By IANS
New Delhi : State-owned Bharat Electronics Ltd (BEL) Monday paid its highest ever dividend of 180 percent to the Indian government.
BEL chairman and managing director V.V.R. Sastry Monday presented a cheque of Rs.849 million to Defence Minister A.K. Antony here today towards 140 percent final dividend.
With this, the “Navratna” defence public sector undertaking has paid a total dividend of Rs.1.09 billion for fiscal 2006-07 that ended March 31.
This marks a 34 percent leap over the 146 percent dividend declared in fiscal 2005-06.
BEL, which was granted Navratna status earlier this year, “has been consistently improving its performance over the years”, a defence ministry statement said.
The company declared 100 percent dividend in 2003-04 for the first time, and 112 percent in 2004-05 “and has been steadily improving its balance sheet”, the statement added.
BEL also achieved its highest ever turnover of Rs.39.53 billion during 2006-07 with profit after tax (PAT) of Rs.7.18 billion, against a turnover of Rs.35.36 billion during 2005-06 with PAT of Rs.5.83 billion.
BEL, which manufactures a range of hi-tech products like radars, sonars, wireless and electronic warfare systems for the armed forces, “has made tremendous efforts towards indigenisation with over 80 percent of its 2006-07 turnover accruing from indigenously designed and developed products”, the statement pointed out.
The company’s nine units spend nearly five percent of the turnover on research and development.