Interim report
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HTYcT $ o ) ctg / PicK 1 BHARAT ELECTRONICS TTRcT ^ elc ^ iPlcKl ( ' * TRcT ^ RcfTR cPT \ JSPT , TSTT - H ^ ldil ) M ' Tl ^ d cPrateW : Sussex f ^ T Tte , HHWHI , ^ Hc ^ T - 560 045 , ' HTCcT Bharat Electronics Limited ( Govt , of India Enterprise , Ministry of Defence ) Registered Office : Outer Ring Road , Nagavara , Bangalore - 560 045 , INDIA . CIN : L 32309 KA 1954 GOI 000787 MWr / Telefax : + 91 ( 80 ) 25039266 f - WE - mail sm / Web ^ TT ^ / To , STHTJ tf ^ n f ^ r . National Stock Exchange of India Ltd . ^ lyll , tft - 1 , ® Fff ° F sff , Exchange Plaza , C - l , Block G , ^ T 5 T - ^ Frf TtrT ^ W , 3 T 5 T ' J # Bandra Kurla Complex Bandra , East , Tprf , - 400051 Mumbai , Maharashtra - 400051 Symbol : BEL * t . No . 17565 / 6 / SE / NSEC / SEC : secretary @ bel . co . in : www . bel - india . in % ^ T # / TO , ft . x ^ r . f . Pi BSE Limited P J Towers , Dalai Street , TfTf - 400001 , M ^ klg Mumbai - 400001 , Maharashtra . f ^ r ^ / Scrip Code : 500049 TT . No . 17565 / 4 / SE / MUMC / SEC f % TT 4 T / Date : 28.07 . 2025 Dear Sir / Madam , Rgg — 30 ^ FT , 2025 + IIM Rhi ^ l % f % TT * l 4 P ^ d ( f % tf ) I Sub : Integrated Filing ( Financials ) for the Quarter ended 30 th June , 2025 . t , 30 ^ T , 2025 * flH } d % FT 4 T k ( d £ KI < TTTT | Pursuant to Regulation 33 ( 3 ) of the SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 , please find enclosed herewith the Statement of Unaudited Standalone and Consolidated Financial Results and Limited Review Report for the quarter ended 30 th June , 2025 along with copy of Press Release . TRF 4 vi = b < Tl ' = b < . ' Jl 3 T % $ n " tt ) RPM + I , 2015 % 33 ( 3 ) % dKd « i tiHm Ri + ii ^ l % SIH - 0 r $ TcT * r ^ f % cr RTTI - M MRUIIH sfh : ’ pi / Page 1 of 2
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BHARAT ELECTRONICS ' f ' - Ml STR ^ f % f ^ RTT > 28 ' puf 2025 Tt 10.00 4 % | [ f 28 * JRTf 2025 4 ? f STTTT ^ T 02 : 45 4 ^ Please note that the Board meeting commenced at 10 : 00 A . M . on 28 th July , 2025 and concluded at 02 : 45 P . M . on 28 th July , 2025 . pi pMI 4 T ^ < JI This is for your information and record . ¥ 8 M 4 I 4 / Thanking you , Yours faithfully , For Bharat Electronics Limited sfH ^ rrcr / S Sreenivas ^ Fpft * Pi 4 / Company Secretary tidy - 4 T 4 T TTTfrF . Ends : As stated above . p / Page 2 of 2
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S / Mcr ^ oJcr ^ y / crfarr * / fflA / ? Ar & £ Cr / ? OMCS QUALITY . TECHNOLOGY . INNOVATION . BHARAT ELECTRONICS LIMITED ( CIN : L 32309 K . A 1954 GOI 000787 ) Registered & Corporate Office : Outer Ring Road , Nagavara , Bengaluru - 560 045 . E - mail : secretary @ bel . co . in . Website : www . bel - india . in . Ph : 080 - 25039300 / 25039266 Fax : 080 - 25039266 Statement of standalone and consolidated unaudited results for the quarter ended 30 June , 2025 A . Standalone Results ( X in Lakhs ) Quarter ended Year ended SI . Particulars 30.06 . 2025 ( Unaudited ) 31.03 . 2025 ( Refer note 6 ) 30.06 . 2024 ( Unaudited ) 31.03 . 2025 ( Audited ) No Revenue from operations Other income Total income ( 1 + 2 ) 4.41 . 683 16 , 362 4 , 58 , 045 9 , 11.971 19.418 9 , 31 , 389 4 , 19 , 877 20 , 150 4 , 40.027 23 , 65.801 76 , 759 24 , 42 , 560 2 3 Expenses ( a ) Cost of materials consumed ( b ) Consumption of stock - in - trade ( c ) Changes in inventories of finished goods , work - in - progress and scrap ( d ) Employee benefits expense ( e ) Finance costs ( 0 Depreciation and amortisation expense ( g ) Other expenses 4 1 , 94.988 9.915 1 , 608 4 , 42 , 944 17 , 446 15 , 203 2.52 , 115 6 , 688 ( 29 , 740 ) 12 , 56 , 140 43 , 041 ( 81.083 ) 69 , 019 75.823 66 , 078 2 , 73.436 144 580 118 961 11 , 288 42 , 159 12 , 978 81.653 9 , 972 31 , 062 43 , 558 1 , 97 , 508 Total expenses ( a to g ) 3 , 29.121 6 , 46 , 627 3 , 36 , 293 17 , 33 , 561 Profit before exceptional items & tax ( 3 - 4 ) 5 1.28 , 924 2.84 , 762 1.03 . 734 7 , 08.999 Exceptional items 6 7 Profit before tax ( 5 - 6 ) 1 , 28.924 2 , 84.762 1.03 , 734 7 , 08 , 999 8 Tax expense - Current tax - Earlier years tax - Deferred tax Total provision for taxation 35.286 61.760 28.454 1 , 76 , 135 274 274 ( 3 , 275 ) 32 , 011 12 , 250 74.284 ( 2.334 ) 26.120 3 , 765 1.80 . 174 Profit for the period ( 7 - 8 ) 9 96 , 913 2.10 . 478 77.614 5 , 28 , 825 Other Comprehensive Income / ( Loss ) Items that will not be reclassified subsequently to profit or loss - Remeasurement of the net defined benefit liability / asset - Equity instruments through other comprehensive income - Income tax relating to these items Total other comprehensive income / ( loss ) ( net of tax ) 10 2 , 452 ( 9 , 693 ) 6.982 1 , 104 2 2 ( 617 ) 1.835 2 , 439 ( 7.252 ) ( L 757 ) 5.225 ( 278 ) 828 11 Total comprehensive income for the period ( 9 + 10 ) [ comprising profit and other comprehensive income for the period ] 98 , 748 2 , 03 , 226 82.839 5.29 . 653 12 Paid - up equity share capital ( Face Value of ? 1 / - each ) 73.098 73 , 098 73 , 098 73 , 098 13 Earnings per share ( Basic & Diluted ) ( ? ) ( not annualised ) 1.33 2.87 1.06 7.23 See accompanying notes to the financial results .
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B . Consolidated Results ( T in Lakhs ) Quarter ended Year ended SI . Particulars 30.06 . 2025 ( Unaudited ) 31.03 . 2025 ( Refer note 6 ) 30.06 . 2024 ( Unaudited ) 31.03 . 2025 ( Audited ) No Revenue from operations Other income Total income ( 1 + 2 ) Expenses ( a ) Cost of materials consumed ( b ) Consumption of stock - in - trade ( c ) Changes in inventories of finished goods . work - in - progress and scrap ( d ) Employee benefits expense ( e ) Finance costs ( f ) Depreciation and amortisation expense ( g ) Other expenses Total expenses ( a to g ) 4 , 43.974 16 , 332 4 , 60 , 306 9 , 14 , 959 19.464 9 , 34.423 4 , 24 , 357 20.358 4 , 44 , 715 23 , 76 , 875 74 , 236 24 , 51 , 111 2 3 4 1.96 , 084 9 , 915 1.609 4.42 , 914 17 , 446 14.533 2 , 55 , 650 6 , 688 ( 30 , 828 ) 12 , 57 , 818 43.041 ( 82.136 ) 69.648 76.608 66.657 2.76 , 063 144 586 118 968 12 , 079 42.891 13 , 758 81.852 10 , 768 31.370 46.738 1.98 , 719 3 , 32.370 6 , 47 , 697 3 , 40 , 423 17.41 . 211 Profit before exceptional items , share of net profit of associates accounted under equity method & tax ( 3 - 4 ) 5 1.27 . 936 2.86 , 726 1.04 , 292 7.09 . 900 6 Exceptional items 7 Profit before share of net profit of associates accounted under equity method & tax ( 5 - 6 ) 1.27 , 936 2.86 . 726 1.04 . 292 7.09 , 900 8 Tax expense - Current tax - Earlier years tax - Deferred tax Total provision for taxation Profit before share of net profit of associates accounted under equity method ( 7 - 8 ) 35.286 61.924 28 , 517 1.76 , 775 260 260 ( 3.417 ) 31 , 869 12.441 74 , 625 ( 2.324 ) 26 , 193 78 , 099 4 , 150 1 , 81 , 185 9 96 , 067 2 , 12 , 101 5 , 28 , 715 10 Share of net profit of associates accounted under equity method Profit for the period ( 9 + 10 ) 838 601 1.029 3 , 553 1 1 96.905 2.12 . 702 79 , 128 5.32 . 268 12 Other Comprehensive Income / ( Loss ) Items that will not be reclassified subsequently to profit or loss - Remeasurement of the net defined benefit liability / asset - Equity instruments through other comprehensive income - Share of other comprehensive income of associate accounted under equity method ( net of tax ) - Income tax relating to these items Total other comprehensive income / ( loss ) ( net of tax ) 2 , 452 ( 9.829 ) 6.982 968 2 2 ( 2 ) ( 4 ) ( 9 ) ( 617 ) 1.833 2.478 ( 7 , 353 ) ( 1.757 ) 5 , 226 ( 239 ) 722 13 Total comprehensive income for the period ( II + 12 ) ( comprising profit and other comprehensive income for the period ] 98 , 738 2 , 05 , 349 84 , 354 5 , 32 , 990 14 Net Profit / ( Loss ) attributable to a ) Ow ners of the Company b ) Non Controlling Interest Other Comprehensive Income attributable to a ) Owners of the Company b ) Non Controlling Interest Total Comprehensive Income attributable to a ) Owners of the Company b ) Non Controlling Interest Paid - up equity share capital ( Face Value of ? 1 / - each ) 96.991 2.12 . 704 79 , 100 5 , 32 , 144 ( 86 ) ( 2 ) 28 124 1 , 833 ( 7 , 353 ) 5 , 226 722 98.824 2.05 . 351 84 , 326 5 , 32.866 ( 86 ) ( 2 ) 28 124 15 73 , 098 73.098 73 , 098 73 , 098 16 Earnings per share ( Basic & Diluted ) ( T ) ( not annualised ) 1.33 2.91 1.08 7.28 See accompanying notes to the financial results .
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C . Notes : 1 The unaudited standalone and consolidated financial results are prepared in accordance with applicable accounting standards i . e . Ind AS , as prescribed under section 133 of the Companies Act , 2013 read with relevant rules thereunder and in terms of Regulation 33 of the SEBI ( Listing Obligation and Disclosure Requirements ) Regulation , 2015 as amended . 2 Ministry of Corporate Affairs ( MCA ) vide G . S . R . No . 463 ( E ) dated 5 th June 2015 has exempted companies engaged in defence production from the requirement of Segment Reporting . 3 The unaudited quarterly results of subsidiary companies viz . BEL Optronic Devices Ltd . ( 100 % shareholding ) and BEL Thales Systems Ltd . ( 74 % shareholding ) are included in the consolidated financial results on a line to line basis as prescribed under Ind AS 110 - Consolidated Financial Statements . The associate companies viz . GE BE Pvt . Ltd . ( 26 % Shareholding ) and BEL IAI Aerosystems Pvt . Ltd . ( 40 % Shareholding ) have been consolidated under equity method as prescribed under Ind AS 28 - Investments in Associates . 4 In view of the ongoing conflicts in Israel , the company has analysed the existing contracts / agreements with Companies based in Israel . In our opinion there is no material financial impact as at the date of the results . 5 The Board of Directors at their meeting held on 19 th May 2025 had recommended a final dividend of 90 % ( ? 0.90 per share of ? 1 / - each ) for the year 2024 - 25 in addition to one interim Dividend amounting to 150 % ( ? 1.50 per share of T 1 / - each ) which is subject to approval by the shareholders in the ensuing Annual General Meeting . 6 The figures of quarter ended 31 st March 2025 are the balancing figures between the audited figures of the full financial year 31 st March 2025 and the published figures up to 31 st December 2024 . 7 As required under regulation 33 of SEBI ( Listing Obligations and Disclosure Requirements ) Regulations 2015 , as amended , the Statutory Auditors have conducted a limited review of the above financial results for the quarter and period ended 30 th June 2025 . 8 The above statement of financial results was reviewed by the Audit Committee at its meeting held on 26 th July 2025 and approved by the Board of Directors on 28 th July 2025 . for and on behalf of Board of Directors Place : Gangtok Date : 28 th July 2025 Manoj Jain Chairman & Managing Director
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B . Statement on Deviation or Variation for Proceeds of Public Issue , Rights Issue , Preferential Issue , Qualified Institutions Placement etc . - Not Applicable . C . Format for Disclosing Outstanding Default on Loans and Debt Securities : No Default . D . Format for Disclosure of Related Party Transactions ( applicable only for half - yearly filings i . e . , 2 nd and 4 th quarter ) : Not Applicable for the Reporting Period . E . Statement on Impact of Audit Qualifications ( For Audit Report with Modified Opinion ) Submitted along - With Annual Audited Financial Results ( Standalone and Consolidated separately ) ( applicable only for Annual Filing i . e . , 4 th quarter ) : Not Applicable for the Reporting Period .
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RAO & EMMAR CHARTERED ACCOUNTANTS No . 204 and 205 , 2 nd Floor , “ Ramanashree Arcade ” Near Trinity Circle , M . G . Road , Bengaluru - 560 001 . e - mail : info @ raoemmar . com | Ph . No . 80500 78815 I N D I A INDEPENDENT AUDITOR ’ S LIMITED REVIEW REPORT ON THE UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND THREE MONTHS ENDED JUNE 30 , 2025 OF BHARAT ELECTRONICS LIMITED PURSUANT TO THE REGULATION 33 & REGULATION 52 OF THE SEBI ( LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS ) REGULATIONS , 2015 , AS AMENDED . To , The Board of Directors , Bharat Electronics Limited , Outer Ring Road , Nagavara , Bengaluru - 560045 , Karnataka . 1 . We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of BHARAT ELECTRONICS LIMITED ( " the Company " ) , for the quarter and three months ended June 30 , 2025 ( " the Statement " ) attached herewith , being submitted by the company pursuant to the requirement of Regulation 33 and Regulation 52 of the SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 as amended ( ' the Regulations ' ) . 2 . This Statement , which is the responsibility of the Company ' s Management and has been approved by the Company ' s Board of Directors , has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 " Interim Financial Reporting " ( " Ind AS 34 ” ) , prescribed under Section 133 of the Companies Act , 2013 , and other accounting principles generally accepted in India . Our responsibility is to express a conclusion on the Statement based on our review . 3 . We conducted our review of the Statement in accordance with the Standard on Review Engagements ( SRE ) 2410 " Review of Interim Financial Information Performed by the Independent Auditor of the Entity " , issued by the Institute of Chartered Accountants of India . This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement . A review is limited primarily to inquiries of company personnel and analytical procedure applied to financial data and thus provides less assurance than an audit . We have not performed an audit and accordingly , we do not express an audit opinion . 4 . Based on our review conducted as above , nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 and 52 of the SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 including the manner in which it is to be disclosed , or that it contains any material misstatement . pLWgj Page 1 of 2 I Offices : Bengaluru , Delhi , Mumbai , Ernakulam , Hyderabad , Puttur ( DK ) , Pune , Durg , Kolhapur , Shimoga , Indore , Porvorim ( Goa ) , Guwahati , Raipur , Surat , Bhopal , Rudrapur , Imphal , Jaipur , Lucknow , Sambalpur , Jamshedpur & Ahmedabad .
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RAO & EMMAR CHARTERED ACCOUNTANTS Continuation sheet Other Matters 5 . The comparative financial results of the Company as stated in the Statement for the quarter and three months ended June 30 , 2024 , which have been reviewed by the predecessor auditor of the Company where they have expressed an unmodified conclusion on those financial results vide their reports on July 29 , 2024 . We have relied upon the said reports for the purpose of our report on this Statement . Our conclusion on the Statement is not modified in respect of the above matters . For RAO & EMMAR Chartered Accountants I 03084 S Firm Registration Number : C * BANGALORE . cl 0 . B J Praveen Partner Membership Number : 215713 UDIN : 25215713 BMJHPG 9068 Gangtok 28 July 2025 Page 2 of 2
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RAO & EMMAR CHARTERED ACCOUNTANTS No . 204 and 205 , 2 nd Floor , “ Ramanashree Arcade " Near Trinity Circle , M . G . Road , Bengaluru - 560 001 . e - mail : info @ raoemmar . com | Ph . No . 80500 78815 I N D I A INDEPENDENT AUDITOR ' S LIMITED REVIEW REPORT ON THE UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND THREE MONTHS ENDED JUNE 30 , 2025 OF BHARAT ELECTRONICS LIMITED PURSUANT TO THE REGULATION 33 & REGULATION 52 OF THE SEBI ( LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS ) REGULATIONS , 2015 , AS AMENDED . To , The Board of Directors , Bharat Electronics Limited , Outer Ring Road , Nagavara , Bengaluru - 560045 , Karnataka . 1 . We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of BHARAT ELECTRONICS LIMITED ( " BEL / the Holding Company " ) , and its Subsidiaries ( Holding Company and its Subsidiaries together referred to as " the Group " ) and its Associates for the quarter and three months ended June 30 , 2025 ( " the Statement " ) , being submitted by the Holding Company pursuant to the requirement of Regulation 33 and 52 of the SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 , as amended ( " Listing Regulations " ) 2 . This Statement , which is the responsibility of the Holding Company ' s Management and has been approved by the Holding Company ' s Board of Directors , has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 " Interim Financial Reporting " ( " Ind AS 34 " ) , prescribed under Section 133 of the Companies Act , 2013 , and other accounting principles generally accepted in India . Our responsibility is to express a conclusion on the Statement based on our review . 3 . We conducted our review of the Statement in accordance with the Standard on Review Engagements ( SRE ) 2410 " Review of Interim Financial Information Performed by the Independent Auditor of the Entity " , issued by the Institute of Chartered Accountants of India . This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement . A review is limited primarily to inquiries of company personnel and analytical procedure applied to financial data and thus provides less assurance than an audit . We have not performed an audit and accordingly , we do not express an audit opinion . Page 1 of 3 Offices : Bengaluru , Delhi , Mumbai , Emakulam , Hyderabad , Puttur ( DK ) , Pune , Durg , Kolhapur , Shimoga , Indore , Porvorim ( Goa ) , Guwahati , Raipur , Surat , Bhopal , Rudrapur , Imphal , Jaipur , Lucknow , Sambalpur , Jamshedpur & Ahmedabad .
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RAO & EM MAR CHARTERED ACCOUNTANTS Continuation sheet We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 ( 8 ) of the SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 , as amended , to the extent applicable . 4 . The Statement includes the results of the following Subsidiary and Associate Entities : A . SUBSIDIARIES BEL Optronics Limited BEL - Thales Systems Limited B . ASSOCIATES GE BE Private Limited BEL IAI AeroSystems Private Limited 5 . Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to Other Matters section of our report below , nothing has come to our attention that causes us to believe that the accompanying Statement , prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India , has not disclosed the information required to be disclosed in terms of Regulation 33 and 52 of the SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 , as amended , including the manner in which it is to be disclosed , or that it contains any material misstatement . Other Matters 6 . We did not review the financial results of two subsidiaries included in the Statement , whose interim financial results reflect total revenues of Rs . 5 , 547 Lakhs , total net loss after tax of Rs . 628 Lakhs and total comprehensive loss of Rs . 628 Lakhs for the quarter and three months ended June 30 , 2025 , as considered in the Consolidated Unaudited Financial Results . These interim financial results have been reviewed by other auditors whose reports have been furnished to us by the management and our conclusion on the Statement , in so far as it relates to the amounts and disclosures included in respect of these Subsidiaries , is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above . Page 2 of 3
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RAO & EMMAR CHARTERED ACCOUNTANTS Continuation sheet 7 . The consolidated unaudited financial results also include the Group ' s share of total comprehensive income of Rs . 836 Lakhs for the quarter and three months ended June 30 , 2025 , in respect of two associates as mentioned above , whose interim financial results have not been reviewed by us . These interim financial results have been prepared by the Company ' s Management and furnished to us . Our conclusion on the consolidated unaudited financial results , in so far as it relates to the amounts and disclosures included in respect of these associates is based solely on such unaudited interim financial results furnished by the Management . According to the information and explanations given to us by the Holding Company ’ s Management , this unreviewed interim financial results / financial information of the aforesaid Associates included in these unaudited consolidated financial results , are not material to the Group . 8 . The comparative financial results of the Company as stated in the Statement for the quarter and three months ended June 30 , 2024 , which have been reviewed by the predecessor auditor of the Company where they have expressed an unmodified conclusion on those financial results vide their reports on July 29 , 2024 . We have relied upon the said reports for the purpose of our report on this Statement . For RAO & EMMAR Chartered Accountants Firm Registration Number : 003084 S y J Praveen Partner M ^ nfe ^ sfTip Number : 215713 UDIN : 25215713 BMJHPH 4098 Gangtok 28 July 2025 Page 3 of 3
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PRESS RELEASE Q1 Result: BEL registers a growth of 25% in PAT (YOY) Navratna Defence PSU Bharat Electronics Limited (BEL) has achieved Revenue from operations of Rs. 4416.83 Cr, registering a growth of 5.19% during the 1 st Quarter of FY 2025-26 over the Revenue from operations of Rs. 4198.77 Cr recorded in the corresponding period of the previous year. Profit Before Tax (PBT) during the 1st Quarter of FY 20 25-26 stood at Rs. 1289.24 Cr, with a growth of 24.28% over the Profit Before Tax (PBT) of Rs . 1037.34 Cr recorded in the corresponding period of the previous year. Profit After Tax (PAT) d uring the 1 st Quarter of FY 20 25-26 stood at Rs. 969.13 Cr, with a growth of 24.87% over the Profit After Tax (PAT) of Rs. 776.14 Cr recorded in the corresponding period of the previous year. The order book position of the company as on 1st July, 2025 stood at Rs. 74859 Cr. FOR BHARAT ELECTRONICS LTD COMPANY SECRETARY