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Bharat Electronics Ltd

BSE Code : 500049 | NSE Symbol : BEL | ISIN:INE263A01024| SECTOR : Electronics |

NSE BSE
 
SMC up arrow

97.55

6.00 (6.55%) Volume 64455094

31-Mar-2023 EOD

Prev. Close

91.55

Open Price

94.25

Bid Price (QTY)

97.55(1685)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 98.45 - 94.25

52 wk High/Low 114.65 - 68.92

Key Stats

MARKET CAP (RS CR) 71306.89
P/E 25.6
BOOK VALUE (RS) 17.3493866
DIV (%) 450
MARKET LOT 1
EPS (TTM) 3.81
PRICE/BOOK 5.62267717292091
DIV YIELD.(%) 1.54
FACE VALUE (RS) 1
DELIVERABLES (%) 33.71
4

News & Announcements

31-Mar-2023

BEL jumps after bagging orders worth Rs 8194 cr from MoD

31-Mar-2023

Bharat Electronics wins exports orders worth USD 52 mn

29-Mar-2023

Bharat Electronics Ltd - Bharat Electronics Limited - Trading Window

28-Mar-2023

Bharat Electronics Ltd - Closure of Trading Window

31-Mar-2023

Bharat Electronics wins exports orders worth USD 52 mn

24-Mar-2023

Bharat Electronics wins contracts worth Rs 4300 cr

18-Mar-2023

Board of Bharat Electronics recommends interim dividend

03-Mar-2023

Bharat Electronics to hold board meeting

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

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Share Holding

Category No. of shares Percentage
Total Foreign 1289104130 17.64
Total Institutions 1831005592 25.05
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 31319313 0.43
Total Promoters 3737921934 51.14
Total Public & others 420427860 5.75
Total 7309778829 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Bharat Electronics Ltd

Bharat Electronics Ltd 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. The Company is a public sector enterprise under the administrative control of the Department of Defence Production, Ministry of Defence. Bharat Electronics Limited manufactures and supplies electronic equipment and systems to defence sector. Other than defence sector, the Company has also got a limited presence in the civilian market. Bharat Electronics Ltd was set up at Bangalore, India, by the Government of India under the Ministry of Defence in the year 1954 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 completed 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. It signed strategic partnerships with global players like Beretta Italy, Atlantis South Africa, Rosonboron Export, Russia and Okaya Powertec in the international segment to address the new business opportunities. Further, it formed partnerships with DMRCL, the Airports Authority of India, Texmaco, BPL, IIT Dharwad, the Tamil Nadu Industrial Explosives Ltd (TEL), and several start-ups in the domestic segment towards development of various technologies/products. In FY 2021-22, the Company signed MoUs with SFC-Energy-AG (Germany) & FC Tec-India (Fuel Cells), Indian Army (AI Solutions for Defence Applications) and IAF (Defence Weapons & Sensors, Radars, IACCS, Space, Cyber, EW&A, UAS & Counter UAS, IT). It formeda Joint Technology Incubation Forum (TIF) with Indian Navy. During the year 2021-22, the Company has spent around Rs. 56,558 Lakh as part of CAPEX investment towards modernisation of Plant & Machinery, Test instruments, R&D investments, Infrastructure upgradation etc. During FY 2021-22, Company completed 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. In FY 2021-22, the Company formed strategic partnership with DMRCL, Airport Authority of India, Research Design Standards Organisation of Indian Railways, Goa Shipyards Ltd, NTRO, Bosch India, Motorola Solutions India and several start-ups in the domestic segment towards development of various technologies/products and to address business opportunities arising out Make in India initiatives of GoI. Major products/ systems exported were Coastal Surveillance Systems Radar, Sub Systems of Radar and EW Systems, Data Link II, Cable looms, mechanical parts, communication equipment, IFFInterrogator, Radar Finger Printing System, EOS, Power Source, Radar Spares, etc. During FY 2021-22, the Company introduced some 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. In FY 2021-22, the Company signed MoUs with DMRC (Super SCADA for Metros), BPL Medical Technologies (for Oxygen Concentrator), DroneDek Corporation, USA (for Smart Mailbox), Bosch Global Software Technologies (for e-Governance, ERP and Cloud Solutions), AAI (for Integrated ATM Automation System and Advanced Surface Movement Guidance & Control System). It launched new products of Compact Indoor Robotic Vehicle and Oxygen Concentrator.

Bharat Electronics Ltd Chairman Speech

Dear Shareholders,

It gives me immense pleasure to share through this letter, our achievements and financial highlights during the past year.

FY 2021-22 began on a challenging note with onslaught of second wave of COVID-19 pandemic which led to loss of lives and livelihoods. With multiple countries continuing to face renewed waves and interruptions in business activities, the year saw significant disruption in global supply chain, impacting the availability and prices of key inputs.

In the face of greater challenges, your Company was able to deliver considerably and emerge stronger with all your support. We registered a comprehensive growth and continued with our emphasis on R&D, quality, technology and infrastructure modernisation, sustainability and excellence in operations. I am happy to share that BEL achieved a Market Capitalisation of Rs. 51,375 Crore as on 31 March 2022 continuing with its efforts of appropriately rewarding the shareholders. But more importantly, we are proud that we stood up for the country by delivering ICU grade ventilators and Oxygen Concentrators during the second wave.

I take this opportunity to share with you the performance highlights during the past year and the future outlook for the company.

Delivering a Year of Record Performance

FY 2021-22 saw your Company achieving a turnover of

Rs. 15,043.67 Crore as against Rs. 13,818.16 Crore in FY 2020-21, thereby registering a growth of 8.87%. All our nine manufacturing units have performed well.

BEL achieved an export sale of USD 33.3 Million and exported to countries like USA, France, China, Germany,

Switzerland, ASEAN, Mauritius, Republic of Armenia, Sri Lanka, Sweden and Israel. The major Products/Systems exported include Coastal Radar System, Communication Equipment's, Data Link, Radar Finger Printing System,

TR Modules, Low Band Receiver LRUs, Mechanical Parts (Contract Manufacturing Services), Solar Hybrid Power Plants at Radar Station Locations, EOS, Cable Looms, Radar Spares, Sub-Assemblies of Missile Systems, Radar Spares, Shelter Spares, PCB Assemblies, etc.

The Profit After Tax grew 13.73% to Rs. 2,348.93 Crore in FY 2021-22 as against Rs. 2,065.42 Crore in FY 2020-21. Our Net Worth is now stronger at Rs. 11,984.26 Crore as against Rs. 10,807.89 Crore in the previous year. Turnover per Employee has increased from Rs. 1.51 Crore in FY 2020-21 to Rs. 1.70 Crore in FY 2021-22.

FY 2021-22 was also an exceptional year from the order booking perspective. We further strengthened our order book position by obtaining contracts which now stands at Rs. 57,570 Crore as on 1 April 2022. We received record

Defence being the mainstay of the Company, has contributed

90% of Sales revenue in FY 2021-22 as against 78% in FY 2020-21 new orders worth about Rs. 19,016 Crore. Some of the major orders received include Avionics Package for LCA, Advanced EW Suite for Fighter Aircraft, Instrumented Electronic Warfare Range (IEWR), CDR TI cum Day Light Sights, Dhanush Gun Upgrade, Nayan EW Systems, WLR (Mountain), Electronic Voting Machine & VVPAT etc. It is a proud moment for your Company, as it received the biggest ever export order from Airbus Defence & Space (USA) for manufacturing & supply of MAWS&RWR for C-295 Aircraft.

We anticipate good order inflow in the next 2-3 years.

Scaling R&D and Intellectual Property

At BEL, we are constantly investing in advanced and cutting edge technologies to deliver differentiated products and solutions to the customers and progress towards our commitment of increasing indigenisation content and value addition in all our products/systems. Our total investment in R&D as a percentage of turnover during the year was 6.95%. It is our constant effort towards indigenous development that has led us to achieve 78% of our turnover from indigenous products. The revenue generated from products manufactured through ToT from foreign OEMs is 22%. Defence being the mainstay of the Company, has contributed 90% of Sales revenue in 2021-22 as against 78% in 2020-21, with the balance 10% coming from the non-defence segment.

Your Company has always been in forefront in continuously developing innovative and quality products for customers.

Some of the major products/systems introduced during

FY 2021-22 include SDR Variants, Improved Version of Data link system for Ship (Link2-MOD3), Sensors for VSHORAD,

IFF Mk XII for MRSAM, Navigational Complex System, for T-90, Spotter scope with Digital Camera, Continuous Zoom Lens 20-860 mm, Image Stabilisation for EO?s, Multi-Function Radar-VLSRSAM, Electrical Power System (EPS) for Weapon Control (P15B), Hand Held Laser Dazzler, ACCS for 1135.6/ ACCS for SVL etc.

FY 2021-22 was also exciting in terms of strengthening our intellectual property as we filed 137 IPRs (including 65 Patents) in the areas of Embedded Systems, Electro optics, Software, Communication, Radar, Network & Communications, etc. We have been granted 11 patents taking our total to 24. During the year, as many as 51 technical papers were published by scientists and R&D engineers of BEL in various National and International journals/seminars/conferences.

Reinforcing Capabilities and Competencies

Your Company continues to maintain sharp focus on building for the future. We invested in creating infrastructure and test facilities for LRSAM and augmenting AKASH Missile Systems? facility. Three Centres of Excellence were created for Military Communication Systems, Electro Optics & Lasers and Radar & Weapon Systems.

We also empanelled 303 partners towards collaborative R&D which includes 40 R&D partners, 192 design service providers, 38 consultants and 39 production service providers. We also received 19 AS9100 D standard certifications and five Green Channel Certificates for our products.

Winning Multiple Accolades

You will be happy to know that your Company?s sustained efforts has been rewarded across multiple platforms in the areas of corporate excellence, governance, R&D, software development and sustainability among others. Some of the noteworthy being:

• Business Standard Annual Awards for Corporate

Excellence: STAR PSU of the Year 2021

• CII CFO of the Year Award in the PSU category and Greentech Corporate Governance Professional of the Year Award

• BEL CMD conferred with "C V Raman Mahila Vijnan" Puraskar for 2021 & PRCI Chanakya Award

• ‘Rajbhasha Kirti Award? for second time and Rajbhasha Gaurav Puraskar

Filed application for

137 IPRs

• IEI Industry Excellence Award

• IETE Corporate Award for Performance in Development of Software (2021)

• Golden Star Outstanding R&D Leadership Award

• Governance Now Awards for Nation Building, HR Excellence and Digital Security

• Greentech Energy Conservation Award 2021

• ‘Manufacturing Company of the Year Award? and ‘Woman Manufacturer of the Year Award? by Manufacturing Today

• PSU Excellence Award 2022 & Communicators of the Year Award from Media Federation of India

• Swachhata Pakhwada Award 2020

I am confident that in the coming years, your Company will continue to set new benchmarks and receive many more laurels.

Outlook

As we look ahead for the future of BEL, we have lot of promising opportunities as well as challenging. The Government?s emphasis on ‘Make in India? and ‘Atmanirbharta? towards self-reliance in manufacturing provides great opportunity for import substitution and promoting innovative indigenous solutions for defence equipment. Towards this, the Government has also released an amendment to Defence Acquisition Procedure 2020 (DAP 2020) which provides for an enabling environment for indigenisation and innovation through processes of make, design & development and strategic partnership. This is also likely to open up further private participation.

BEL being a key player in defence with multiple existing competencies and strong R&D competencies is well-placed. We have already responded to many ‘Make-II? projects under DAP 2020 and target to increase participation. We are also emphasising on progressing towards 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.

Further, considering increased private participation, we are increasingly interacting at various levels with key stakeholders in the Indian defence industry towards building long-term relationships as a trusted and committed partner. We will also closely work with DRDO labs, research and premier academic institutions and niche technology players for developing new products and systems in emerging technologies.

In our non-defence business, we seek to continue building on our existing competencies.

Apart from these, we are continuously pursuing opportunities to expand business by capturing new customers in the existing and new geographies.

New business models like OPEX, Service model, and Government-owned Company Operated (GOCO) are being explored towards this. To give greater thrust to exports, we have plans to expand the network of our marketing offices which presently spans six countries. 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.

Overall, our intent is to retain leadership position in strategic electronics. 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.

In FY 2022-23, we target a healthy growth of 12-15% driven by both defence and non-defence businesses. We have several prestigious orders lined up and will be focussed on executing them with perfection and 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.

Environmental, Social, and Governance (ESG) Focus

ESG is an area that is gaining global prominence as an indicator of an organisation?s stability by being responsible. At BEL, we have been undertaking actions in these areas since long and intend to build on them. In our community development initiative, we focus on areas around healthcare, nutrition, environment sustainability, education and vocational skill development. In FY 2021-22, a total of Rs. 30.73 Crore was spent towards these. We also diligently supported the country?s fight against COVID-19 through thematic interventions such as setting up Medical

Oxygen Generation Plants and augmenting health infrastructure in remote Government hospitals and Primary Health centres.

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 2021-22. A detailed report on compliance of the guidelines on Corporate Governance can be read in the Board?s Report.

Reaffirming our commitment to sustainable operations, I am happy to state that we have installed Wind Power Plants in Karnataka?s Davangere and Hassan for captive consumption and Grid connected solar power plants on roof of various buildings. This has resulted in a reduction of 26,205.46 MT

 

equivalent of CO2. At BEL, sustainability endeavours are

encompassed in our commitment to behave ethically and contribute towards economic development and improving the quality of life of all stakeholders. The philosophy of recycle, reuse and reduce will also continue to be implemented to create a greener future.

Acknowledgements

I am grateful to the Board of Directors and members of the Management Committee for their unwavering support and guidance during these challenging times. Ministry of Defence and Defence Services have been continuously providing valuable guidance and support, bestowing their confidence and trust in us. I deeply appreciate our shareholders, esteemed customers and business associates for providing opportunities to earn their confidence.

The dedication and resilience of our employees and officers are a major strength which enables us to deliver the solutions for meeting the customers? requirements. We shall make continuous efforts to launch new initiatives and build on these strengths to face future challenges and sustain the momentum for profitable growth in the upcoming years.

Thank you for the continuous support to Bharat Electronics Limited.

With best wishes,

Yours Sincerely,

Mrs Anandi Ramalingam

Chairman and Managing Director (Additional Charge)

Bengaluru

28 July 2022

   

Bharat Electronics Ltd Company History

Bharat Electronics Ltd 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. The Company is a public sector enterprise under the administrative control of the Department of Defence Production, Ministry of Defence. Bharat Electronics Limited manufactures and supplies electronic equipment and systems to defence sector. Other than defence sector, the Company has also got a limited presence in the civilian market. Bharat Electronics Ltd was set up at Bangalore, India, by the Government of India under the Ministry of Defence in the year 1954 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 completed 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. It signed strategic partnerships with global players like Beretta Italy, Atlantis South Africa, Rosonboron Export, Russia and Okaya Powertec in the international segment to address the new business opportunities. Further, it formed partnerships with DMRCL, the Airports Authority of India, Texmaco, BPL, IIT Dharwad, the Tamil Nadu Industrial Explosives Ltd (TEL), and several start-ups in the domestic segment towards development of various technologies/products. In FY 2021-22, the Company signed MoUs with SFC-Energy-AG (Germany) & FC Tec-India (Fuel Cells), Indian Army (AI Solutions for Defence Applications) and IAF (Defence Weapons & Sensors, Radars, IACCS, Space, Cyber, EW&A, UAS & Counter UAS, IT). It formeda Joint Technology Incubation Forum (TIF) with Indian Navy. During the year 2021-22, the Company has spent around Rs. 56,558 Lakh as part of CAPEX investment towards modernisation of Plant & Machinery, Test instruments, R&D investments, Infrastructure upgradation etc. During FY 2021-22, Company completed 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. In FY 2021-22, the Company formed strategic partnership with DMRCL, Airport Authority of India, Research Design Standards Organisation of Indian Railways, Goa Shipyards Ltd, NTRO, Bosch India, Motorola Solutions India and several start-ups in the domestic segment towards development of various technologies/products and to address business opportunities arising out Make in India initiatives of GoI. Major products/ systems exported were Coastal Surveillance Systems Radar, Sub Systems of Radar and EW Systems, Data Link II, Cable looms, mechanical parts, communication equipment, IFFInterrogator, Radar Finger Printing System, EOS, Power Source, Radar Spares, etc. During FY 2021-22, the Company introduced some 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. In FY 2021-22, the Company signed MoUs with DMRC (Super SCADA for Metros), BPL Medical Technologies (for Oxygen Concentrator), DroneDek Corporation, USA (for Smart Mailbox), Bosch Global Software Technologies (for e-Governance, ERP and Cloud Solutions), AAI (for Integrated ATM Automation System and Advanced Surface Movement Guidance & Control System). It launched new products of Compact Indoor Robotic Vehicle and Oxygen Concentrator.

Bharat Electronics Ltd Directors Reports

To the Members,

Your Directors take pleasure in presenting their Report and the Audited Financial Statements for the financial year ended 31 March 2022 together with the reports of the Statutory Auditors and the Comptroller and Auditor General of India thereon.

Financial Results and Performance Highlights

Financial results and performance highlights of the Company are summarised below: (Rs. in Lakh)

Particulars 2021-22 2020-21
Value of Production 15,32,064 13,94,749
Turnover 15,04,367 13,81,816
Profit Before Depreciation, Interest and Tax 3,54,283 3,30,722
Finance Cost 485 608
Depreciation & Amortisation 38,018 36,633
Profit Before Tax 3,15,780 2,93,481
Provision for Tax 80,887 86,939
Profit After Tax 2,34,893 2,06,542
Other Comprehensive Income/(Loss) (14,921) (8,709)
Total Comprehensive Income 2,19,972 1,97,833
Dividend paid 1,02,337 1,02,337
Tax on Dividend - -
Transfer to General Reserve 40,000 40,000
Other Equity 11,74,060 10,56,423
(Including Reserves & Surplus)
Net Worth 11,98,426 10,80,789
Earnings Per Share (in Rs.) 9.64 8.48
Book Value Per Share (in Rs.) 49.18 44.36

Distribution of Value of Production for FY 2021-22 is given below:

(Rs. in Lakh)

Particulars Amount Percentage
Materials 9,17,947 59.92%
Employee Cost 2,10,939 13.77%
Other Expenses (Net) 49,380 3.22%
Depreciation & Amortisation 38,018 2.48%
Provision for Tax 80,887 5.28%
Profit After Tax 2,34,893 15.33%
Total 15,32,064 100.00%

The Company?s turnover for the year 2021-22 increased to Rs. 15,04,367 Lakh from Rs. 13,81,816 Lakh in 2020-21, registering a growth of 8.87%. The Profit After Tax (PAT) for the year is Rs. 2,34,893 Lakh as compared to Rs. 2,06,542 Lakh in the previous year. Turnover from indigenously developed products was 78%. Contribution for Defence supplies was at 90% of the turnover in 2021-22 as compared to 78% in the previous year.

Dividend

In pursuant to Regulation 43A of the SEBI (LODR) Regulations, 2015, the Board of Directors of the Company formulated a Dividend Distribution Policy keeping in view the provisions of the SEBI (LODR) Regulations, 2015, the Companies Act, 2013, Guidelines issued by the SEBI, DPE, DIPAM, Ministry of Finance and other Guidelines to the extent applicable to the Company. The Policy is placed on the Company?s website at https://www.bel-india.in/ContentPage. aspx?MId=17&CId=527&LId=1&link=527

The Board of Directors has recommended a final dividend of Rs. 1.50/- per equity share (150%), amounting to Rs. 36,548.89 Lakh for the year 2021-22. The first interim dividend of Rs. 1.50 per equity share (150%) and the second interim dividend of Rs. 1.50 per equity share (150%) has been paid to the shareholders for the financial year 2021-22. Thus, the total dividend for the year 2021-22 is Rs. 4.50/- per equity share (450%), amounting to Rs. 1,09,646 Lakh.

Transfer to Reserves

An amount of Rs. 40,000 Lakh has been transferred to General Reserves for the financial year 2021-22.

Share Capital

The Company?s authorised capital was Rs. 25,000 Lakh (2,50,00,00,000 equity shares of Rs. 1/- each) and paid-up share capital was Rs. 24,366 Lakh (2,43,65,92,943 equity shares of Rs. 1/- each fully paid-up) as on 31 March 2022. There was no change in the authorised/paid-up share capital of the Company during FY 2021-22.

Major Orders Executed

AFNET Performance/Security Enhancement & SATCOM Network, Integrated Perimeter Security System (IPSS), Vehicle based Shelters network (SAMYUKTA), Electronic Warfare Suites, Kerala Fiber Optic Network (K-FON), Advanced/ Integrated Communication System, Artillery Combat Command and Control Systems, Communication Systems, Smart City Projects Energy storage Projects executed including supply and support of Missile, Control & Surveillance systems for the Defence Forces.

Exports

Your Company has been focussing increasingly towards harnessing the export potential of Defence electronics products & systems, including Homeland Security Solutions, Border Protection systems and state-of-the-art systems & solutions and professional electronics to address the civilian market, which represents its core area of business.

BEL has been exporting various products and systems to foreign countries and global OEMs. Having established a healthy relationship with its current & prospective customers and based on their requirements, BEL has been regularly interacting with the Ministry of External Affairs (MEA) & the Ministry of Defence (MoD) for supply of various products and systems.

BEL is also exploring civil and medical equipment market in developed, developing & third world countries, with product and solutions like Artificial Intelligence-based solutions, software development for various civilian projects, IOT Sensors, Sensor Fusion and Management Systems, Unified Data Analytics Platform System, Smart Hub, security package for VVIP areas, Smart Cities, Critical infrastructure development, solar power generation projects etc.

BEL is focussing on opportunities in the area of helping OEMs to meet offset obligations in various RFPs of the MoD on account of the offset policy incorporated in the Defence Procurement Procedure. To this end, the Company is closely working and partnering with various major foreign Aerospace and Defence Companies. BEL is also offering proven products and systems to meet the specific requirements of customers. BEL has identified contract manufacturing (build to print and build to spec) and Transfer of Technology of the latest systems and solution as new areas of emerging export opportunities. Further, efforts are on to establish a long-term supply chain connect with global players.

BEL is focussing primarily on the various ‘Make in India? programmes. It has offered its various products and services to major Platform OEMs and their Tier I suppliers. This has helped BEL in leveraging partnerships for co-development, co-production and similar arrangements with various OEM?s to get the manufacturing of the products at BEL and utilisation of services of BEL not only for Indian programs but also for global requirements.

Despite the COVID-19 pandemic worldwide, the Company achieved the export order acquisition of USD 179.05 Million during 2021-22, from various global customers viz., the US, France, Switzerland, Israel, Sweden, ASEAN countries, Mauritius and Sri Lanka. With this, the export orders as on 1 April 2022 stood at more than USD 269 Million. The major acquisition is order from M/s Airbus DS, Spain & M/s Thales, France for EW/Avionics.

The Company achieved an export sale of USD 33.30 Million during FY 2021-22, to various countries, viz., Switzerland, the US, France, Israel, Sweden, Seychelles, Maldives, Sri Lanka, ASEAN Countries and the various SEZs. Major products/ systems exported were Coastal Surveillance Systems Radar, Sub Systems of Radar and EW Systems, Data Link II, Cable looms, mechanical parts, communication equipment, IFF-Interrogator, Radar Finger Printing System, EOS, Power Source, Radar Spares, etc.

The export sales was achieved with the concerted effort made by the Company and the new export initiatives taken like continuous and focussed discussion with the Ministry of External Affairs & Ministry of Defence and customers, a proactive approach with the customers by offering new and complete systems and procedures, increase in the customer?s base, taking up new, customised & critical projects and delivering them on time as per the requirement of customers. More efforts were directed in support/services extended to customers to develop customised solutions and future threats and opportunities.

Initiatives taken to increase exports by development of new markets, for products & services during the financial year 2021-22:

v Major initiatives taken in 2021-22

Exim/Buyer?s Credit Project - Pursued market leads for various countries.

Collaborated with new local partners in Kenya, Chile, Suriname, Malaysia, Nepal, Bangladesh.

Pursued G2G opportunities in various neighbouring countries.

Increased contract manufacturing portfolio by increasing empanelment of BEL as global supply chain partner with OEMs.

Explored businesses in the field of turnkey solutions based on software capabilities and Artificial Intelligence under secure environment.

Strategic alliance with the Indian platform manufacturers and initiating discussions and processes for signing agreements with major Indian platform manufacturers to create strong support within the country.

Proposed strategic alliance with foreign OEMs to address global markets by offering the best value proposition.

Efforts towards increasing participation in Government tenders in foreign countries.

BEL has taken up efforts for marketing of various products and systems of Defence Industries of India through BEL?s overseas representative/marketing offices (18 Countries) to quickly expand geo- spatial reach.

BEL regularly interacts with the Ministry of External Affairs, the Indian High Commission, the Defence Attach?, and MoD, India for supply of products/ systems under the Line of Credit (LoC)/grants to friendly countries to India.

v Major leads in pipeline for following products and systems offered to foreign countries/customers:

Coastal Radar System

Radar Systems and Solutions

Upgradation of Naval Radar and Sonars

Contract Manufacturing

Communication Equipment

Electronic Warfare & Avionics

v The following were the scope for offset business during 2021-22:

Data Link II

IFF – Interrogator

Radar Finger Printing Systems

EoS CoMPASS

EW & Radar Sub-Assemblies on built-to-print basis

Missile Systems and Solutions

MoU with the Government

Your Company has been signing a Memorandum of Understanding (MoU) every year with the Ministry of Defence, Government of India based on guidelines issued from DPE. Performance of the Company for the financial year 2020-21 has been rated as "Very Good". The MoU rating for FY. 2021-22 is under review by the Government.

Order Book Position

The order book of the Company as on 1 April 2022 is 57,570 Crore. The order book comprises of major programs like Missile Systems, Command and Control Systems, Aircraft upgrades, Electronics Voting Machines, Ship Upgrades, Radar & Fire Control Systems, Software Defined Radios, Thermal Imagers, Kerala Fiber Optic Network (K-FON), AFNET Performance & Security Enhancement & SATCOM Network, Smart City Projects, Naval Systems etc.

Finance

Your Company has been prudent in managing its finances. During FY 2021-22, the Company has met all its CAPEX and Working Capital requirements through Internal Accruals. Your Company has been productive and efficient in managing its operational expenses. The Company?s PBT has grown from Rs. 2,93,481 Lakh in FY 2020-21 to Rs. 3,15,780 Lakh in FY 2021-22. During the current FY 2021-22, EPS has increased from Rs. 8.48 (FY 2020-21) to Rs. 9.64. Net Worth of BEL has increased from Rs. 10,80,789 Lakh (FY 2020-21) to Rs. 11,98,426 Lakh and corresponding Book Value Per Share (BVPS) has increased from Rs. 44.36 (FY 2020-21) to Rs. 49.18 in FY 2021-22.

In spite of increase in Turnover from Rs. 13,81,816 Lakh in FY 2020-21 to Rs. 15,04,367 Lakh in FY 2021-22, Trade Receivable has come down from Rs. 6,55,154 Lakh to Rs. 6,10,339 Lakh. Further, Trade Receivable as a number of Days of Turnover has reduced from 173 days of Turnover in FY 2020-21 to 148 days of Turnover in FY 2021-22. The reduction in the number of days was mainly on account of initiatives taken and restructuring brought in by Management.

Our consistent performance and long-term value creation has been reflected in the quantum of Dividends being distributed by the Company. During FY 2021-22, BEL has disbursed 2 Interim Dividends of 150% each amounting to Rs. 73,098 Lakh. The Board of Directors has recommended a final Dividend of Rs. 1.50 per equity share (150%), amounting to Rs. 36,548.89 Lakh for the year 2021-22. Thus, the total dividend for the year 2021-22 is Rs. 4.50 per equity share (450%), amounting to Rs. 1,09,646 Lakh.

Deposits

The Company does not have any Public Deposit Scheme at present. However, the matured Public Deposit amount (collected prior to February 2006) with the Company was Rs. 36.95 Lakh as on 31 March 2022. Out of this, 34 deposits amounting to Rs. 36.50 Lakh have not been claimed or have not been paid as these accounts were frozen on the advice of the Karnataka Lokayukta. The remaining matured deposits of Rs. 0.45 Lakh as on 31 March 2022 is unpaid due to insufficient documents/records produced by the Depositors.

Research & Development

BEL?s R&D philosophy is to enhance its pre-eminence in products/services for Defence and Professional Electronics through Research & Development. BEL?s R&D strives for development of new products built with cutting-edge technology modules. While fully meeting the customer requirements, the products developed by BEL are state-of-the-art, competitive and with highest levels of quality and reliability.

Research and Development (R&D) has been one of BEL?s core strengths which is being enhanced through in-house and collaborative R&D modes. Various divisions of BEL are involved in development of Strategic Components, Technology Modules, Subsystems, Products, Systems and Systems of Systems.

BEL has a Three-Tier R&D structure, namely, Central Research Laboratories (CRLs); Product Development and Innovation Centre (PD&IC) and Centres of Excellence (CoEs); and Development and Engineering (D&E) groups attached to Strategic Business Units (SBUs)/Units. The R&D centres of BEL, registered with Department of Scientific & Industrial Research (DSIR), function at various locations across India: D&Es at each of the SBUs and Units namely Bengaluru, Chennai, Ghaziabad, Hyderabad, Kotdwara, Machilipatnam, Navi Mumbai, Panchkula and Pune; PD&IC at Bengaluru; and CRLs at Bengaluru and Ghaziabad. The R&D Labs (CRLs/ PD&IC/CoEs/D&Es) work in the identified technology and product areas, based on three-year R&D plans and after due approval of funds/time by competent authority.

Apart from in-house efforts, BEL R&D Engineers collaborate with DRDO, ISRO, CSIR, other Research Laboratories, National and International Academia, Research Institutes, OEMs/Industry, experts/consultants, MSMEs and start-ups in niche technologies. BEL has created an ecosystem to develop products/solutions in many business segments.

The D&E groups at SBUs/Units provide Systems and System of Systems solutions to the end users. Towards this, they get necessary technology modules and subsystems developed through CRLs, PD&IC, CoEs and collaborative R&D partners. They conduct all evaluations and trials needed in the process of inducting these systems into service. They also extend technical support during the entire product life-cycle and also take care of obsolescence management.

D&E Projects Initiated During FY 2021-22: Several R&D projects have been initiated during FY 2021-22 both through in-house development and collaborative efforts (mainly with DRDO). Major projects initiated in FY 2021-22 are Day Telescopic Sight-6X for LMG, LYNX U2 systems for the NOPV, Talwar and Teg class of ships, Platform Software Enhancement of SDR-NC and Long term Support from CDAC, Super SCADA for DMRC, 5G NodeB solution, Sighting and FCS System for BMP Upgrade-811 Systems, Wideband GaN PA, S Band DWR upgrade, 1KW HF SDR for IAF/IA, 1KW Narrow Line Width Laser, Echo sounders, Laser Target Designator, Decoy System for Akash Missile System, D4 System, Armor Piercing Fin Stabilised Discarding Sabot (APFSDS), CBTC Radio System, GAN Based Module for AAAU, 80mm Rocket, Multi Function RADAR-VLSRSAM, Quantum Key Distribution, iATS for DMRC and IFF MK-XII-A.

D&E Projects Realised During FY 2021-22: Some of the major projects realised/completed during FY 2021-22 are 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.

Important R&D Awards/Recognitions Received During FY 2021-22

IETE-IRSI Young Scientist Award for two BEL Scientists (CRL-BG),

IETE – Corporate Award for Performance in Development of Software (Large Enterprise) for BEL Software SBU, Golden Star – Outstanding R&D Leadership Award individual for D (R&D) BEL.

BEL has met all the MoU parameters w.r.t R&D for FY 2021-22, by timely completion of the following:

Sl No. Description of the Projects SBU/Unit/ PDIC/CoE/CRL Status
1 AI-based Parameters: Completed
a) AI-enabled Fake News Detector as part of Social Media Analytics: Development, Testing and Independent Evaluation a) Software SBU
b) AI-based Passive TWS (Track While Scan) System: Development, Testing and Independent Evaluation b) CRL-BG
2 Design and Development of Network Time Server (NTS) for SDR-TAC project: Completion of internal evaluation and testing MilCom Completed
3 Design and Development of Long Wave Infrared (LWIR) continuous Zoom lens: Completion of internal evaluation and testing BEL-MC Completed
4 Development of Indigenous Automatic Train Supervision (IATS) system for DMRC and offering to Customer for NC-NC Trial BEL-KOT Completed
5 Development of Big data Analytic software for SAGAR-III project: Completion of internal evaluation and testing CRL-BG Completed
6 Completing Development of Remote Control Weapon Station (RCWS) for CBRN (TRACKED) MKII for Export: Completion of internal evaluation and testing CHN Completed

BEL R&D Cell at Kochi has realised core technology modules for Prototype Side Scan Sonar (electronics and system software) and Emergency Pinger (PoC).

BEL R&D Cell at IIT Madras Research Park has initiated development of core technology modules in the areas of Ammunition, Rockets, Quantum Cryptography, Distributed Sensing in collaboration with IIT-MRP incubated start-ups.

New Products Developed Through In-house Development Efforts During FY 2021-22 are:

i . Laser Fence System.

ii. IR Jammer for Active Tank Protection System.

iii. Gimbal for Tethered UAV.

iv. Drainage Intrusion Detection System.

v. Solid State Power Controller Cards (28V 16 & 32 channel) for Akash NG/QRSAM.

vi. Tactical sever commercial and rugged versions for ADCRS.

vii. X-Band 12W HPA MMIC for UTTAM, D4 and other systems.

viii. C-Band Digital Phase Shifter, SPDT Switch, LNA BELN3019V1P, LNA BELN3012V3P, Driver Amplifier QRSAM.

ix. S-Band 150W Power Amplifier for SBR

x. C-Band PLO form-fit replacement for imported DRO module for Ku band Seekers in ASTRA, AKASH-1S, QRSAM, VLSRSAM.

xi. 24" Panel PC for Radars.

xii. 10.4 inch and 20.1 panel PC computing platform for Mareech.

xiii. Rugged and commercial versions of 26" Display, 19" rack mounted PC, 10.4" Rugged TAB for ADCRS.

xiv. GNSS Receiver.

xv. Managed Ethernet Switch -12 PORT - MH 60R.

xvi. Rugged 16 Port Non POE L2/L3 Switch.

xvii. Wideband synthesiser.

xviii. QSRx PLOs.

xix. IP EPABX System.

xx. RXSP, WGM & TSG, MSG IFDC, Power supply unit, Signal Processor, LNB, Rack Assembly for ASR radar.

xxi. Digitisation of Receive Chain, WGM & TSG, Exciter, Integrated Signal Processor, Power supply unit, IF BITE Module, Exciter Int. SP Cabinet for THD Radar.

xxii. Generic VEXT for Coastal surveillance system.

New Products Developed Through Collaborative

Development Efforts During FY 2021-22 are:

i. Navigation Complex System - SAFRAN Engineering & Defence.

ii. Fake news identification - IIIT-H, Hyderabad.

iii. C BAND GaN PA - Microwave IC, Russia.

iv. C BAND GaAs MMICs - Microwave IC, Russia.

v. iATS - DMRC.

vi. Oxygen Concentrator 5 LPM & 10 LPM - BPL Medical Technologies Private Limited.

vii. Dialysis Machine - Renalyx Health Systems Pvt. Ltd.

Future Plan of Action: BEL will enable scaling of R&D for innovative Products/Services across the organisation to align with the objectives of growth, diversification and transformation. All the tiers of R&D (D&Es, PD&IC, CoEs and CRLs) will continue to collaborate in identifying new areas of development and complement each other in addressing customers? requirements. While a major thrust would be for in-house developments; collaborations with national laboratories, academic institutions, research institutes, industry, MSMEs and start-ups will also continue to be strengthened. BEL plans to continue investing in R&D to offer advanced products/solutions for meeting the continuously evolving requirements of customers. Focussed technology/product development efforts have been initiated towards diversification in the areas of Arms & Ammunition, Medical Electronics, Autonomous Navigation System and Unmanned Systems.

New Facilities Established

Infrastructure enhancement is one of the major objectives of the Company in order to stay upgraded for global opportunities and to be the best in business. During the year 2021-22, the Company has spent around Rs. 56,558 Lakh as part of CAPEX investment towards modernisation of Plant & Machinery, Test instruments, R&D investments, Infrastructure upgradation etc.

Following are some of the major facilities established during 2021-22:

Infrastructure & Test facilities for LRSAM.

Augmentation of Facilities for AKASH Missile Systems.

Virtual Desktop Infrastructure (VDI).

Regional Product Support Centres.

Information Technology (IT) Initiatives:

In SAP, various new processes have been introduced for the automation and digitisation. Auto procurement process, R&D Plan automation and Agreement management system are few major additions.

Implementation of Virtual Desktop Infrastructure (VDI) is completed in internet domain to ensure that storage in end user devices are removed and complete data is kept in central server in Bengaluru. It has enhanced cyber security immensely in internet domain. The roll out of VDI is intranet domain is under progress.

Project Management software tool Primavera is being rolled out across BEL to manage turnkey projects. New mail server is commissioned for Trainees and Project Engineers to ensure safe communication with engineers posted on sites.

Unified Communication Division is recommended for ISO 27001 Information Security Management System (ISMS) certification. STQC Division of Ministry of Electronics and Information Technology certified BEL e-procurement solution SRM for Information security. VAPT audit of complete BEL IT infrastructure and application were conducted by CERT-in empanelled vendor.

Quality

Quality, Technology, Innovation are three guiding pillars of BEL?s business initiatives. Quality, being the first pillar, has been one of the focus areas for the Company.

The Company is committed for continual improvement through process approach in line with World-Class Quality Systems. All Units/Strategic Business Units (SBUs)/Common Services Groups (CSGs) are accredited to ISO 9001 Quality Management System (QMS). Nineteen Units/SBUs of the Company have upgraded their QMS to Aerospace Standard, AS 9100D. All Units of the Company are committed to Environment Management System through ISO 14001 Certification. Ghaziabad Unit is upgraded its OHSAS from ISO 18001 to ISO 45001.

BEL received 16 Green Channel Certificates covering 11 Units/SBUs from DGQA for a total of 50 products, in the areas of Radars, Naval Systems, Communications, E-O, Mast, Batteries and Gun Upgrade. BEL is the first PSU to reach this new height on Quality aspects.

Eleven Units/SBUs/Divisions of the Company are certified for Information Security Management System ISMS ISO 27001. During the year, ADSN SBU is certified for AS9100D, for the first time, Machilipatnam Unit is upgraded from ISO 9001 to AS9100D, and Machilipatnam Unit and UC-IS/CO have received the first ISMS ISO 27001 certificates. BEL has a total of 19 AS9100D Certificates.

Test Equipments Calibration and Maintenance departments of Bangalore Complex, Ghaziabad, Panchkula and NAMU Units (Total eleven Labs) are certified by NABL in accordance with ISO/IEC 17025 Standard. Software SBU is certified for CMMi level 5 and also for ITSMS ISO 20000-1. NCS & DCCS SBUs of Ghaziabad, CRL – Ghaziabad, Chennai, Hyderabad Units are certified for CMMi level 3.

Remarkable achievement of the Company in this year is moving from 1 SBU, 1 Product Green Channel Certificate to 50 Products, 16 Certificates covering 11 Units/SBUs.

EFQM (European Foundation of Quality Management) Model for Business Excellence is being followed in BEL since 2002. BEL drew a roadmap for the deep drive of the new EFQM Model 2019, identified Units for challenging the CII Exim Award. BEL Hyderabad & Chennai Units have been conferred with CII-EXIM Bank Business Excellence Award 2021-Platinum category for significant achievement towards Business Excellence.

During the year, 17 senior executives from various units have been trained as "Six Sigma Black Belts" by Indian Statistical Institute, Bangalore. Total 538 Six Sigma Projects have been completed during the year 2021-22, resulting in an estimated savings of Rs. 127 Crore to the Company. Out of 30 Six Sigma projects nominated for Regional/National level Competitions, 15 projects received par Excellence Award at both regional and National Level Championships Awards and 3 Projects won Par-Excellence Award in International Convention on Quality Control Circles (ICQCC).

Human Resources

Your Company employed 8,853 people as on 31 March 2022 compared to 9,172 people as on 31 March 2021. Out of these employees, 4,704 were engineers/scientists and 1,926 were women employees. A total of 177 employees were inducted during the year. 20 employees belonging to the Scheduled Castes (SC), 9 employees belonging to the Scheduled Tribes (ST), 71 employees from the Other Backward Classes (OBC) . Your Company has been complying with the Government directives on reservation. The particulars of SC/ST and other categories of employees as on 31 March 2022 are as under:

Executives

Non-Executives

Category of Employees Group Group Group Group
‘A? ‘B? ‘C? ‘D?
Scheduled Caste 1,034 38 517 24
Scheduled Tribe 365 17 121 16
OBC 1,318 59 749 35
Ex-Servicemen 78 - 268 44
Physically Challenged 94 5 104 2

Various training programmes were conducted during the year to enhance competencies in Technical, Functional, Managerial and Leadership areas. Structured Executive Development Programmes were conducted regularly with premier institutes to meet the evolving training needs of executives as they progress through various grades. A detailed write-up on HR initiatives during the year is provided separately in the Management Discussion and Analysis Report, which forms a part of this report.

Disclosure Under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

The Company is an equal opportunity employer and consciously strives to build a work culture that promotes dignity of all employees. As required under the provisions of the Sexual Harassment of Woman at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed thereunder, the Company has implemented the policy on prevention, prohibition and redressal of sexual harassment at the workplace, which has been uploaded on the Company?s intranet portal. All women, permanent, temporary or contractual, including those of the service providers, are covered under the Policy.

An Internal Complaints Committee has been constituted in each of the nine constituent units, including the corporate office to redress complaints relating to sexual harassment. Awareness programmes were conducted across the Company to sensitise employees and uphold the dignity of their colleagues at the workplace, particularly with respect to prevention of sexual harassment. The details of the complaints filed, disposed of and pending during the year pertaining to sexual harassment are provided in the Business Responsibility Report, which forms a part of this report.

Awards and Accolades

Your Company strives to achieve the highest level of quality in all its products by considering consumer insights and by reaching out to consumers. During the year, your Company has received the following various Awards and Accolades:

Business Standard Annual Awards for corporate excellence: STAR PSU of the Year 2021.

CII CFO of the Year Award in the PSU category and Greentech Corporate Governance Professional of the Year Award.

Rajbhasha Kirti Award for second time and Rajbhasha Gaurav Puraskar.

IEI Industry Excellence Award.

IETE Corporate Award for Performance in Development of Software (2021).

Golden Star Outstanding R&D Leadership Award.

Governance Now Awards for Nation Building, HR Excellence and Digital Security.

Greentech Energy Conservation Award 2021.

‘Manufacturing Company of the Year Award? and ‘Woman Manufacturer of the Year Award? by Manufacturing Today.

PSU Excellence Award 2022 from Media Federation of India.

Swachhata Pakhwada Award 2020.

Communicators of the Year Award from Media Federation of India.

ICC PSE Excellence Award for 'Corporate Social Responsibility'

Other Significant Achievements During FY 2021-22:

BEL has achieved highest ever turnover of around

Rs. 15,000 Crore during FY 2021-22 despite the global supply chain crisis.

Strategic partnerships with Global players in the international segment to address the new business opportunities.

Strategic partnership with DMRCL, Airport Authority of India, Research Design Standards Organisation of Indian Railways, Goa Shipyards Ltd, NTRO, Bosch India, Motorola Solutions India and several start-ups in the domestic segment towards development of various technologies/products and to address business opportunities arising out Make in India initiatives of GoI.

Subsidiaries, Joint Ventures and Associates

BEL Optronic Devices Limited (BELOP) is a wholly-owned subsidiary of BEL, which manufactures Image Intensifier Tubes. BELOP achieved a turnover of Rs. 4,586 Lakh for the year compared to Rs. 4,075 Lakh in the previous year. The Profit After Tax (PAT) for the year was Rs. 516 Lakh compared to Rs. 490 Lakh in the previous year.

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. Your Company holds 74% of the equity capital in BTSL. During the year, BTSL recorded a turnover of Rs. 3,901 Lakh compared to Rs. 3,538 Lakh in the previous year. The Profit After Tax (PAT) for the year was Rs. 521 Lakh compared to Rs. 315 Lakh in the previous year.

The Associate Company GE BE Private Limited [26% shareholding by BEL] continues to perform well. It manufactures CT Max and other latest version X-Ray Tubes. GE BE Pvt. Ltd. recorded a turnover of Rs. 1,56,267 Lakh for the year compared to Rs. 1,22,850 Lakh in the previous year. The Profit After Tax (PAT) was Rs. 17,578 Lakh for the year compared to Rs. 11,673 Lakh in the previous year.

The Defence Innovation Organisation (DIO) is a ‘Not for Profit? Company as per the provisions of Section - 8 of the Companies Act, 2013 with an authorised share capital of Rs. 1 Crore. With an equity participation of 50% from BEL and 50% from HAL, the Company was formed with an objective of funding innovation in the Defence sector.

In pursuant to provisions of Section 129(3) of the Companies Act, read with Rule 5 of Companies (Accounts) Rules, 2014 (as amended), a separate statement containing the salient features of the financial statement of Subsidiaries/ Associate/Joint Ventures in Form AOC-1 is appended to the Financial Statements.

Further, pursuant to the provisions of Section 136 of the Act, the financial statements of the Company, consolidated financial statements along with relevant documents and separate audited financial statements in respect of subsidiaries, are available on the website of the Company www.bel-india.in.

Consolidated Financial Statements

Consolidated Financial Statements of your Company and its Subsidiaries for the year ended 31 March 2022 have been prepared in accordance with the provisions of Section 129(3) of the Companies Act & applicable Indian Accounting Standards and forms part of this report.

Vigilance

The Company?s Vigilance Organisation is headed by a Chief Vigilance Officer (CVO), an IAS Officer from Haryana Cadre (1991 batch). Permanent Vigilance Officers are posted in each of the Units and SBUs. Vigilance Committees are formed to look after the Vigilance Administration in the Units and SBUs. The Unit/SBU Heads are designated as Chairman of the Vigilance Committee. Apart from this, there exists a Vigilance Committee at the Corporate, where Chairman cum Managing Director is the Chairman of the Committee and the CVO is the Member Secretary. Preventive Vigilance has been the thrust area of the Vigilance Organisation and the same received focussed attention during the current year. The Vigilance Department examines procurements and processes on continual basis, conducts regular and surprise inspections and investigates instances of any suspected transactions referred to it. An employee or third parties can refer any suspected transaction to the notice of CVO for investigation which are examined as per the Complaint Handling Policy of the Company. Online Complaint Management System has been made operational and complaints can be filed through accessing the Vigilance Portal in BEL website.

During FY 2021-22, 1,943 high value Purchase Orders/ Contracts have been reviewed. CTE Type Intensive Examination has been restructured with the formation of Eleven Intensive Examination teams. CTE Type of Intensive Examination of 58 High value Procurements Contracts has been taken up during the year 2021-22. Regular and Surprise checks and Inspections have also been conducted by the field Vigilance Officers. During the year, 10 Complaints were received. A total of 14 Complaints were disposed including previous year's. Disciplinary action and System/Process Improvement has been recommended in some cases where lapses were observed.

During the year, 281 Executives and 63 Non-Executives were given basic awareness program on Vigilance. 132 Executives & 32 Non-Executives working in sensitive areas for more than 3 years have been job rotated and the percentage coverage is 90.1%.

Vigilance Department is continued to be certified for ISO 9001/2015 Certification for the Vigilance function of BEL. In line with the CVC?s guidelines on Leveraging Technology and to ensure transparency through effective use of technology, the following functions have been made operational through SAP and the Company?s website:

• E-Procurement.

• Online registration of Vendors.

• Vendor Payment Information System.

• E Payment/Bank transfer of payment to Vendors.

• Details of awarded Contracts/Purchase Orders valuing more than Rs. 10 Lakh in respect of works contracts, service contracts, capital items and non-production items have been posted in the website.

• Details of awarded Contracts/Purchase Orders issued on nomination/single tender basis value exceeding Rs. 5 Lakh are posted on the website.

• Corruption Risk Management Policy is framed and implemented across the Company.

• Vendors? Directory is maintained.

• File Life Cycle Management System (FLM) is fully implemented across the Company.

• Online filing of APRs is facilitated in SAP for all the Executives and the Executives have been filing the APRs in SAP.

• Vigilance Monthly and Quarterly Reports are generated through SAP.

• Vigilance clearance is accorded through the dedicated Vigilance portal in SAP.

Vigilance setup in BEL has been continuously endeavouring to bring transparency, fairness and equity in all transactions and processes of the Company through creating a sense of awareness on System and Procedures through awareness campaign and training program. Some of the key activities that have been carried out during the year are:

a) Bharat Electronics Limited (BEL) has observed Vigilance Awareness Week 26 October to 1 November 2021 with the theme "Independent India@75: Self Reliance with Integrity" at all its offices across the country by adhering to all the precautionary measures to contain the spread of COVID-19. Vigilance Awareness Week-2021 banners and PIDPI banners were displayed at prominent places at Corporate Office and also at Units/Regional Offices/ Marketing Centres/Product Service Centres.

Various awareness programmes and activities were held to keep the spirit of celebrating the Vigilance Awareness Week. Online lecture programmes, online competitions and other activities through video conferencing.

E-Pledge was facilitated in BEL intranet enabling employees to take E-Pledge. Certificate of appreciation and commitment, issued by CVO of BEL was in downloadable option for the employees who have taken the E-Pledge through the BEL Intranet. 4,193 employees have taken E-Pledge.

Integrity pledge was administered to around 8,000 plus employees in their respective workplaces across all the units. Apart from this, Employees were provided with a link to CVC Website to take the E Pledge from the CVC website. E-mail on Vigilance Awareness was sent to 32,426 Indian vendors of BEL during the week.

b) Various workshops and lecture programmes were conducted through hybrid mode.

O Workshop on "PIDPI Resolution-2004" by Shri O.V. Nandimath, Professor, National Law School of India Bangalore, on 29.10.2021.

O Workshop on "Preventive Vigilance Perspective in Procurement" by Shri Suresh Sethi, AGM (Retd.)/ BEL, on 27.10.2021.

O Workshop on "Preventive Vigilance in India Legal and Institutional Approach " by Smt. Nagaratna, Associate Professor, National Law School of India Bangalore on 28.10.2021.

O Talk on "PIDPI Resolution-2004" by Shri Ambrose D, DGM, Corporate Vigilance, on 28.10.2021.

c) Two days Induction Level Training is imparted to the newly joined Probationary Engineers on 10 and 11 November 2021.

d) Two Days Workshop on Purchase Procedure 2016 and Vigilance case studies as part of Mid-career specialised training was done on 21 November 2021 and 10 December 2021.

e) Two Days Workshop on Subcontract Procedure 2017 and Vigilance Case Studies as part of Mid-career specialised training was done on 14 December 2021 and 24 December 2021.

Integrity Pact

One of the initiatives of the Central Vigilance Commission (CVC) to eradicate corruption in procurement activity is introduction of the Integrity Pact in large value contracts with Government Organisations. In line with the directives from Ministry of Defence and the Central Vigilance Commission, your Company has adopted Integrity Pact with all vendors/ suppliers/contractors/service providers for all Orders/ Contracts of value Rs. 300 Lakh and above. The Integrity Pact essentially envisages an agreement between the prospective vendors/bidders and the principal (BEL), committing the persons/officials of both sides, not to resort to any corrupt practices in any aspect/stage of the contract. Only those vendors/bidders, who commit themselves to such a Pact with the principal, would be considered competent to participate in the bidding process. Integrity Pact, in respect of a particular contract, would be operative from the stage of invitation of bids till the final completion of the contract. Any violation of the same would entail disqualification of the bidders and exclusion from future business dealings.

As recommended by the CVC, the Company has appointed Dr. Parvez Hayat, IAS (Retd.) and Dr. Joginder Paul Sharma, IAS (Retd.) for monitoring implementation of Integrity Pact in the Company.

Procurement from Micro & Small Enterprises (MSEs)

Your Company has been providing increased thrust on enhancing procurement from Micro & Small Enterprises (MSE) and has been implementing Public Procurement Policy for MSEs as per the guidelines / notification issued by the Ministry of MSMEs. BEL has on-boarded on TReDS Platform, GeM, MSME Sambandh & MSME Samadhaan Portals complying with Government guidelines.

The Company has conducted Vendor Development Programs for Indian vendors including MSME/Start-ups on various occasions throughout the year. BEL extends various provisions as envisaged in Ministry of MSME notifications, released from time to time, to MSME/Start-ups in procurement.

BEL?s procurement from MSEs is 31% of total Domestic procurement during 2021-22 against mandatory target of 25% as per Public Procurement Policy for MSEs.

Implementation of Official Language Policy

Your Company is committed to adhere to the Official Language (OL) policy of the Government of India. During 2021-22, despite COVID-19 pandemic challenges, the Company has achieved the various targets prescribed in the Annual Program issued by Dept. of OL, Ministry of Home Affairs (MHA), GoI to transact official work in Hindi. During the year, Mrs. Anandi Ramalingam, CMD received the ‘Rajbhasha Kirti? Award for two consecutive years (2019-20, 2020-21) from Hon?ble Minister of State for Home Affairs on 14 September, 2021, at Vigyan Bhawan, New Delhi. In the same function, Mr. Shrinivas Rao, Officer (OL), Corporate Office was awarded ‘Rajbhasha Gaurav? Award for the year 2018-19.

OL Inspections: Committee of Parliament on Official Language conducted OL inspection of PK Unit on 10.11.2021. Corporate OL Inspection team conducted 05 OL inspections of its subordinate Units/Offices.

Bilingualisation: All Units and Offices of the Company including Corporate Office are issuing documents in bilingual as per the Section 3(3) of Official Language Act, 1963. Usage of Hindi is being encouraged in correspondence and on computers. Individual orders under OL Rule 10 (4) were issued by CMD to officers/employees who are having proficiency in Hindi to do their complete work in Hindi. Also, a circular on creation of Check Points under Rule 12(1) of OL Rules was issued.

Computerisation and Website: Updated information pertaining to OL is being communicated through OL Portal GARIMA introduced by OL Dept. of Corporate Office. Quarterly progress reports from Units/Offices are being received online in SAP. Hindi notings are being written in File Life-cycle Management (FLM). Company?s website is also available in Hindi.

Training and Reporting: Roster is maintained for Hindi language training and computer training which is updated from time to time. As per the Roster, employees were nominated for online training. Quarterly/half yearly reports are sent to OL Dept., MHA, GoI, MoD, Hindi Teaching Scheme and Town Official Language Implementation Committee (TOLIC) as per schedule.

Hindi Month Celebrations: Hindi Month and Hindi Day was observed during September in all the Units and Offices of the Company.

Meetings/Workshops: Official Language Implementation Committee (OLIC) meetings, Hindi workshops and technical talks in Hindi were conducted through online mode in all Units/Offices.

Incentives and Awards: Company has various lucrative Incentive Schemes for doing original work in Hindi. These schemes are named after renowned Hindi Litterateur which carry cash awards from Rs. 2,000 to Rs. 10,000. Employees took part in these schemes wholeheartedly. Employees have participated in the TOLIC competitions and won prizes.

Visits: Dr. Sumit Jairath, Secretary (OL) visited our Corporate Office on 30 July 2021 and expressed immense satisfaction over the status of implementation of Official Language in your Company.

Publications: Hindi Magazines were published in Units/ Corporate Office of the Company to propagate usage of Hindi.

New Initiatives: A dedicated section for OL has been introduced in the Company?s website. Defense Electronics Glossary of BEL is being prepared in coordination with the Commission for Scientific and Technical Terminology (CSTT), Ministry of Education. A total of 2,410 terms have been finalised so far. The first Bharatendu Rajbhasha Kaushal Abhimukheekaran Program was initiated by Corporate Office for OL Officers/Translators of Central Government Offices/ Banks/Undertakings located at Bengaluru. The event was a grand success.

Continuous efforts are in progress to ensure OL Implementation and for achieving progressive usage of Hindi across the Company.

Implementation of Right to Information Act, 2005

In consonance with the provisions of the Right to Information Act, 2005 (the Act), your Company has a well-defined mechanism in place to address the provisions of the Act. Your Company has a designated General Manager level officer as a Nodal Officer to oversee the implementation. The requests received are processed by 16 senior personnel, designated as Central Public Information Officers (CPIOs) including the one at the corporate office and one each at the Units/Regional Offices. Your Company has a designated General Manager level officer as a First Appellate Authority to dispose of first appeals filed under the Act. In compliance with Government directives, your Company is successfully processing the applications under the Act, online.

The information to be provided as per Section 4(1) (b) of the Right to Information Act, 2005 has been posted on the Company?s website www.bel-india.in The FAA, CPIOs and other internal stakeholders involved are sensitised about their obligations under the Act through training and workshops.

Your Company received 246 applications (including 64 transferred by other Public Authorities to BEL) during the period from April 2021 to March 2022, and 33 RTI applications were carried forward from FY 2020-21. A total of 264 applications were responded to, including 41 applications that were rejected, out of a total of 279 applications. Your Company received 43 First Appeals during the period, out of which 41 were disposed of. Quarterly RTI returns for all the four (4) quarters have been submitted to the Central Information Commission.

Meetings of Board and Committee(s)

During the year, eight Board meetings were held and the maximum interval between any two meetings was not more than 120 days. The details of meetings of Board and Committee(s) held during FY 2021-22 are furnished in the Corporate Governance Report, which forms a part of this report.

Change in Directors & Key Managerial Personnel and their Shareholding

The following changes took place in the Directorate and Key Managerial Personnel of your Company during the financial year:

Sl. No. Name of the Director Designation Date of Appointment Date of Cessation
1 Mrs Shikha Gupta Director (Other Units) Not Applicable 07.05.2021
2 Mr M V Gowtama Chairman & Managing Director Not Applicable 30.06.2021
3 Mr Shivakumaran K M Director (HR) Not Applicable 30.08.2021
4 Dr. Parthasarathi P V Independent Director 28.12.2021 Not Applicable
5 Mr Mansukhbhai S Khachariya Independent Director 28.12.2021 Not Applicable
6 Dr. Santhoshkumar N Independent Director 28.12.2021 Not Applicable
7 Mr Prafulla Kumar Choudhury Independent Director 28.12.2021 Not Applicable
8 Dr. Shivnath Yadav Independent Director 28.12.2021 Not Applicable
9 Mr Gokulan B Independent Director 20.01.2022 Not Applicable
10 Mrs Shyama Singh Independent Director 07.02.2022 Not Applicable

Mrs Anandi Ramalingam, Chairman & Managing Director (Additional Charge), Mr Dinesh Kumar Batra, Director (Finance) and Chief Financial Officer and Mr S Sreenivas, Company Secretary are the KMPs, as defined under the Section 2(51) of the Companies Act, 2013.

Mr Bhanu Prakash Srivastava was appointed as Additional Director [Director (Other Units)] w.e.f 20.04.2022.

Dr Binoy Kumar Das was appointed as Additional Director w.e.f 4 July 2022 in place of Ms Manjula J, who ceased to be Govt. Nominee Director w.e.f 1 May 2022.

Mr Sunil Kumar Kohli, Independent Director retired on 17 July 2022 upon completion of his tenure in the Company.

Dr. Parthasarathi P V, Mr Mansukhbhai S Khachariya, Dr. Santhoshkumar N, Mr Prafulla Kumar Choudhury, Dr. Shivnath Yadav, Mr Gokulan B, Mrs Shyama Singh, Mr Bhanu Prakash Srivastava and Dr Binoy Kumr Das, Additional Directors are being appointed as Directors on terms as set out in the Notice of the 68th Annual General Meeting.

Mr Rajasekhar M V, Director (R&D), retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

The details of Directors and Key Managerial Personnel (KMPs) who are holding shares in the Company as on 31 March 2022 are given below:

Sl. No. Name Designation No. of Equity Shares Held
1 Mrs Anandi Ramalingam Director (Marketing) 1,263
CMD – Additional Charge
Director (HR) – Additional Charge
2 Mr Vinay Kumar Katyal Director (Bangalore Complex) 1,263
3 Mr Dinesh Kumar Batra Director (Finance) & CFO 1,263
4 Mr Rajasekhar M V Director (R&D) 1,263
5 Mr Sreenivas S Company Secretary 1,263

The Company has not issued any convertible securities during the year.

Directors? Responsibility Statement

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors, in terms of Sections 134(3)(c) & 134(5) of the Companies Act, 2013 state that: a) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures; b) the Directors had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31 March 2022 and of the profit of the Company for the year ended 31 March 2022; c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) the Directors have prepared the annual accounts on a going concern basis; e) The Directors ensured proper internal financial controls were in place and such financial controls were adequate and were operating effectively; and f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws were in place and same were adequate and operating effectively.

Integrated Report

The Company, has voluntarily provided Integrated Report, which encompasses both financial and non-financial information to enable the Members to take well informed decisions and have a better understanding of the Company?s short, medium & long term perspective. The Report also touches upon aspects such as organisation?s strategy, governance framework, performance and prospects of value creation based on the six forms of capital viz. financial capital, manufactured capital, intellectual capital, human capital, social and relationship capital and natural capital.

Significant and Material Orders

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and the Company?s operations in future.

Events Subsequent to the Date of Financial Statements

There are no material changes and commitments affecting the financial position of the Company which occurred between 31 March 2022 and date of signing of this Report.

Related Party Transactions

There were no materially significant related party transactions with the Company?s Promoters, Directors, Management or their relatives, which could have had a potential conflict with the interests of the Company. Transactions with related parties that were entered into during the financial year were on an arm's-length basis and were in the ordinary course of business. None of the transactions with related parties fall under the scope of Section 188(1) of the Companies Act, 2013. All Related Party Transactions are placed before the Audit Committee and also to the Board for approval, if required. Members may refer to the notes to the accounts for details of related party transactions. The policy for related party transaction has been uploaded on the Company?s website www.bel-india.in. Information pursuant to Section 134(3)(h) of the Companies Act, 2013 read with rule 8(2) of the Companies (Accounts) Rules, 2014 is attached to this report as Annexure-1.

Corporate Social Responsibility

Your Company has formulated a Corporate Social Responsibility Policy pursuant to the provisions of Section 135 of the Companies Act, 2013 and the Companies (Corporate Social Responsibility) Rules, 2014 read with various clarifications, amendments issued by Ministry of Corporate Affairs (MCA). The CSR Projects are taken up in line with the Schedule-VII of the Companies Act, 2013, which is duly incorporated in the Corporate Social Responsibility Policy and forms the guiding principle for all our CSR programs. The Corporate Social Responsibility Policy of BEL is posted on the Company?s website, www.bel-india.in.

The objective is to contribute towards inclusive growth, sustained and equitable development in society through capacity building measures, empowerment of the marginalised and underprivileged sections/communities. Focussed interventions are undertaken in the sectors of Healthcare, Education, Rural Development, Environmental Sustainability & Vocational Skill Development.

During FY 2021-22, DPE guidelines for CSR Expenditure stipulate CPSEs to take up focussed CSR interventions on the common theme of Health & Nutrition with special focus on COVID-related measures and preference being given to Aspirational Districts identified by NITI Aayog. Accordingly, CSR budget has been allocated for thematic CSR programmes - thrust being on initiatives that support the Government?s concerted efforts in dealing with the challenges arising out of the COVID-19 pandemic. The Company hones technical skills, provides industry exposure and imparts employability skills to youth from economically weaker sections of society, under Skill India.

Pursuant to the requirement under the Companies (Corporate Social Responsibility) Rules, 2014 (as amended), a report on CSR activities for the financial year 2021-22 is annexed herewith as Annexure-2.

Statutory Auditors

Pursuant to Section 139(5) of the Companies Act 2013, for the FY 2021-22, the Comptroller and Auditor General of India (C&AG) appointed M/s Guru & Jana, Chartered Accountants, Bengaluru, as Statutory Auditors of the Company for audit of accounts of Bangalore Complex, Hyderabad unit, Chennai unit and Corporate Office. M/s Tambi & Jaipurkar, Chartered Accountants, Pune were appointed as Branch Auditors of Pune & Navi Mumbai units. M/s J P Kapur & Uberai, Chartered Accountants, New Delhi, were appointed as Branch Auditors of Ghaziabad, Panchkula and Kotdwara units. M/s P I Ramana

& Associates, Chartered Accountants, Vijayawada were appointed as Branch Auditors for the Machilipatnam unit. The Statutory Auditors? Report on financial statements for FY 2021-22 and ‘Nil? comments of the Comptroller & Auditor General of India (C&AG) under Section 143(6)(b) of the Companies Act, 2013 on the financial statement, including consolidated financial statement, are appended to the Annual Report.

Cost Auditors and Maintenance of Cost Records

Your Company appointed M/s Murthy & Co. LLP, Cost Accountants, Bengaluru, as Cost Auditors of the Company for FY 2021-22 for the audit of the cost records of the Company. The Company maintains cost records as specified by the Central Government under Section 148(1) of the Companies Act, 2013.

Secretarial Auditors

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (as amended), the Company has appointed M/s Thirupal Gorige & Associates LLP, Practicing Company Secretaries, Bengaluru for the FY 2021-22 to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is annexed to this report as Annexure-3.

The Secretarial Auditor in his report observer that the Board did not have requisite number of Independent Directors including woman independent director as required under 17(1)(a) & (b) of the SEBI (LODR) Regulations, 2015 and the non-compliance has been made good on 7th February 2022. Further the composition and quorum of Audit Committee, and the composition of Nomination & Remuneration Committee was not in line with Regulation 18 & 19 respectively of the SEBI (LODR) Regulations, 2015 for first three quarters of reporting period. The gap between two meetings of audit committee held in month of January 2021 and June 2021 was more than 120 days in terms of regulation 18(2). It is informed that filling up of the vacancies of Independent Directors was pending with the appointing authorities namely Government of India. It is further informed that due to prevailing serious Covid-19 pandemic situation restrictions / lock down in the State and non-availability of Directors, the Audit Committee meeting couldn?t be conducted within 120 days from the date of previous meeting.

Reporting of Frauds by Auditors

During the year, neither the Statutory Auditor nor the Secretarial Auditor have reported to the Audit Committee under Section 143(2) of the Companies Act, 2013, any instance of fraud committed against the Company by its officers or employees, the details of which would need to be mentioned in the Board?s Report.

Annual Return

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on 31 March 2022 is available on the Company?s website: https://www.bel-india.in/ContentPage. aspx?MId=17&CId=427&LId=1&link=427

Risk Management

Pursuant to the Reg. 21 of SEBI (LODR) Regulations, 2015, the Board of Directors of the Company has constituted a Risk Management Committee. The details of Committee and its terms of reference, Risk Management Policy etc. are set out in the Corporate Governance Report and a detailed note on Risk Management is provided in the Management Discussion and Analysis Report, which forms a part of this report.

Company?s Policy on Director?s Appointment, Remuneration and Board Evaluation

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration, Board Evaluation etc. The details are set out in the Corporate Governance Report, which forms part of this report.

Vigil Mechanism/Whistle Blower Policy

The Company has a vigil mechanism named the Whistle-Blower Policy to deal with instances of fraud, mismanagement and unethical behaviour, if any. The details of the policy are set out in the Corporate Governance Report.

Declaration from Independent Director(s)

The Company has received necessary declaration from Independent Director(s) of the Company under Section 149(7) of the Companies Act, 2013 and Regulation 16(1)(b) of SEBI (LODR) Regulations, 2015 that the Independent Director(s) of the Company meet with the criteria of his Independence laid down in the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.

Management Discussion and Analysis Report

Management Discussion and Analysis Report required under the SEBI (LODR) Regulations, 2015 and also under the Government (DPE) Guidelines on Corporate Governance for Central Public Sector Enterprises (CPSEs), is attached to this Report as Annexure-4.

Particulars of Loans, Guarantees & Investments

In terms of Circular No. GSR 463(E) dated 5 June 2015 issued by Ministry of Corporate Affairs, Government of India, the Company being a Government Company engaged in Defence production is exempt from Section 186 of Companies Act, 2013.

Particulars of Employees and Related Disclosures

The provisions of Section 197 of the Companies Act and the relevant Rules regarding particulars of employees drawing remuneration in excess of the limits specified are exempted for Government Company, in view of the Gazette Notification No. GSR 463 (E) dated 5 June 2015 issued by the Ministry of Corporate Affairs, Government of India.

Internal Financial Controls

The Company has in place adequate internal financial controls with reference to financial statements. A detailed note on Internal Financial Controls is provided in the Management Discussion and Analysis Report, which forms part of this report.

Audit Committee

During the year, the Audit Committee comprised of Independent Directors viz., Mr Sunil Kumar Kohli, Chairman of the Committee, Mr Prafulla Kumar Choudhury and Dr. Shivnath Yadav as its Members. During the year, all the recommendations made by the Audit Committee were accepted by the Board.

Corporate Governance Report

In terms of Regulation 34 of the SEBI (LODR) Regulations, 2015 and DPE Guidelines, a Report on Corporate Governance along with Compliance Certificate issued by the Statutory Auditors of the Company is attached with this report as

Annexure-5.

Sustainability Report

A Report on your Company?s efforts on ‘Sustainable Development? is attached with this Report as Annexure-6.

Business Responsibility Report

The SEBI (LODR) Regulations, 2015 mandated the inclusion of the Business Responsibility Report (BRR) as part of the Annual Reports for the top 1,000 listed entities based on market capitalisation. In terms of Regulation 34(2)(f) of Listing Regulations, a BRR for FY 2021-22 describing the initiatives taken by the Company on environmental, social and governance perspective, in the format as specified by SEBI from time to time is attached with this report as Annexure-7.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

Your Company, being a Defence PSU, the disclosure of information with respect to conservation of energy, technology absorption, foreign exchange earnings and outgo under the provisions of Section 134(3)(m) read with Rule 8(3) of the Companies (Accounts) Rules, 2014 (as amended) is not required as the Ministry of Corporate Affairs vide Notification GSR No.680 (E) dated 4 September 2015 has granted exemption to Defence Public Sector Undertakings.

Compliance with Secretarial Standards

The Company complies with all applicable mandatory Secretarial Standards issued by the Institute of Company Secretaries of India.

Acknowledgement

Your Directors place on record their deep appreciation and gratitude for the valuable support received from all the customers, particularly the Defence Services and the paramilitary forces and look forward to their continued support and co-operation in future. Your Directors also place on record their gratitude for the support received from the various Ministries of the Government of India, especially the Ministry of Defence, the Department of Defence Production. Your Directors express their gratitude to the Defence Research and Development Organisation (DRDO) and the various Research Laboratories under DRDO, particularly in the joint development programmes and new products. Your Directors express their sincere thanks to the Comptroller and Auditor General of India, Statutory Auditors, Branch Auditors, Cost Auditors, Secretarial Auditors, Company?s Bankers, Collaborators and Vendors. Your Directors appreciate the sincere effort by the employees at all levels, which enabled the Company to achieve the good performance during the year. Your Directors express their appreciation and gratitude to all the shareholders/investors for the trust and confidence reposed in the Company and look forward to their continued support and participation in sustaining the growth of the Company in the coming years.

For and on behalf of the Board
Anandi Ramalingam
Bengaluru Chairman & Managing Director
28 July 2022 (Additional Charge)

   

Bharat Electronics Ltd Company Background

Bhanu Prakash SrivastavaBhanu Prakash Srivastava
Incorporation Year1954
Registered OfficeNagavara,Outer Ring Road
Bangalore,Karnataka-560045
Telephone91-80-25039300,Managing Director
Fax91-80-25039233
Company SecretaryS Sreenivas
AuditorGuru & Jana
Face Value1
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarIntegrated Enterprises (I) Ltd
No. 30 Ramana Resid.,4th Cross Sampige Rd,Malleswaram,Bangalore - 560003

Bharat Electronics Ltd Company Management

Director NameDirector DesignationYear
S SreenivasCompany Sec. & Compli. Officer2022
Vinay Kumar KatyalDirector (Finance)2022
Parthasarathi P VNon Official Director2022
Mansukhbhai Shamjibhai KhachariyaNon Official Director2022
Santhoshkumar NNon Official Director2022
Prafulla Kumar ChoudhuryNon Official Director2022
Shiv Nath YadavNon Official Director2022
Gokulan BangakandyNon Official Director2022
Shyama SinghNon Official Director2022
Binoy Kumar DasPart Time Dir.(Govt.Nominee)2022
Bhanu Prakash SrivastavaChairman & Managing Director2022
Manoj Jain.Director (Human Resources)2022
T NatarajanOfficial Director (Part time)2022

Bharat Electronics Ltd Listing Information

Listing Information
BSE_500
BSE_CG
BSE_100
BSE_200
BSEDOLLEX
BSE_PSU
NIFTYJR
CNX500
BSEMID
CNX100
CNX_PSE
CNX200
CNXDIVIDEN
BSEGREENEX
BSECARBONE
CPSE
BSECPSE
NFT100EQWT
BSEALLCAP
INDUSTRIAL
BSEMIDSELE
SENSNEXT50
BSEBHARA22
LMI250
BSEMOI
BSE100LTMC
NFTYLM250
NFTY200M30
NF500M5025

Bharat Electronics Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Sales Rs.00011272.64
Income from Services Rendered Rs.0001335.12
Provisions Withdrawn NA 000208.4
Others NA 00061.9
Canteen Receipts NA 00012.33
Government Grants NA 0007.87
Rental Receipts NA 0007.07
Sale of Scrap NA 0005.42
Transport Receipts NA 0003.9
Customer Grants NA 0003.89
Electricity Charges Collected NA 0002.03
Water Charges Collection NA 0000.54
Other Operating Revenue NA 0000
Contract Income Rs.0000

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