Bharat Electronics fell 1.36% to Rs 97.95 after consolidated net profit slumped 74.44% to Rs 53.84 crore on 21.13% drop in total revenue from operations to Rs 1,675.59 crore in Q1 June 2020 over Q1 June 2019.
Consolidated profit before tax (PBT) tumbled 76.57% to Rs 68.47 crore in Q1 June 2020 as against Rs 292.24 crore in Q1 June 2019. Total tax expense for the quarter tanked 75.72% at Rs 20.94 crore as against Rs 86.25 crore in Q1 June 2019. The result was announced during market hours today, 27 July 2020.
The order book position of the company as on 1 July 2020 stood at Rs 53,752 crore.
The company said the result was impacted due to the nation wide lockdown attributable to COVID-19 related developments. However, the company expects to recover the carrying amount of inventories, property, plant & equipment, leases, financial instruments, trade receivables etc. The company said that it will continue to monitor the future economic conditions and assess its impact on its financial results.
BEL is a state-owned aerospace and defense company with about nine factories, and several regional offices in India. It primarily manufactures advanced electronic products for the Indian Armed Forces. The Government of India held 51.14% stake in BEL as on 30 June 2020.
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