Bharat Electronics (NSE:BEL, BOM:500049) reported an 8.7% year-over-year increase in attributable net profit in the fiscal first quarter, which executives attributed to the execution of its defense electronics programs.
Attributable net profit rose to 10.5 billion rupees from 9.70 billion rupees a year earlier, according to a filing with the Indian stock exchanges on Monday.
Earnings per share in the quarter ended June 30 climbed to 1.44 rupees from 1.33 rupees.
The Indian state-run defense electronics maker posted a 25.3% year-over-year jump in revenue to 55.3 billion rupees from 44.2 billion rupees.
During an earnings call, Bharat Electronics Chairman and Managing Director Manoj Jain told analysts that revenue growth was in line with the company's expectations.
Jain also noted that the long-awaited Quick Reaction Surface-to-Air Missile (QRSAM) is on track to materialize by September, according to a transcript of the earnings call published by Investing.com.
QRSAM is a mobile air defense system jointly developed with India's Defense Research & Development Organization and Bharat Dynamics (NSE:BDL, BOM:541143) for the Indian Army.
The company expects QRSAM to contribute 300 billion rupees to its order book.
As of July 1, the company's order pipeline stood at 722.6 billion rupees, according to its earnings report. In the first quarter alone, the company secured 37.5 billion rupees worth of orders, Jain said during the call.
The company reaffirmed its full-year targets for fiscal 2026-2027, with revenue growth of 15%, an EBITDA margin of 28%, order inflows of 550 billion rupees, research and development spending of 22 billion rupees and capital expenditure above 12 billion rupees, Jain added.
