प्रति To,

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

सं .No. 17565/4/SE/MUMC/SEC दिनांक / Date: 29.07.2019

महोदय / महोदया. Dear Sir/Madam.

भारत इलेक्टॉनिक्स BHARAT ELECTRONICS भारत इलेक्टॉनिक्स लिमिटेड (भारत सरकार का उद्यम, रक्षा मंत्रालय) पंजीकत कार्यालय: आउटर रिंग रोड, नागवारा, बेंगलूर - 560 045, भारत Bharat Electronics Limited (Govt. of India Enterprise, Ministry of Defence) Registered Office : Outer Ring Road. Nagavara, Bangalore - 560 045, INDIA. CIN: L32309KA1954GOI000787 टेलीफैक्स/Telefax: +91 (80) 25039266 ई-मेल/E-mail : [email protected] वेब/Web : www.bel-india.com

विषय : 30 जून, 2019 को समाप्त तिमाही की अपरीक्षित लेखा और समेकित वित्तीय परिणाम । Sub: Unaudited Standalone and Consolidated Financial Results for the quarter ended 30th June, 2019.

सेबी (सूचीकरण के दायित्व और प्रकटण की अपेक्षाएं) विनियम, 2015 के विनियम 33(3) के तारतम्य में, 30 जून, 2019 को समाप्त तिमाही की अपरीक्षित लेखा स्टैंडअलोन के विवरण और समेकित वित्तीय परिणाम तथा सीमित समीक्षा रिपोर्ट प्रेस विज्ञप्ति की प्रति के साथ संलग्न पाएं।

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 30th June, 2019 along with copy of Press Release.

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

सधन्यवाद / Thanking you,

भवदीय Yours faithfully,

कृते भारत इलेक्टॉनिक्स लिमिटेड For Bharat Electronics Limited

एस श्रीनिवास S Sreenivas कंपनी सचिव Company Secretary

संलग्न- यथा उपरोक्त। Encls: As stated above.

QUALITY. TECHNOLOGY. INNOVATION. BHARAT ELECTRONICS LIMITED (CIN: L32309KA1954GOI000787)

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, 2019

A. Standalone Results

					$(3 \text{ in Lakhs})$
SI.		Quarter ended			Year ended
No	Particulars	30.06.2019	31.03.2019	30.06.2018	31.03.2019
		(Unaudited)	(Refer note 6)	(Unaudited)	(Audited)
$\mathbf{1}$	Revenue from operations
$\mathbf{i}$ .	Sales / income from operations	2,04,198	3,77,260	2,07,784	11,78,922
ii.	Other operating income	5,954	11,204	2,422	29,538
	Total revenue from operations	2,10,152	3,88,464	2,10,206	12,08,460
$\sqrt{2}$	Other income	2,544	12,879	888	16,954
$\mathfrak{Z}$	Total income $(1+2)$	2,12,696	4,01,343	2,11,094	12,25,414
$\overline{4}$	Expenses
	(a) Cost of materials consumed	90,438	1,49,651	1,27,395	5,32,087
	(b) Consumption of stock-in-trade	22,642	44,823	9,751	75,906
	(c) Changes in inventories of finished goods,work-in-progress and scrap	(7, 434)	2,094	(26, 425)	(13,220)
	(d) Employee benefits expense	52,419	44,200	47,282	1,87,905
	(e) Finance costs	32	1,194	27	1,221
	(f) Depreciation and amortisation expense	8,284	9,328	6,889	31,622
	(g) Other expenses	17,276	54,793	21,154	1,39,574
	Total expenses	1,83,657	3,06,083	1,86,073	9,55,095
5	Profit before exceptional items $& \text{tax}(3-4)$	29,039	95,260	25,021	2,70,319
6	Exceptional items
$\overline{7}$	Profit before tax $(5 - 6)$	29,039	95,260	25,021	2,70,319
$,$ 8 $,$	Tax Expense (including deferred tax)	8,566	28,398	7,048	77,590
$\boldsymbol{9}$	Profit for the period $(7 - 8)$	20,473	66,862	17,973	1,92,729
10	Other Comprehensive Income / (Loss) (net of tax)	573	(2,636)	1,555	(4,021)
11	Total comprehensive income for the period $(9 + 10)$[comprising profit and other comprehensive income for theperiod]	21,046	64,226	19,528	1,88,708
12	Paid-up equity share capital(Face Value of ₹1/- each)	24,366	24,366	24,366	24,366
13	Other Equity excluding Revaluation Reserves	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	$\overline{a}$	8,77,525
14	Earnings per share (Basic & Diluted) $(\bar{\tau})$ (not annualised)	0.84	2.74	0.74	7.91

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See accompanying notes to the financial results.

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B. Consolidated Results

					$(\overline{\tau}$ in Lakhs)
SI.		Quarter ended			Year ended
No	Particulars	30.06.2019	31.03.2019	30.06.2018	31.03.2019
		(Unaudited)	(Refer note 6)	(Unaudited)	(Audited)
$\mathbf{1}$	Revenue from operations
i.	Sales / income from operations	2,06,172	3,78,332	2,10,496
ii.	Other operating income	6,278			11,85,470
	Total revenue from operations		11,596	2,748	30,947
	Other income	2,12,450	3,89,928	2,13,244	12,16,417
$\overline{c}$		2,584	3,620	768	7,299
3	Total income $(1+2)$	2,15,034	3,93,548	2,14,012	12,23,716
$\overline{4}$	Expenses
	(a) Cost of materials consumed	91,276	1,46,133	1,28,572	5,31,592
	(b) Consumption of stock-in-trade	22,642	44,823	9,751	75,906
	(c) Changes in inventories of finished goods,
	work-in-progress and scrap	(7,556)	2,910	(26, 056)	(13,068)

	(d) Employee benefits expense	52,790	44,750	47,641	1,89,514
	(e) Finance costs	32	1,194	84	1,275
	(f) Depreciation and amortisation expense	8,836	9,879	7,422	33,813
	(g) Other expenses	17,790	55,991	21,454	1,41,850
	Total expenses	1,85,810	3,05,680	1,88,868	9,60,882
5	Profit before exceptional items, share of net profit of associatesaccounted under equity method & tax $(3-4)$	29,224	87,868	25,144	2,62,834
6	Exceptional items
$7\overline{ }$	Profit before share of net profit of associates accounted underequity method & tax $(5 - 6)$	29,224	87,868	25,144	2,62,834
8	Tax Expense (including deferred tax)	8,625	28,810	7,194	78,031
9	Profit before share of net profit of associates accounted underequity method $(7 - 8)$	20,599	59,058	17,950	1,84,803
10	Share of net profit of associates accountedunder equity method	466	620	896	3,864
11	Profit for the period $(9 + 10)$	21,065	59,678	18,846	1,88,667
12	Other Comprehensive Income / (Loss) (net of tax)	573	(2,730)	1,551	(4, 127)
13	Total comprehensive income for the period $(11 + 12)$[comprising profit and other comprehensive income for theperiod]	21,638	56,948	20,397	1,84,540
14	Net Profit / (Loss) attributable to
	a) Owners of the Company	21,059	59,661	18,843	1,88,640
	b) Non Controlling Interest	6
			17	3	27
	Other Comprehensive Income attributable to
	a) Owners of the Company	573	(2,730)	1,551	(4,127)
	b) Non Controlling Interest
	Total Comprehensive Income attributable to
	a) Owners of the Company	21,632	56,931	20,394
	b) Non Controlling Interest		17		1,84,513
		6		3	27
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	$\frac{1}{2}$			8,96,784
17	Earnings per share (Basic & Diluted) $(\bar{\tau})$ (not annualised)	0.86	2.45	0.77	7.74

See accompanying notes to the financial results.

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 Adoption of Ind AS 116 Leases:

Effective April 1, 2019, the company has adopted Ind AS 116 "Leases" retrospectively, using the cumulative effect method and hence the comparative information is not restated. The adoption of the standard did not have any material impact on the financial results of the company.

3 Ministry of Corporate Affairs (MCA) has exempted the companies engaged in defence production from the requirement of Segment Reporting.
4 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 June 2019. The associate viz. GE BE Pvt. Ltd. has been consolidated under equity method [26 % Shareholding]. The consolidated financial results have been prepared as per Ind AS 110 and Ind AS 28.
5 The Board of Directors at their meeting held on 29th May 2019 has recommended a final dividend of 170% (₹ 1.70 per share of $\bar{x}$ 1/- each) for the year 2018-19 in addition to three interim dividend totalling $\bar{x}$ 1.70 per equity share of ₹1/- each paid for the financial year 2018-19 in the month of February & March 2019.
6 The figures of quarter ended 31st March 2019 are the balancing figures between the audited figures of the full financial year 31st March 2019 and the published figures up to 31st December 2018.
7 As required under clause 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended, the Statutory Auditors have conducted a limited review of the above financial results for the quarter and period ended 30th June 2019.
8 The above statement of financial results was reviewed by the Audit Committee and approved by the Board of Directors at the Meeting held on 29th July 2019.

Place: Bengaluru Date: 29th July 2019

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for and on behalf of Board of Directors

Wzowtama

Chairman & Managing Director

Offices: Chennai, Thiruvananthapuram, Madurai Coimbatore, Coonoor, Kochi & Bangalore

GSTIN: 29AABFS502301ZR

52/4, Basappa Road, Shanthi Nagar, Bangalore- 560 027 Tel: (080) 41240545, 41270545 E-mail: [email protected]

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 30th June 2019 ("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 29th 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.

Place: Bengaluru Date: 29.07.2019 For Suri & Co., Chartered Accountants Firm Registration No:004283S

Natarajan V Partner Membership Number: 223118

VDIN! 19223118 AAAAAV 1077

GSTIN: 29AABFS5023Q1ZR

SURI & CO., Chartered Accountants

Offices: Chennai, Thiruvananthapuram, Madurai Coimbatore, Coonoor, Kochi & Bangalore

52/4, Basappa Road, Shanthi Nagar. Bangalore- 560 027 Tel: (080) 41240545, 41270545 E-mail: [email protected]

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 quarter ended 30th June 2019 and for the period from 01st April 2019 to 30th June 2019 ("the Statement"), being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. amended 2015, as read with SEBI circular CIR/CFD/CMD1/44/2019 dated 29th March 2019. Attention is drawn to the fact that the consolidated figures for the corresponding quarter ended March 2019 and the corresponding period from 01st April 2018 to 30th June 2018, as reported in these financial results have been approved by the Parent's Board of Directors, but have not been subjected to review.
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 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.
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.2,891, total net profit/(loss) after tax of Rs. 158 lakhs and total comprehensive income of Rs.158 lakhs for the quarter ended 30th June 2019 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.

The consolidated unaudited financial results also includes the Group's share of net profit after tax of Rs. 466 lakhs and total comprehensive income of Rs. 466 lakhs for the quarter ended 30th June 2019, 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

V. Notaryan

Natarajan V Partner Membership Number: 223118 UDIN! 19223118AAAAAN8325

Place: Bengaluru Date: 29.07.2019

PRESS RELEASE

BEL registers a turnover of Rs. 2042 cr in 1st Quarter

Navratna Defence PSU Bharat Electronics Limited (BEL) has achieved a Turnover of Rs. 2041.98 cr, during the 1st quarter of FY 2019-20 over the Turnover of Rs. 2077.84 cr recorded in the corresponding period of the previous year.

Profit Before Tax (PBT) during 1st quarter of FY 2019-20 stood at Rs. 290.39 cr, registering a growth of about 16% over the Profit Before Tax (PBT) of Rs. 250.21 cr recorded in the corresponding period of the previous year.

Profit After Tax (PAT) during the 1st quarter of FY 2019-20 stood at Rs. 204.73 cr, registering a growth of about 14% over the Profit After Tax (PAT) of Rs. 179.73 cr recorded in the corresponding period of the previous year.

The order book position of the company as on $1st$ July, 2019 stood at Rs. 51715 cr.

FOR BHARAT ELECTRONICS LTD COMPANY SECR

AI assistant

Bharat Electronics Ltd. Interim / Quarterly Report 2020

60828_rns_2019-07-29_88ab2fab-83e9-4155-95d3-6b97cdd405fa.pdf

सं .No. 17565/4/SE/MUMC/SEC दिनांक / Date: 29.07.2019