Bharat Electronics share price touches 52-week high as Navratna Defence PSU registers 96% growth in turnover YoY in Q1FY23

BEL share price target: Shares of Bharat Electronics (BEL) gained over four per cent in Monday's intraday trade after the company catering to aerospace and defence came out with the Q1FY23 results.  

In the quarter ended June'22, shares of BEL rose more than four per cent to Rs 260.75 per equity share amid a spurt in volume on the BSE. The spike in stock price was mainly after the public sector company reported a growth of 96% in turnover (YOY). Navratna Defence PSU achieved a turnover of Rs. 3063.58 crore, during the first quarter of FY 2022-23 against the turnover of Rs. 1564.34 crore recorded in the corresponding period of the previous year.  

Profit Before Tax (PBT) during the 1S1 quarter of FY 2022-23 stood at Rs. 578.10 Cr against the Profit Before Tax (PBT) of Rs. 15.17 Cr recorded in the corresponding period of the previous year. 

Profit After Tax (PAT) during the 1S1 quarter of FY 2022-23 stood at Rs. 431.49 Cr against the Profit After Tax (PAT) of Rs. 11.15 Cr recorded in the corresponding period of the previous year. 

The order book position of the company as on 1S1 July, 2022 stood at Rs. 55333 crore.  

An Indian Government-owned aerospace and defence electronics company, Bharat Electronics Limited primarily manufactures advanced electronic products for ground and aerospace applications.