About
Bharat Electronics Ltd
Bharat Electronics Limited, established in 1954, is a Navratna Public Sector Undertaking. The Company possess expertise in a spectrum of activities, encompassing the design, development, manufacturing, supply and life cycle support of strategic electronic products and systems. It hold a prominent position in the Indian Defence segment, and are making inroads into the civilian segments while expanding their defence operations into the international markets.
The Company is engaged in manufacture and supply of strategic electronic products primarily to Defense Services. The company exported a range of products and sub-assemblies exported includes LYNX II, radar warning receivers, composite communication system, night vision devices, versatile communication system (VCS), IFF Interrogator, LRF, X-Ray tube, radar finger printing system, ESM system, V/ultra high frequency (UHF) search receivers, shelters, printed circuit board (PCB) assembly, cable harness, components and mechanical assemblies.
Bharat Electronics Ltd was set up at Bangalore, India, by the Government of India under the Ministry of Defence to meet the specialized electronic needs of the Indian defence services. Over the years, then company has grown into a multi-product, multi-technology, multi-unit company serving the needs of customers in diverse fields in India and abroad. The company started with the manufacture of few communication equipment in the year 1956. They went on to produce Receiving Valves in the year 1961, Germanium Semiconductors in the year 1962 and Radio Transmitters for AIR in the year 1964.
In the year 1966, the company set up a Radar manufacturing facility for the Army and in-house R&D. In the year 1967, they started manufacture of Transmitting Tubes, Silicon Devices and Integrated Circuits. In the year 1968, they established the PCB manufacturing facility. In the year 1970, the company started manufacture of Black & White TV Picture Tube, X-ray Tube and Microwave Tubes. In the year 1971, they set up facilities for manufacture of Integrated Circuits and Hybrid Micro Circuits. In the year 1972, they started manufacturing TV Transmitters for Doordarshan. In the year 1973, they started manufacture of Frigate Radars for the Navy.
Under the government's policy of decentralization and due to strategic reasons, the company ventured to set up new Units at various places. In the year 1974, the company set up their second unit at Ghaziabad to manufacture Radars and Tropo communication equipment for the Indian Air Force. In the year 1979, they established their third Unit at Pune to manufacture Image Converter and Image Intensifier Tubes. In the year 1980, the company's first overseas office was set up at New York for procurement of components and materials. In the year 1981, the company set up a manufacturing facility for Magnesium Manganese Dioxide batteries at the Pune Unit. In the year 1982, they set up the Space Electronic Division at Bangalore to support the satellite programme.
In the year 1983, the company took over an ailing Andhra Scientific Company (ASCO) as the fourth manufacturing Unit at Machilipatnam. In the year 1985, the company set up their fifth Unit in Chennai for supply of Tank Electronics, with proximity to HVF, Avadi. Also, they set up their sixth Unit at Panchkula to manufacture Military Communication equipment. In the year 1985, the company started manufacturing on a large scale Low Power TV Transmitters and TVROs for the expansion of Doordarshan's coverage. In the year 1986, the company set up their seventh Unit at Kotdwara to manufacture Switching Equipment. They set up their eighth Unit to manufacture TV Glass Shell at Taloja (Navi Mumbai). Also, they set up their ninth Unit at Hyderabad to manufacture Electronic Warfare Equipment.
In the year 1987, the company set up a separate Naval Equipment Division at Bangalore to give greater focus to Naval projects. In the year 1988, they established first Central Research Laboratory at Bangalore to focus on futuristic R&D. In the year 1989, the company started the manufacture of Telecom Switching and Transmission Systems. Also, they set up the Mass Manufacturing Facility in Bangalore and the manufacture of the first batch of 75,000 Electronic Voting Machines. In the year 1990, the company entered an agreement Delft of Holland for setting up first joint venture company, BE DELFT. Later, the joint venture company became a subsidiary of the company with the exit of the foreign partner and was renamed BEL Optronic Devices Ltd.
In the year 1992, the company established their second Central Research Laboratory at Ghaziabad. Also, the company made their first disinvestment (20%) and their shares were listed on the Bangalore and Mumbai Stock Exchanges. During the year 1993-94, the company's Units obtained ISO 9000 certification. In the year 1994, the second disinvestment (4.14%) took place. In the year 1997, GE BEL, the joint venture company with GE, USA, was formed. In the year 1998, the company set up their second overseas office at Singapore to source components from South East Asia. In the year 2000, the company's shares were listed in the National Stock Exchange.
In the year 2002, the company became the first defence PSU to get operational Mini Ratna Category I status. In June 16, 2007, the company inaugurated the state-of-the-art, new building of the Central Research Laboratory of the company at Ghaziabad. They also inaugurated the Near Field Antenna Development and Test Centre at BEL's Ghaziabad Unit. In June 22, 2007, the company was conferred the prestigious Navratna status based on their consistent performance. The company has bagged the IETE Corporate Award in August of the year 2007 for performance excellence in the field of software development.
During the year 2007-08, the company executed important orders which include STARS V Frequency Hopping, a VHF Manpack Transreceiver; Advanced Land Navigation System for Tanks, a Command & Control System, Command Information and Decision Support System, Installation of LINK II System on board Ship, Gunners Main Sight, EW Systems, Flycatcher Radar, Surveillance Radar Element, Integrated Observation Equipment, Hand Held Thermal Imagers, Central Acquisition Radar, Passive Night Vision Device (both monocular and binocular), and Doppler Weather Radar for prediction of meteorological data. These equipments have been supplied to a wide range of Customers including the Army, Navy, Air Force, Paramilitary forces, Indian Meteorological Department and others. The company set up a new DF Range test facility at the Hyderabad Unit for testing, calibration and evaluation of ESM Systems.
During the year, the company signed MoUs with aerospace majors, Lockheed Martin &Boeing and global defence companies EADS & Northrop Grumman and other companies like Raytheon, Honeywell to exploit opportunities arising out of offsets. They signed an MoU with Elisra, Israel, for working on various airborne electronic warfare programmes for the Indian defence. Also, they signed an MoU with IAI-Malat for working in the field of Unmanned Aerial Vehicles. The company signed an term sheet with Rafael, Israel, which is expected to lead to the formation of a joint venture, for missile electronics and guidance technologies. Also, they signed an MoU with Elbit Systems, Israel for co-operation in the area of Wireless Local Area Network.
During the year 2008-09, the company signed an MoU with Bharat Heavy Electricals Ltd, to explore formation of a Joint Venture for solar photovoltaic business. They signed an MoU with Boeing to jointly develop an analysis and experimentation centre in India to offer customers the ability to make better-informed decisions in modernising the Country's defence forces. They signed an MoU signed with Astra Microwave Products Ltd, for setting up of a Joint Venture for microwave components. They signed an MoU with Selex Galileo for collaboration on Electronic Warfare programmes. Also, they company was selected by Northrop Grumman Corporation for the manufacture of components for Fire Control Radar for its Fighter Aircraft programme.
During the year 2009-10, the company introduced some new products namely, Integrated Air Command and Control System, Advanced Naval Gun Fire Control System for IN Ships, Gap Measuring Device Mk III, Perimeter Security Jammer, Frequency Hopping HF Transreceivers for paramilitary forces, Data Facility Kit for VHF radios and V / UHF Protocol Analyzer. The company set up a state-of-the-art integrated manufacturing facility for assembly, inspection and testing of Digital Flight Control Computer (DFCC), all under one roof.
During the year 2010-11, the company supplied some of the important equipment / systems to customers, which includes 3-D Central Acquisition Radar (Rohini), Surveillance Radar Element, Artillery Combat Command Control System, Battle Field Surveillance Radar, L-Band Surveillance Radar, Fire Control Systems, Shipborne Electronic Warfare System, Integrated Communication Network System for ships, Mobile Radar band Electronic Intelligence System, Mobile Communication Terminal, Handheld UHF Radios, Secure Communication Network, Passive Night Vision Weapon Sight and Doppler Weather Radar.
In December 2010, the company handed over four numbers of India's first wholly indigenous Nuclear, Biological and Chemical (NBC) Recce Vehicles, designed and developed by DRDO and integrated with NBC instruments at BEL's Pune Unit to Indian Army. The NBC Recce Vehicle surveys, detects, identifies and marks areas of radiological and chemical contamination. In December 24, 2010, the company inaugurated a modern D&E facility at BEL's Hyderabad Unit, which is equipped with Embedded Systems Lab, Software Development Lab, Communication Systems and Integration Labs, Video Conferencing, etc. In February 8, 2011, the company inaugurated the company's Product Support Centre at Kalamassery in Kochi, Kerala to provide waterfront support for the Southern Naval Command and to support outsourcing of Naval system projects to BEL's outsourcing partner, KELTRON.
The company is in the process of signing a Technology Collaboration Agreement (TCA) with Optelian International Corporation for establishing a long-term partnership between the two Companies for the manufacture and design of optical networking systems in India. BEL expects to address a business of about Rs 60,000 lakh in the next five years from this initiative.
The company is in discussions with a reputed foreign OEM for forming an Indian Joint Venture in the area of civilian radars & select defence radars. The business plan for setting up a JVC with BHEL for manufacture of Solar PV wafers, cells and modules was finalized. The company is working on establishing a Company for the design, development and manufacture of RF and Microwave components and subsystems.
In 2012, Bharat Electronics Limited India (BEL) signed an MoU with Israel Aerospace Industries (IAI) for cooperation on future Long Range Surface to Air Missile (LRSAM) Ship-defence Systems'. In 2014, the company has decided to form a Joint Venture Company (JVC) with Thales Air Systems SA, France and Thales India in Radar Business Area. In 2015, The Company has allotted the Bonus Shares to its shareholders in the Ratio of 2:1.
On 31 May 2016, Bharat Electronics announced that it will inaugurate an 8.4 MW wind energy power plant at Hanumanthappa site, Harappanahalli, in the Davangere district of Karnataka for captive consumption of energy for its factory at Bengaluru on 2 June 2016.
The Board of Directors of Bharat Electronics at its meeting held on 5 August 2016 approved the proposal to buyback of not exceeding 1.66 crore equity shares of the company, representing 6.93% of the total number of equity shares in the paid-up share capital of the company at a price of Rs 1,305 per share payable in cash for an aggregate consideration not exceeding Rs 2171.15 crore, which is not exceeding 25% of the aggregate of the fully paid-up share capital and free reserves as per audited accounts of the company for the financial year ended 31 March 2016 from all the equity shareholders of the company, as on the record date, on a proportionate basis through the Tender Offer route. The Board of Directors noted the intention of the Promoter of the Company to participate in the proposed Buyback.
On 17 September 2016, Bharat Electronics announced that foundation stone for the company's Advanced Night Vision Products factory at Nimmaluru, Krishna district, Andhra Pradesh will be laid on 19 September 2016. It will be the largest such facility in the country once it is commissioned, covering an area of over 50 acres. The Advanced Night Vision Products factory will enable Bharat Electronics to expand its Electro-Optics business and carry out manufacturing and integration for the ongoing and upcoming projects.
The Board of Directors of Bharat Electronics at its meeting held on27 January 2017 approved sub-division of existing one equity share of Rs 10 each face value fully paid-up into 10 number of equity shares of Re 1 each face value.
On 14 February 2017, Bharat Electronics Ltd (BEL) unveiled a new Weapon Control system - Remote Controlled Weapon Station (RCWS)/Air Defence Weapon Station (ADWS) for 12.7 mm Gun of MBT Arjun Mk II battle tank, at Aero India 2017. The RCWS is an improvised version of the manually operated air defence gun.
On 15 February 2017, Bharat Electronics announced that Elbit Systems Electro-Optics Elop Ltd (ELOP), Israel, has awarded the company an Offset Contract for the supply of 10 numbers of CoMPASS Systems for use in the Light Combat Helicopters (LCH) being manufactured by Hindustan Aeronautics Limited (HAL). BEL received the CoMPASS Offset Contract at Aero India 2017, Bengaluru. BEL has entered into a Technical Collaboration Agreement with ELOP for the joint production and D-Level maintenance of Compact Multi-Purpose Advanced Stabilised System (CoMPASS, the trade name for EO/IR payload) for the helicopter programmes. BEL has absorbed transfer of technology (ToT) for production and maintenance of CoMPASS in India. The CoMPASS is a day-and-night surveillance system that includes a colour TV daylight camera, 3rd Generation 3-5 f m Forward Looking Infrared (FLIR) sensor, Laser Target Designator and Range Finder (LTDRF) and automatic tracking capabilities, as well as command and control capabilities.
On 22 and 23 February 2017, the Government of India divested 5% stake in Bharat Electronics through Offer for Sale via the stock exchanges mechanism. Post the stake-sale, Government of India's stake in the company declined to 69.41% from 74.41%.
Bharat Electronics Limited (BEL) and Larsen & Toubro signed an MoU on 11 April 2018 at Defexpo 2018 in Chennai to share their expertise in design, development, engineering and manufacturing to develop and produce products and systems to meet the requirement of the defence services as well as for export markets. BEL and L&T have agreed to explore and address defence products/systems for the Indian Defence Services as well as export opportunities. BEL has expertise in design, development, engineering, manufacture of Radar & Weapon Systems, NCS and Communications systems, Electronic Warfare & Avionics, Naval Systems, Electro-optics products, Tank Electronics & Gun Systems, Satcom systems, Strategic Components and Civilian products, while L&T has expertise in design, engineering and manufacture of Defence systems, Platforms and Weapon delivery, Armoured platforms and Fire control systems, Military Communication, Naval Equipment, Warships & Submarines. The MoU sets to define the roles and responsibilities of both the companies to cooperate and work in partnership mode for select programmes and thus give a boost to indigenous defence production. This collaboration will support the Make in India mission.
On 11 April 2018, Bharat Electronics launched eight new products at Defexpo 2018 in Chennai, including 100 Mbps Radio, Secure Military Wireless Local Area Network, Multi-Function Hand Held Thermal Imager, Long Range Surveillance System, Chemical Agent Monitor (CAM), Multi-Purpose Reflex Weapon Sight, Light Weight Composite Shelter and Mine Field Recording System.
On 12 April 2018 at DefExpo 2018 in Chennai, Bharat Electronics Limited (BEL) and Mahindra Defence Systems Limited committed to a long-term partnership through a MoU, to jointly address emerging opportunities in the domestic market under the policy initiatives of the Government of India, like Make in India and the Export Promotion Policy of the Ministry of Defence to target the export market. BEL has the expertise in design, development, engineering, manufacture of Radar & Weapon Systems, NCS and Communications systems, Electronic Warfare & Avionics, Naval Systems, Electro-optics products, Tank Electronics & Gun Systems, Satcom systems, Strategic Components and select Civilian products, while Mahindra Defence has the expertise in manufacture, maintenance of Defence equipment, Light Military Vehicle, Armoured Vehicles, Aerospace/Aviation Platforms, Simulators, Electronics, Airborne Equipment, Naval Equipment and materials for Defence sector.
During the year 2018-19,the Company has spent Rs 67,359 Lakhs as part of CAPEX investment towards modernization of plant & machinery, test instruments, R&D investments, infrastructure up-gradation etc.
During the year 2019-20, Company has spent Rs 51,297 Lakhs as part of CAPEX investment towards modernization of plant & machinery, test instruments, R&D investments, infrastructure up-gradation etc.
During 2020-21, the Company commissioned major projects like Systems for Akash-NG, Compact Tracking Radar for Lynx U2 Gun Fire Control System, technology modules for Multi Target Tracking Radar, Integrated Air Command and Control System (IACCS) Batch 2, Variants of Software Defined Radios, Low profile Ku Band Satellite communication on the move (SOTM) mobile terminal, Combat Management System for P-15B class of ships, Electronic Counter Measure (ECM) Jammer MK-III and Digital Beam Former for 3D E/F Band Airport Surveillance Radar (ASR).
During FY 2020-21, BEL-THALES Systems Limited (BTSL), a subsidiary, was formed for design, development, marketing, supply and support of civilian and select Defence radars for Indian and global markets.
During FY 2021-22, Company commissioned major projects such as, Akash-NG System, Record & Replay Operations, Single Combat Vehicle, Compact GFCS (LYNX U3 GFCS), Multi Target Tracking Radar, BMP EO Upgrade, AGMS and CPS for MBT Arjun, Spotterscope, Space Situational Awareness, IAF Order for 7 Sqn of Akash Missile System (AMS), Revathi Stabilized Platform, CMS16A, GaAs based C-band MMICs, Uncooled TI weapon sights for MMG and Assault Rifle, Range Extension Kit for General Purpose Bombs, Command Post for MRSAM-Army, Active Range Gating Camera for long range surveillance application, Development of HHT for BEST Buses, Gunner TI sight for T-90, Laser Dazzler, D4 System, ToT for Fibre Optic Sensor Package and IPSS Pathankot.
During FY 2021-22, the Company introduced major products/systems including, SDR Variants, Improved Version of Data link system for Ship (Link2-MOD3), Sensors for VSHORAD, IFF Mk XII for MRSAM, Navigational Complex System, IIR Seeker for HELINA/NAG/PROSPINA, Gunner TI Sight for T-90, Spotter scope with Digital Camera, Continuous Zoom Lens 20-860 mm, Image Stabilisation for EO's, MultiFunction Radar-VLSRSAM, Electrical Power System (EPS) for Weapon Control (P15B), Hand Held Laser Dazzler, ACCS for 1135.6/ ACCS for SVL etc. It launched new products like Compact Indoor Robotic Vehicle and Oxygen Concentrator.
In FY 2022-23, the Company acquired technology from DRDO for high capacity Lithium-ion cells for strategic applications and
set up a production facility. BEL-developed Air Traffic Management Automation System was installed at Bhubaneswar Airport. It established BELIndian Navy Incubation Cell for Artificial Intelligence (INICAI) and signed MoU with IISc Bengaluru on AI-ML for which the projects have been initiated. A Software Development Centre was opened at Visakhapatnam.
During FY 2022-23, the Company completed projects in technology areas like Missile Systems, Radars, Electronic Warfare, Avionics, Military Communication, Naval Systems, Sonars, C4I Systems, Electro-optics and Laser, Tank Electronics, Gun Upgrades, Civilian
Equipment, Homeland Security, Medical Electronics, and Components.
Bharat Electronics Ltd
Chairman Speech
Growth powered by technology and R&D excellence
Dear Shareholders,
It is with immense pleasure that I address you as the Chairman and Managing Director
and share the Company's achievements and financial highlights during the past year.
FY 2022-23 has been an exceptional year for your Company. We grew on all fronts and
emerged stronger with all your support, despite the geo-political crisis and global chip
shortages. We continued to prioritise R&D, quality, technology and infrastructure
modernisation, sustainability and excellence in operations which positions us on a
stronger footing.
The year also saw us creating value for all stakeholders. I am pleased to share that
BEL has achieved a market capitalisation of ` 71,307 Crore as on 31 March 2023. This is a
testament to our commitment of adequately rewarding our shareholders. Great progress was
also made with regards to extending support to the communities and ensuring sustainable
operations.
I take this opportunity to share with you the performance highlights during the past
year and the future outlook for the company.
Setting New Benchmarks in Performance
In FY 2022-23, BEL achieved a turnover of ` 17,333 Crore as against ` 15,044 Crore in
FY 2021-22, thereby registering a growth of 15.22%. The growth was driven by strong
performances of both domestic and export business, across both defence and non-defence
segments. Defence continued to be our mainstay, contributing to 87% of revenue in FY
2022-23 as against 90% in FY 2021-22, with the balance 13% coming from the non-defence
segment.
Our export sales increased about 45% to USD 48.33 Million; we mainly exported to
countries like France, USA, Spain, Germany, Mauritius, Switzerland, Vietnam, Sri Lanka,
etc. The major products/systems exported include Sonar, Coastal System, Radar Warning
Receiver, Missile Approach Warning System, T/R Modules, Communication Equipment, Low Band
Receiver LRUs, Medical Technical Parts, Cable Looms, Sonar Spares, Software for
Integration of Radar, Radar Spares, EOS CoMPASS, etc.
The Profit after Tax grew by 28% to ` 3,007 Crore in FY 2022-as against ` 2,349 Crore
in FY 2021-22. Our net worth is now stronger at ` 13,582 Crore as against ` 11,984 Crore
in the previous year. Turnover per employee has increased from
` 1.69 Crore in FY 2021-22 to ` 1.96 Crore in FY 2022-23.
We continued the momentum in order acquisition by booking an inflow of ` 20,344 Crore
during FY 2022-23. Order book position now stands at ` 60,690 Crore as on 01 April 2023,
giving stable revenue visibility for the next few years. We anticipate good order inflow
in the next couple of years.
Progressing the path of innovation
Innovation is a key differentiator for us. During the year, we continued investments in
advanced technologies to deliver unique products and solutions to the customers,
fulfilling our commitment to increase indigenised content and add value to our offerings.
R&D investment as a percentage of turnover during the year was 6.28%, helping us to
achieve 75% of our turnover from indigenous products.
Your Company has always been at the forefront in continuously developing innovative and
quality products for customers. Some of the major products/systems introduced during FY
2022-23 include Coastal Surveillance System Ph.-II, SDR Variants, Combat Management System
for ships, Voice Communication & Control Systems for C4I project, 4.8M Ku band
Antenna, Gun Fire Control System (GFCS), Antenna System for Flight Level Radar MK-II,
Navigation Complex System, 4KW GaN Transmitter, 0.4M Ku band Satcom on the Move (SoTM)
System, Night Sight for 7.62mm LMG, Indigenous Goniometer, IFF MK XII(S), Super SCADA for
Metro, etc.
Our unwavering dedication to R&D and strengthening of intellectual property has
yielded remarkable results. In_FY 2022-23, we filed 242 IPRs including 121 patent
applications in domains of Communications, Artificial
Intelligence, Radars, Antennae, Embedded Systems, etc. We have been granted 22 patents,
taking our total to 46. Furthermore, our scientists and R&D engineers published 79
technical papers in prestigious national and international journals, seminars and
conferences.
Fortifying competencies, unleashing potential
Your Company continues to maintain a strong commitment to future readiness by investing
for the future. This includes creating infrastructure and test facilities for various
projects, establishing a Software Development Centre in Visakhapatnam to develop and
access competencies from Tier-2 city. Additionally, we also expanded the manufacturing and
storage facility of Ballot Unit & Voter-Verified Paper Audit Trail (VVPAT) for EVMs at
Bengaluru.
To foster synergistic R&D efforts and propel innovation journey, we have empanelled
309 partners. This includes 39 R&D solution providers, 198 design service providers,
40 consultants and 39 production service providers.
In recognition of our commitment to quality and sustainability, we are proud to have
received 19 AS-9100 D standard certifications and 22 Green Channel Certificates for our
products.
Laurels and Accolades
It gives us great pleasure to inform that our persistent endeavours have been duly
recognised and rewarded across various prestigious platforms. Our accolades span corporate
excellence, governance, R&D, software development and sustainability domains, and are
a testament to our continued excellence and improvement across all facets of operations.
Some of the noteworthy awards being:
The Economic Times - Iconic Brand of India Award - 2022
International Aerospace & Defence Award for Excellence in Innovation, Design,
Technology or R&D
Twin honour of CII EXIM Bank Business Excellence Award (2022) and the Jury's
Commendation for Role Model Organisation for BEL's Ghaziabad Unit Winner of Raksha
Mantri's Export Raksha Niryat Ratna Award 2021-22 among Large Companies ICC (Indian
Chamber of Commerce) PSE Excellence Awards for the Company of the Year Quantic Technology
Excellence Award 2022 for Best Security, Defence, or Law Enforcement IT Project Urban
Infra Business Leadership Award 2022 for BEL's contributions to the transformation of
Metro and Rail commutation in India, aligned with the Government's Make in India
initiative Innovative CFO Award at the 2nd edition of The Business Leadership
Awards for Director (Finance) & CFO
Most Iconic Organisation Award for BEL's Panchkula Unit by the World Manufacturing
Congress
Innovative Digital Smart City Project Award for Chandigarh Smart City to BEL's
Panchkula Unit from Indian Institute of Material Management, Chandigarh These achievements
inspire us and fuel our ambition to continue the pursuit of excellence and conquer new
summits.
Foreseeable Future
As we look ahead, we have a lot of promising opportunities as well as challenges.
BEL being a key player in defence with multiple existing competencies and strong
R&D is well-placed. We are vigorously responding to many Make-II' projects under
Defence Acquisition Policy (DAP) 2020 and target to increase participation. We are also
emphasising on progressing towards enhancing indigenous development of Sub-Systems,
Systems and Services for which capabilities and competencies are being built. This
includes investing in infrastructure creation and modernisation, skill development and
outsourcing to Indian industries, especially MSMEs.
We will also continue to closely work with DRDO labs, research and premier academic
institutions and niche technology players for developing new products and systems in
emerging technologies. Further, considering increased private participation, we are
increasingly interacting with the Indian defence industry towards building long-term
relationships. In our non-defence business, we seek to continue building on our existing
competencies as well as diversifying into new business areas.
We are continuously pursuing opportunities to expand business by capturing new
customers in the existing and new markets. To give greater thrust to exports, we have
plans to further expand the network of our marketing offices. The target is to increase
business opportunities in South East Asia, Europe, Middle East, Africa and North and South
America through incessant engagement with customers and collaborating with other Indian
companies and local partners.
Our overarching goal is to maintain strategic electronics leadership. Towards this, we
have established strategies and initiated actions to rise above competition and maintain a
technological edge. We intend to do this by staying abreast with latest technologies and
meet the changing requirements of customers with thrust on cost-effective and innovative
solutions. Roadmaps have been drawn for future products, new technology areas, creation of
IPRs and acquisition of key technologies. On the employee's front, we have solidified our
reputation as a preferred employer with efforts around continuous learning, innovation,
and empowerment.
In FY 2023-24, we target a healthy growth of 15-17% driven by both defence and
non-defence businesses. We have several prestigious orders lined up and will be focussed
on executing them on time. While the opportunities are many, we also anticipate challenges
due to geopolitical situations, emerging new technologies, changing policies and
regulatory landscapes, competition and evolving customer expectations. We will remain
watchful and take necessary actions.
Contribution to Environmental, Social and Governance (ESG) Area
ESG and commitment to stakeholders' interests is a priority at BEL, guided by our value
of Endeavouring to fulfil social responsibilities'. It underpins our long-term
success. We are making great strides towards reducing emissions, achieving water
positivity and circular economy. A sharp focus is to reduce, reuse, recover and recycle
through improvement in process and intend to build on them and create a greener future.
Our community efforts focusses on health, nutrition, education, skill development and
environment sustainability. A noteworthy initiative was the launch of ProGame,
self-learning coding kit, designed to equip children with programming skills and logic
development, particularly targeted at those without access to computers. 42,000 students
benefited from it.
Your Company takes pride in constantly adopting and maintaining the highest standards
of values and principles. Your Company has received Nil' comments certificate from
the C&AG for FY 2022-23. A detailed report on compliance of the guidelines on
Corporate Governance can be read in Board's Report.
Acknowledgements
I extend my gratitude to all shareholders, esteemed customers and business associates
for believing in us and partnering in our journey of value-creation. I thank my colleagues
on the Board and the members of the Management Committee for their ongoing support and
bringing in expertise to drive BEL's success. I am grateful to the Ministry of Defence and
Defence Services for providing guidance, opportunities and having confidence in us.
Employees have been our pillars of success in every sense, helping BEL reach newer heights
and enabling us to deliver on the expectation of customers and all stakeholders. We look
ahead to better times and seek the sustained support of all stakeholders to unlock greater
value creation.
I remain dedicated to our continued success and eagerly look forward to working with
each one of you to take BEL to greater heights.
Thank you for the continuous support to Bharat Electronics Limited
With Best Wishes,
Yours Sincerely,
Mr Bhanu Prakash Srivastava
Chairman and Managing Director (Additional Charge)
Bengaluru
1 August 2023
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Bharat Electronics Ltd
Company History
Bharat Electronics Limited, established in 1954, is a Navratna Public Sector Undertaking. The Company possess expertise in a spectrum of activities, encompassing the design, development, manufacturing, supply and life cycle support of strategic electronic products and systems. It hold a prominent position in the Indian Defence segment, and are making inroads into the civilian segments while expanding their defence operations into the international markets.
The Company is engaged in manufacture and supply of strategic electronic products primarily to Defense Services. The company exported a range of products and sub-assemblies exported includes LYNX II, radar warning receivers, composite communication system, night vision devices, versatile communication system (VCS), IFF Interrogator, LRF, X-Ray tube, radar finger printing system, ESM system, V/ultra high frequency (UHF) search receivers, shelters, printed circuit board (PCB) assembly, cable harness, components and mechanical assemblies.
Bharat Electronics Ltd was set up at Bangalore, India, by the Government of India under the Ministry of Defence to meet the specialized electronic needs of the Indian defence services. Over the years, then company has grown into a multi-product, multi-technology, multi-unit company serving the needs of customers in diverse fields in India and abroad. The company started with the manufacture of few communication equipment in the year 1956. They went on to produce Receiving Valves in the year 1961, Germanium Semiconductors in the year 1962 and Radio Transmitters for AIR in the year 1964.
In the year 1966, the company set up a Radar manufacturing facility for the Army and in-house R&D. In the year 1967, they started manufacture of Transmitting Tubes, Silicon Devices and Integrated Circuits. In the year 1968, they established the PCB manufacturing facility. In the year 1970, the company started manufacture of Black & White TV Picture Tube, X-ray Tube and Microwave Tubes. In the year 1971, they set up facilities for manufacture of Integrated Circuits and Hybrid Micro Circuits. In the year 1972, they started manufacturing TV Transmitters for Doordarshan. In the year 1973, they started manufacture of Frigate Radars for the Navy.
Under the government's policy of decentralization and due to strategic reasons, the company ventured to set up new Units at various places. In the year 1974, the company set up their second unit at Ghaziabad to manufacture Radars and Tropo communication equipment for the Indian Air Force. In the year 1979, they established their third Unit at Pune to manufacture Image Converter and Image Intensifier Tubes. In the year 1980, the company's first overseas office was set up at New York for procurement of components and materials. In the year 1981, the company set up a manufacturing facility for Magnesium Manganese Dioxide batteries at the Pune Unit. In the year 1982, they set up the Space Electronic Division at Bangalore to support the satellite programme.
In the year 1983, the company took over an ailing Andhra Scientific Company (ASCO) as the fourth manufacturing Unit at Machilipatnam. In the year 1985, the company set up their fifth Unit in Chennai for supply of Tank Electronics, with proximity to HVF, Avadi. Also, they set up their sixth Unit at Panchkula to manufacture Military Communication equipment. In the year 1985, the company started manufacturing on a large scale Low Power TV Transmitters and TVROs for the expansion of Doordarshan's coverage. In the year 1986, the company set up their seventh Unit at Kotdwara to manufacture Switching Equipment. They set up their eighth Unit to manufacture TV Glass Shell at Taloja (Navi Mumbai). Also, they set up their ninth Unit at Hyderabad to manufacture Electronic Warfare Equipment.
In the year 1987, the company set up a separate Naval Equipment Division at Bangalore to give greater focus to Naval projects. In the year 1988, they established first Central Research Laboratory at Bangalore to focus on futuristic R&D. In the year 1989, the company started the manufacture of Telecom Switching and Transmission Systems. Also, they set up the Mass Manufacturing Facility in Bangalore and the manufacture of the first batch of 75,000 Electronic Voting Machines. In the year 1990, the company entered an agreement Delft of Holland for setting up first joint venture company, BE DELFT. Later, the joint venture company became a subsidiary of the company with the exit of the foreign partner and was renamed BEL Optronic Devices Ltd.
In the year 1992, the company established their second Central Research Laboratory at Ghaziabad. Also, the company made their first disinvestment (20%) and their shares were listed on the Bangalore and Mumbai Stock Exchanges. During the year 1993-94, the company's Units obtained ISO 9000 certification. In the year 1994, the second disinvestment (4.14%) took place. In the year 1997, GE BEL, the joint venture company with GE, USA, was formed. In the year 1998, the company set up their second overseas office at Singapore to source components from South East Asia. In the year 2000, the company's shares were listed in the National Stock Exchange.
In the year 2002, the company became the first defence PSU to get operational Mini Ratna Category I status. In June 16, 2007, the company inaugurated the state-of-the-art, new building of the Central Research Laboratory of the company at Ghaziabad. They also inaugurated the Near Field Antenna Development and Test Centre at BEL's Ghaziabad Unit. In June 22, 2007, the company was conferred the prestigious Navratna status based on their consistent performance. The company has bagged the IETE Corporate Award in August of the year 2007 for performance excellence in the field of software development.
During the year 2007-08, the company executed important orders which include STARS V Frequency Hopping, a VHF Manpack Transreceiver; Advanced Land Navigation System for Tanks, a Command & Control System, Command Information and Decision Support System, Installation of LINK II System on board Ship, Gunners Main Sight, EW Systems, Flycatcher Radar, Surveillance Radar Element, Integrated Observation Equipment, Hand Held Thermal Imagers, Central Acquisition Radar, Passive Night Vision Device (both monocular and binocular), and Doppler Weather Radar for prediction of meteorological data. These equipments have been supplied to a wide range of Customers including the Army, Navy, Air Force, Paramilitary forces, Indian Meteorological Department and others. The company set up a new DF Range test facility at the Hyderabad Unit for testing, calibration and evaluation of ESM Systems.
During the year, the company signed MoUs with aerospace majors, Lockheed Martin &Boeing and global defence companies EADS & Northrop Grumman and other companies like Raytheon, Honeywell to exploit opportunities arising out of offsets. They signed an MoU with Elisra, Israel, for working on various airborne electronic warfare programmes for the Indian defence. Also, they signed an MoU with IAI-Malat for working in the field of Unmanned Aerial Vehicles. The company signed an term sheet with Rafael, Israel, which is expected to lead to the formation of a joint venture, for missile electronics and guidance technologies. Also, they signed an MoU with Elbit Systems, Israel for co-operation in the area of Wireless Local Area Network.
During the year 2008-09, the company signed an MoU with Bharat Heavy Electricals Ltd, to explore formation of a Joint Venture for solar photovoltaic business. They signed an MoU with Boeing to jointly develop an analysis and experimentation centre in India to offer customers the ability to make better-informed decisions in modernising the Country's defence forces. They signed an MoU signed with Astra Microwave Products Ltd, for setting up of a Joint Venture for microwave components. They signed an MoU with Selex Galileo for collaboration on Electronic Warfare programmes. Also, they company was selected by Northrop Grumman Corporation for the manufacture of components for Fire Control Radar for its Fighter Aircraft programme.
During the year 2009-10, the company introduced some new products namely, Integrated Air Command and Control System, Advanced Naval Gun Fire Control System for IN Ships, Gap Measuring Device Mk III, Perimeter Security Jammer, Frequency Hopping HF Transreceivers for paramilitary forces, Data Facility Kit for VHF radios and V / UHF Protocol Analyzer. The company set up a state-of-the-art integrated manufacturing facility for assembly, inspection and testing of Digital Flight Control Computer (DFCC), all under one roof.
During the year 2010-11, the company supplied some of the important equipment / systems to customers, which includes 3-D Central Acquisition Radar (Rohini), Surveillance Radar Element, Artillery Combat Command Control System, Battle Field Surveillance Radar, L-Band Surveillance Radar, Fire Control Systems, Shipborne Electronic Warfare System, Integrated Communication Network System for ships, Mobile Radar band Electronic Intelligence System, Mobile Communication Terminal, Handheld UHF Radios, Secure Communication Network, Passive Night Vision Weapon Sight and Doppler Weather Radar.
In December 2010, the company handed over four numbers of India's first wholly indigenous Nuclear, Biological and Chemical (NBC) Recce Vehicles, designed and developed by DRDO and integrated with NBC instruments at BEL's Pune Unit to Indian Army. The NBC Recce Vehicle surveys, detects, identifies and marks areas of radiological and chemical contamination. In December 24, 2010, the company inaugurated a modern D&E facility at BEL's Hyderabad Unit, which is equipped with Embedded Systems Lab, Software Development Lab, Communication Systems and Integration Labs, Video Conferencing, etc. In February 8, 2011, the company inaugurated the company's Product Support Centre at Kalamassery in Kochi, Kerala to provide waterfront support for the Southern Naval Command and to support outsourcing of Naval system projects to BEL's outsourcing partner, KELTRON.
The company is in the process of signing a Technology Collaboration Agreement (TCA) with Optelian International Corporation for establishing a long-term partnership between the two Companies for the manufacture and design of optical networking systems in India. BEL expects to address a business of about Rs 60,000 lakh in the next five years from this initiative.
The company is in discussions with a reputed foreign OEM for forming an Indian Joint Venture in the area of civilian radars & select defence radars. The business plan for setting up a JVC with BHEL for manufacture of Solar PV wafers, cells and modules was finalized. The company is working on establishing a Company for the design, development and manufacture of RF and Microwave components and subsystems.
In 2012, Bharat Electronics Limited India (BEL) signed an MoU with Israel Aerospace Industries (IAI) for cooperation on future Long Range Surface to Air Missile (LRSAM) Ship-defence Systems'. In 2014, the company has decided to form a Joint Venture Company (JVC) with Thales Air Systems SA, France and Thales India in Radar Business Area. In 2015, The Company has allotted the Bonus Shares to its shareholders in the Ratio of 2:1.
On 31 May 2016, Bharat Electronics announced that it will inaugurate an 8.4 MW wind energy power plant at Hanumanthappa site, Harappanahalli, in the Davangere district of Karnataka for captive consumption of energy for its factory at Bengaluru on 2 June 2016.
The Board of Directors of Bharat Electronics at its meeting held on 5 August 2016 approved the proposal to buyback of not exceeding 1.66 crore equity shares of the company, representing 6.93% of the total number of equity shares in the paid-up share capital of the company at a price of Rs 1,305 per share payable in cash for an aggregate consideration not exceeding Rs 2171.15 crore, which is not exceeding 25% of the aggregate of the fully paid-up share capital and free reserves as per audited accounts of the company for the financial year ended 31 March 2016 from all the equity shareholders of the company, as on the record date, on a proportionate basis through the Tender Offer route. The Board of Directors noted the intention of the Promoter of the Company to participate in the proposed Buyback.
On 17 September 2016, Bharat Electronics announced that foundation stone for the company's Advanced Night Vision Products factory at Nimmaluru, Krishna district, Andhra Pradesh will be laid on 19 September 2016. It will be the largest such facility in the country once it is commissioned, covering an area of over 50 acres. The Advanced Night Vision Products factory will enable Bharat Electronics to expand its Electro-Optics business and carry out manufacturing and integration for the ongoing and upcoming projects.
The Board of Directors of Bharat Electronics at its meeting held on27 January 2017 approved sub-division of existing one equity share of Rs 10 each face value fully paid-up into 10 number of equity shares of Re 1 each face value.
On 14 February 2017, Bharat Electronics Ltd (BEL) unveiled a new Weapon Control system - Remote Controlled Weapon Station (RCWS)/Air Defence Weapon Station (ADWS) for 12.7 mm Gun of MBT Arjun Mk II battle tank, at Aero India 2017. The RCWS is an improvised version of the manually operated air defence gun.
On 15 February 2017, Bharat Electronics announced that Elbit Systems Electro-Optics Elop Ltd (ELOP), Israel, has awarded the company an Offset Contract for the supply of 10 numbers of CoMPASS Systems for use in the Light Combat Helicopters (LCH) being manufactured by Hindustan Aeronautics Limited (HAL). BEL received the CoMPASS Offset Contract at Aero India 2017, Bengaluru. BEL has entered into a Technical Collaboration Agreement with ELOP for the joint production and D-Level maintenance of Compact Multi-Purpose Advanced Stabilised System (CoMPASS, the trade name for EO/IR payload) for the helicopter programmes. BEL has absorbed transfer of technology (ToT) for production and maintenance of CoMPASS in India. The CoMPASS is a day-and-night surveillance system that includes a colour TV daylight camera, 3rd Generation 3-5 f m Forward Looking Infrared (FLIR) sensor, Laser Target Designator and Range Finder (LTDRF) and automatic tracking capabilities, as well as command and control capabilities.
On 22 and 23 February 2017, the Government of India divested 5% stake in Bharat Electronics through Offer for Sale via the stock exchanges mechanism. Post the stake-sale, Government of India's stake in the company declined to 69.41% from 74.41%.
Bharat Electronics Limited (BEL) and Larsen & Toubro signed an MoU on 11 April 2018 at Defexpo 2018 in Chennai to share their expertise in design, development, engineering and manufacturing to develop and produce products and systems to meet the requirement of the defence services as well as for export markets. BEL and L&T have agreed to explore and address defence products/systems for the Indian Defence Services as well as export opportunities. BEL has expertise in design, development, engineering, manufacture of Radar & Weapon Systems, NCS and Communications systems, Electronic Warfare & Avionics, Naval Systems, Electro-optics products, Tank Electronics & Gun Systems, Satcom systems, Strategic Components and Civilian products, while L&T has expertise in design, engineering and manufacture of Defence systems, Platforms and Weapon delivery, Armoured platforms and Fire control systems, Military Communication, Naval Equipment, Warships & Submarines. The MoU sets to define the roles and responsibilities of both the companies to cooperate and work in partnership mode for select programmes and thus give a boost to indigenous defence production. This collaboration will support the Make in India mission.
On 11 April 2018, Bharat Electronics launched eight new products at Defexpo 2018 in Chennai, including 100 Mbps Radio, Secure Military Wireless Local Area Network, Multi-Function Hand Held Thermal Imager, Long Range Surveillance System, Chemical Agent Monitor (CAM), Multi-Purpose Reflex Weapon Sight, Light Weight Composite Shelter and Mine Field Recording System.
On 12 April 2018 at DefExpo 2018 in Chennai, Bharat Electronics Limited (BEL) and Mahindra Defence Systems Limited committed to a long-term partnership through a MoU, to jointly address emerging opportunities in the domestic market under the policy initiatives of the Government of India, like Make in India and the Export Promotion Policy of the Ministry of Defence to target the export market. BEL has the expertise in design, development, engineering, manufacture of Radar & Weapon Systems, NCS and Communications systems, Electronic Warfare & Avionics, Naval Systems, Electro-optics products, Tank Electronics & Gun Systems, Satcom systems, Strategic Components and select Civilian products, while Mahindra Defence has the expertise in manufacture, maintenance of Defence equipment, Light Military Vehicle, Armoured Vehicles, Aerospace/Aviation Platforms, Simulators, Electronics, Airborne Equipment, Naval Equipment and materials for Defence sector.
During the year 2018-19,the Company has spent Rs 67,359 Lakhs as part of CAPEX investment towards modernization of plant & machinery, test instruments, R&D investments, infrastructure up-gradation etc.
During the year 2019-20, Company has spent Rs 51,297 Lakhs as part of CAPEX investment towards modernization of plant & machinery, test instruments, R&D investments, infrastructure up-gradation etc.
During 2020-21, the Company commissioned major projects like Systems for Akash-NG, Compact Tracking Radar for Lynx U2 Gun Fire Control System, technology modules for Multi Target Tracking Radar, Integrated Air Command and Control System (IACCS) Batch 2, Variants of Software Defined Radios, Low profile Ku Band Satellite communication on the move (SOTM) mobile terminal, Combat Management System for P-15B class of ships, Electronic Counter Measure (ECM) Jammer MK-III and Digital Beam Former for 3D E/F Band Airport Surveillance Radar (ASR).
During FY 2020-21, BEL-THALES Systems Limited (BTSL), a subsidiary, was formed for design, development, marketing, supply and support of civilian and select Defence radars for Indian and global markets.
During FY 2021-22, Company commissioned major projects such as, Akash-NG System, Record & Replay Operations, Single Combat Vehicle, Compact GFCS (LYNX U3 GFCS), Multi Target Tracking Radar, BMP EO Upgrade, AGMS and CPS for MBT Arjun, Spotterscope, Space Situational Awareness, IAF Order for 7 Sqn of Akash Missile System (AMS), Revathi Stabilized Platform, CMS16A, GaAs based C-band MMICs, Uncooled TI weapon sights for MMG and Assault Rifle, Range Extension Kit for General Purpose Bombs, Command Post for MRSAM-Army, Active Range Gating Camera for long range surveillance application, Development of HHT for BEST Buses, Gunner TI sight for T-90, Laser Dazzler, D4 System, ToT for Fibre Optic Sensor Package and IPSS Pathankot.
During FY 2021-22, the Company introduced major products/systems including, SDR Variants, Improved Version of Data link system for Ship (Link2-MOD3), Sensors for VSHORAD, IFF Mk XII for MRSAM, Navigational Complex System, IIR Seeker for HELINA/NAG/PROSPINA, Gunner TI Sight for T-90, Spotter scope with Digital Camera, Continuous Zoom Lens 20-860 mm, Image Stabilisation for EO's, MultiFunction Radar-VLSRSAM, Electrical Power System (EPS) for Weapon Control (P15B), Hand Held Laser Dazzler, ACCS for 1135.6/ ACCS for SVL etc. It launched new products like Compact Indoor Robotic Vehicle and Oxygen Concentrator.
In FY 2022-23, the Company acquired technology from DRDO for high capacity Lithium-ion cells for strategic applications and
set up a production facility. BEL-developed Air Traffic Management Automation System was installed at Bhubaneswar Airport. It established BELIndian Navy Incubation Cell for Artificial Intelligence (INICAI) and signed MoU with IISc Bengaluru on AI-ML for which the projects have been initiated. A Software Development Centre was opened at Visakhapatnam.
During FY 2022-23, the Company completed projects in technology areas like Missile Systems, Radars, Electronic Warfare, Avionics, Military Communication, Naval Systems, Sonars, C4I Systems, Electro-optics and Laser, Tank Electronics, Gun Upgrades, Civilian
Equipment, Homeland Security, Medical Electronics, and Components.
Bharat Electronics Ltd
Directors Reports
Bharat Electronics Ltd
Company Background
Incorporation Year | 1954 |
Registered Office | Nagavara,Outer Ring Road Bangalore,Karnataka-560045 |
Telephone | 91-80-25039300,Managing Director |
Fax | 91-80-25039233 |
Bhanu Prakash SrivastavaBhanu Prakash Srivastava Company Secretary | S Sreenivas |
Auditor | Guru & Jana/P G Bhagwat LLP |
Face Value | 1 |
Market Lot | 1 |
Listing | BSE,MSEI ,NSE, |
Registrar | Integrated Enterprises (I) Ltd No. 30 Ramana Resid.,4th Cross Sampige Rd,Malleswaram,Bangalore - 560003 |
Bharat Electronics Ltd
Company Management
Director Name | Director Designation | Year |
---|
S Sreenivas | Company Sec. & Compli. Officer | 2023 |
Parthasarathi P V | Non Official Director | 2023 |
Mansukhbhai Shamjibhai Khachariya | Non Official Director | 2023 |
Santhoshkumar N | Non Official Director | 2023 |
Prafulla Kumar Choudhury | Non Official Director | 2023 |
Shiv Nath Yadav | Non Official Director | 2023 |
Gokulan Bangakandy | Non Official Director | 2023 |
Shyama Singh | Non Official Director | 2023 |
Binoy Kumar Das | Part Time Dir.(Govt.Nominee) | 2023 |
Bhanu Prakash Srivastava | Chairman & Managing Director | 2023 |
Manoj Jain. | Director (Human Resources) | 2023 |
K V Suresh Kumar | Director (Marketing) | 2023 |
Damodar S Bhattad | Director (Finance) & CFO | 2023 |
T Natarajan | Official Director (Part time) | 2023 |
Bharat Electronics Ltd
Listing Information
Listing Information |
---|
BSE_500 |
BSE_CG |
BSE_100 |
BSE_200 |
BSEDOLLEX |
BSE_PSU |
NIFTYJR |
CNX500 |
CNX100 |
CNX_PSE |
CNX200 |
CNXDIVIDEN |
BSEGREENEX |
CNXALPHAIN |
BSECARBONE |
CPSE |
BSECPSE |
NFT100EQWT |
BSEALLCAP |
BSELARGECA |
INDUSTRIAL |
BSEMANUFAC |
NFTQULTY30 |
SENSEX50 |
BSEBHARA22 |
LMI250 |
BSEDSI |
BSEMOI |
BSEQUI |
BSE100LTMC |
NFTYLM250 |
NFTY200Q30 |
NFTY200M30 |
NF500M5025 |
NFTYINDMFG |
NFTYTOTMKT |
NFTY200A30 |
NMIM503020 |
Bharat Electronics Ltd
Finished Product
Product Name | Unit | Installed Capacity | Production Quantity | Sales Quantity | Sales Value |
---|
Sales | Rs. | 0 | 0 | 0 | 11272.64 |
Income from Services Rendered | Rs. | 0 | 0 | 0 | 1335.12 |
Provisions Withdrawn | NA | 0 | 0 | 0 | 208.4 |
Others | NA | 0 | 0 | 0 | 61.9 |
Canteen Receipts | NA | 0 | 0 | 0 | 12.33 |
Government Grants | NA | 0 | 0 | 0 | 7.87 |
Rental Receipts | NA | 0 | 0 | 0 | 7.07 |
Sale of Scrap | NA | 0 | 0 | 0 | 5.42 |
Transport Receipts | NA | 0 | 0 | 0 | 3.9 |
Customer Grants | NA | 0 | 0 | 0 | 3.89 |
Electricity Charges Collected | NA | 0 | 0 | 0 | 2.03 |
Water Charges Collection | NA | 0 | 0 | 0 | 0.54 |
Other Operating Revenue | NA | 0 | 0 | 0 | 0 |
Contract Income | Rs. | 0 | 0 | 0 | 0 |