Bharat Electronics Ltd. (BEL) on Wednesday said it was aiming to grow its non-defence businesses.
“Currently, 88% of our business is in the defence sector, and ideally, we should reach a mix of 80:20,” said CMD Anandi Ramalingam, while addressing a media conference on Wednesday.
Other areas
The public sector unit would be expanding in the areas of civil aviation traffic management, healthcare equipment such as dialysis machines and oxygen concentrators, metro doors and rail equipment, and smart city projects.
BEL posted a 9% growth in turnover to ₹15,044 crore in FY22.
Net profit rose to ₹2,349 crore against ₹2,065 crore in the previous year. However, the company’s exports had drastically dropped to $33.30 million from $51.93 million. The company’s order book expanded to ₹57,570 crore from ₹ 53,434 a year earlier.
Growth range
Ms. Ramalingam said the company had set a target for ₹20,000 crore worth of orders every year. It also has the mandate to get to a 20% growth range in the coming years. In the current fiscal, it would grow 15%, she added.
In FY22, the company’s capital expenditure came to ₹465 crore including for modernisation of plant and machinery and test instruments. In the current year, it has set aside ₹750 crore towards various expansion initiatives, she said.
BEL said it would invest ₹ 1,000 crore in research and development this year.
