Bangalore: Bullish on offset opportunities and exports, defence PSU Bharat Electronics Limited said on 17 April it is aiming to achieve a turnover of $1 billion in the current financial year.
Bangalore-headquartered BEL achieved a turnover of Rs3,960.38 crore (provisional) for 2006-07, up 12% over the previous fiscal. Net profit (provisional) rose to Rs713.85 crore as against Rs583.01 crore last year.
“By consolidating our core business and technical capabilities and by making the best opportunities such as offsets, we are aiming to achieve a turnover of $1 billion in the current financial year,” BEL chairman and managing director V.V.R. Sastry told a press conference here.
He said offset market is projected to be a $10-billion opportunity over the next six years, and BEL is targeting a marketshare of 20-30% in this segment.
To meet the offset requirements of foreign companies, BEL has signed MoUs with aerospace majors Boeing and Lockheed Martin and defence companies, EADS and Northrop Grumman. The MoUs also envisage contract manufacturing for them by BEL, Sastry said.
He said the company registered exports of $11.6 million in 2006-07. “BEL aims to reach $100 million export turnover in three years.”
BEL’s order book was around Rs9,000 crore as on 1 April this year.