BENGALURU: State-run Bharat Electronics Limited has set a target of Rs 20,300 crore for financial year 2023-24 as demand for indigenous products is driving growth for the company, its Chairman and Managing Director Bhanu Prakash Srivastava said on Tuesday.
He said the order book of the ‘Navratna’ PSU under the Ministry of Defence stands at around Rs 64,800 crore as on August 1 this year.
The Bengaluru-based company has plans to start marketing offices in Brazil, Armenia and Kazakhstan, Srivastava said. He said export sales target for 2023-24 is $90 million. BEL achieved a turnover of about Rs 17,300 crore in the previous financial year, a 15 per cent growth. Srivastava pointed out that defence business in any country is closely linked to government policies that are based on factors like the geopolitical scenario, security threats and economic growth of the nation.
The Centre, he noted, is focussing on self-reliance to encourage domestic industry and has imposed restrictions on import of certain category of defence equipment. “This will enhance the demand for indigenous products and services in the near future.“BEL being a leading indigenous solution provider in defence sector will have opportunities in the coming years and this will drive the growth of the company”.