,660)
Income (net) taxes paid	(55,500)	(46,500)
Items Exceptional Cash Flow Before	33,985	(2,51,160)
Exceptional items
Operating Cash from in) Activities Net / (used	33,985	(2,51,160)

Particulars	period the For ended 30 September 2023	period the For ended 30 September 2022
ACTIVITIES INVESTING FLOW CASH FROM B. :
Purchase of equipment intangible property, and other plant & assets	(26,151)	(22,141)
of Proceeds from sale plant equipment property, &	53	61
in bank balances Increase other / (Decrease) term deposits &	(2,61,780)	2,54,923
investments Other	(64)	334 1,
Interest received	26,293	15,176
Investing Net Cash from Activities in) / (used	(2,61,649)	49,353 2,
FINANCING ACTIVITIES FLOW CASH FROM C. :
Responsibility Corporate expenditure Social (CSR)	(1,177)	(1,301)
Dividend paid	(21,476)	(17,878)
of liabilities lease Repayment	258	78
liability Interest on lease	(210)	(175)
Finance costs	(48)	(102)
Net Cash from in) Financing Activities / (used	(22,653)	(19,378)
Increase in / (Decrease) Cash and Cash Equivalents Net (A+B+C)	(2,50,317)	(21,185)
the period at the beginning of Cash and Cash Equivalents	3, 94,569	30,086 1,
period at the end of the Cash and Cash Equivalents	44,252 1,	08,901 1,

C. Notes:

• ⁵ The unaudited standalone and consolidated financial results are prepared in accordance with applicable accounting standards i.e. Ind AS, as prescribed under section ¹³³ of the Companies Act, 2013 read with relevant rules thereunder and in terms of Regulation ³³ of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 as amended.
• ⁶ Ministry of Corporate Affairs (MCA) vide G.S.R. No. 463 (E) dated 5th June 2015 has exempted 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 on ^a line to line basis as prescribed under Ind AS ¹¹⁰ - Consolidated Financial Statements. The associate company viz. GE BE Pvt. Ltd. has been consolidated under equity method (26% Shareholding) as prescribed in Ind AS ²⁸ - Investments in Associates.
• ⁸ As required under regulation ³³ of SEBI (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 2023.
• ⁹ The above statement of financial results was reviewed by the Audit Committee at its meeting held on 27th October ²⁰²³ and approved by the Board of Directors at its meeting held on 28th October 2023.

Place: Panchkula Date: 28th October 2023

(Additional Charge)

PRESS RELEASE

BEL registers a growth of 29% in PAT during the 1st Half of FY 2023-24.

Navratna Defence PSU Bharat Electronics Limited (BEL) has achieved a Turnover of Rs. 7364.82 cr, registering a growth of 5.82% during the 1st half of FY 2023-24 over the Turnover of Rs. 6959.78 cr recorded in the corresponding period of the previous year.

During the 2nd Quarter of FY 2023-24, BEL achieved a Turnover of Rs. 3918.13 cr as against Rs. 3896.20 cr recorded in the corresponding period of the previous year.

Profit Before Tax (PBT) during the 1st half of FY 2023-24 stood at Rs. 1776.69 cr, with a growth of 26.64% over the Profit Before Tax (PBT) of Rs. 1402.96 cr recorded in the corresponding period of the previous year.

During the 2nd Quarter of FY 2023-24, Profit Before Tax (PBT) stood at Rs. 1072.94 cr as against Rs. 824.86 cr recorded in the corresponding period of the previous year.

Profit After Tax (PAT) during the 1st half of FY 2023-24 stood at Rs. 1343.18 cr, with a growth of 28.84% over the Profit After Tax (PAT) of Rs. 1042.54 cr recorded in the corresponding period of the previous year.

During the 2nd Quarter of FY 2023-24, Profit After Tax (PAT) stood at Rs. 812.34 cr as against Rs. 611.05 cr recorded in the corresponding period of the previous year.

The order book position of the company as on 1st October, 2023 stood at Rs. 68728 cr.

FOR BHARAT ELECTRONICS LTD COMPANY SECRETARY SREENIVAS SRIPADA Digitally signed by SREENIVAS SRIPADA Date: 2023.10.28 12:26:57 +05'30'