BEL net drops 17% to Rs 123cr

Defence public sector undertaking Bharat Electronics (BEL) has posted a 17% decline in net profit to Rs 122.84 crore for the second quarter ended September 30, 2007. Total income dropped 13 per cent to Rs 758.62 crore.

The operating profit declined 14.5% to Rs 203.05 crore on year-on-year basis due to increased expenditure on raw materials and salary.

The company's performance in the September quarter was slightly better than the previous quarter (quarter ended June 30, 2007) when the company had posted a 56% decline in net profit and 10% drop in revenue.

According to BEL CMD V V R Sastry, the company has a healthy order book of about Rs 9,100 crore of which Rs 3,600 crore will be executed during the current fiscal.