COVID-19: BEL Contributes Rs 12.71 Crore to PM CARES Fund

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  • Bharat Electronics Limited (BEL) has recently released its annual turnover report
  • The PSU said that it is putting in all efforts to support the country’s war against COVID-19

The employees of Navratna Defence PSU BEL have contributed their one day’s salary amounting to Rs 2.71 Crores to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund. The company has also released Rs 10 Crores from its CSR (Corporate Social Responsibility) Fund towards the PM CARES fund, to combat and contain the COVID-19 pandemic in India and also for relief efforts.

BEL had recently posted a turnover in excess of Rs 12,500 cores (Provisional & Unaudited) during the financial rear 2019-20. The company had registered a growth of six per cent in comparison to the turnover figures it had posted for the previous financial year.

“The global lockdown due to COVID-19 and the economic slowdown had some impact on BEL during the last month of the last quarter of FY 2019-20. Execution/acceptance of some of the major projects could not be completed due to Force Majeure which otherwise would have further contributed to BEL’s revenues during FY 2019-20 itself. However, BEL remained focused on the enhancement of its capabilities and competitiveness through diversification, continuous modernisation, indigenisation and outsourcing to Indian industries with increased thrust on MSME sector,” stated M V Gowtama, Chairman & MD, BEL, during the launch of BEL’s annual turnover report.

BEL achieved export sales worth $48.59 million during FY 2019-20. The PSU’s order book, as on 1st April 2020, is Rs 51,800 crore.

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“BEL has established its visibility and presence in the international markets through the commencement of operations of its overseas offices at Vietnam, Myanmar, Sri Lanka, Oman, Singapore and the United States as part of maximising its geostrategic reach and increased global footprint,” had added Gowtama.

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