Bharat Electronics Shares Surge Over 4% After Strong Q1 Results

Shares of Bharat Electronics climbed more than 4 per cent on Monday after posting strong numbers in the first quarter (ended June 30) of the current financial year 2022-23 (FY23). The stock surged as much as 6.23 per cent to hit a fresh 52-week high of Rs 260.75 in early trade on the BSE index.

Shares were trading 4.42 per cent higher, at Rs 256.30, in afternoon deals.

The company posted a profit of Rs 431.49 crore in Q1 FY23 against Rs 11.15 crore recorded in the same period last year.

The state-owned Navratna Defence unit has achieved a turnover of Rs 3,063.58 crore during the first quarter this year against Rs 1,564.34 crore in Q1 FY22.

As of July 1, 2022, Bharat Electronics' order book position stood at Rs 55,333 crore.

Further, the company's said its Board recommended a final dividend of 150 per cent (Rs 1.50 per share of Re 1 each) for the year 2021-22, in addition to two interim dividends amounting to 300 per cent (Rs 3 per share of Re 1 each).

Bharat Electronics is a Centre-owned aerospace and defence electronics company that manufactures advanced products for ground and aerospace applications.