The Indian Government-owned aerospace and defence electronics company, DPSU BEL (Bharat Electronics Limited) has set a target of Rs 20,300 crore for financial year 2023-24 as demand for indigenous products is driving growth for the company, as reported by PTI.
In an interview with PTI, Chairman and Managing Director Bhanu Prakash Srivastava said the order book of the Defence Public Sector Unit (DPSU) stands at around Rs 64,800 crore as on August 1 this year.
Further, the major orders expected by DPSU BEL during 2023-24 are:
- Buyer Nominated Equipment for Ships
- ‘Long Term Electronic Fuzes for Ammunition
- Radars, Tank Upgrade products
- Electronic Warfare Systems for Ships
Also, the DPSU achieved a turnover of Rs 3446.69 Crore, registering a growth of 12.51% during the 1st Quarter of FY 2023-24 over the turnover of Rs. 3063.58 Crore recorded in the corresponding period of the previous year.
Notably, the defence segment continues to be BEL’s main business and provides about 85 per cent of the total turnover.
The Bengaluru-headquartered company has plans to start marketing offices in Brazil, Armenia and Kazakhstan.
At present, the company already has multiple operational overseas marketing offices in Vietnam, Sri Lanka, Oman, the United States, Singapore, Nigeria
Further, in order to increase indigenisation and value addition, DPSU BEL has been investing approximately 6-7% of its turnover in research and development.
Rather, the constant efforts in indigenous development has led to achieving about 70 to 80 per cent of turnover from indigenous products.
In coming years, segments like radar and missile systems, communication and network centric systems, anti-submarine warfare and sonar systems, tank electronics, gun upgrades, electro optic systems and electronic warfare and avionics systems would continue to drive its growth.
