Bharat Electronics has posted a 38 per cent rise in net profit to reach Rs 275 crore during 2002-03.
This marks the continuation of a spectacular run over the last four years when sales more than doubled (to reach Rs 2,571 crore) but profits went up by five times.
V K Koshy, chairman and managing director, revealed that the bottomline has been boosted by substantial productivity growth.
Value-added per employee has more than doubled from Rs 3.48 lakh to Rs 7.21 over the four-year period (1998-99 to 2002-03).
Rs 68 core was saved through aggressive cost-cutting last year and the preliminary estimates for the current year put the figure at Rs 80 core.
BEL has not yet fixed the financial targets for the current year. It achieved an exceptional 32 per cent topline growth last year, but initial estimates for the current year put the growth figure at 15 per cent.
The public sector high technology company has certainly been benefited from a spurt in defence procurement but all its orders secured last year were won through public tendering without any price or purchase preference.
In fact, a rise in defence order fulfillment of over 20 per cent has made it difficult to improve the non-defence sector
