The net profit of Bangalore-based defence engineering company, Bharat Electronics (BEL) remained flat for the second quarter ended September 30, 2008 at Rs 123.73 crore compared to the same quarter last year. This was mainly on account of higher cost of employees and raw materials.
The net sales for the quarter rose by 10.1 per cent to Rs 780.6 crore as against the same period last year.
The operating profit has grown by 8.09 per cent to Rs 144.02 crore during the quarter compared to the same period last year.
BEL witnessed 44.4 per cent rise in employee costs to Rs 183.23 crore on account of merger of dearness allowance and further provision for pay revision during the second quarter. The raw material costs during the period went up by 13 per cent to Rs 382.76 crore compared to the corresponding quarter.
However, the company's results do not include the performance of its subsidiary companies like BEL Optronic Devices and joint venture companies like GE BE Pvt Ltd and BEL Multitone Pvt Ltd. The company has obtained exemption from SEBI regarding segment reporting.
Top Section
Explore Business Standard