Industry

Bharat Dynamics wins missile order from India air force

File Photo: Bharat Dynamics Limited facility.

New Delhi: India’s state-run Bharat Dynamics Limited ((BDL) today said it has bagged a Rs. 293.33 crore ($40 million) order for supplying Medium Range Surface to Air Missile (MRSAM) sections for the Indian Air Force (IAF) deliverables.

The order will be executed by the company within the next 24 months. The company had (provisional and audited) an order book of Rs 7,413 crore ($977 million) till Apr. 1 this year, including Akash missiles (seven squadron) contract for Rs 1,700 crore ($225 million) received during the quarter ended Mar. 31.

Soon after the stock exchange filing on the new order for MRSAM sections, Bharat Dynamics jumped five per cent to Rs. 224.85 ($2.95). The stock has gained 7.38 per cent in two trading sessions from its previous closing low of Rs. 209.4 ($2.76) posted on May 4.

BDL’s standalone net profit fell 71.8 per cent to Rs 53.18 crore ($7 million) on a 49.6 per cent decline in net sales to Rs 495.42 crore ($65 million) in third quarters ending December 2019 over the corresponding quarters in December 2018.

The company recorded a provisional and unaudited turnover of Rs 3,095 crore ($408 million) for the financial year ended on Mar. 31, while the corresponding figure for the previous year was Rs 3,069 crore ($405 million).

Bharat Dynamics designs and manufactures guided weapon systems and its products include Milan-2T, Konkurs-M, Invar ATGM, Akash, advanced lightweight torpedo (TAL), torpedo counter measure system, counter measures dispensing system and infrared interference indicator.

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