To the Members,
Your Directors take pleasure in presenting this Integrated Annual
Report and the Audited Financial Statements for the financial year ended 31 March 2025
together with the reports of the Statutory Auditors and the Comptroller and Auditor
General of India thereon.
Financial Results and Performance Highlights
Financial results and performance highlights of the Company are
summarised below:
|
|
(Rs. in Lakhs) |
| Particulars |
2024-25 |
2023-24 |
| Value of Production |
23,83,493 |
20,38,050 |
| Turnover |
23,02,410 |
19,81,993 |
| Profit Before Depreciation, Interest and Tax |
7,53,518 |
5,75,401 |
| Finance Cost |
961 |
702 |
| Depreciation & Amortisation |
43,558 |
41,243 |
| Profit Before Tax |
7,08,999 |
5,33,456 |
| Provision for Tax |
1,80,174 |
1,31,456 |
Profit After Tax |
5,28,825 |
4,02,000 |
| Other Comprehensive Income / (Loss) |
828 |
(5,764) |
| Total Comprehensive Income |
5,29,653 |
3,96,236 |
| Dividend Paid |
1,68,124 |
1,46,196 |
| Transfer to General Reserve |
40,000 |
40,000 |
| Other Equity (including Reserves & |
18,96,670 |
15,35,141 |
| Surplus) |
|
|
| Net Worth |
19,69,768 |
16,08,239 |
| Earnings Per Share (in ) |
7.23 |
5.50 |
| Book Value Per Share (in ) |
26.95 |
22.00 |
Distribution of Value of Production for 2024-25 is given below:
|
|
(Rs. in Lakhs) |
| Particulars |
Amount |
Percentage |
| Materials |
12,99,181 |
55% |
| Employee Cost |
2,73,436 |
11% |
| Other Expenses (Net) |
58,319 |
2% |
| Depreciation & Amortisation |
43,558 |
2% |
| Provision for Tax |
1,80,174 |
8% |
| Profit After Tax |
5,28,825 |
22% |
Total |
23,83,493 |
100% |
The Company's turnover for FY 2024-25 increased to
23,02,410 Lakhs from 19,81,993 Lakhs in FY 2023-24, registering a
growth of 16.17%. The Profit After Tax (PAT) for FY is 5,28,825 Lakhs as compared
to 4,02,000 Lakhs in the previous year. Turnover from indigenously developed products
was 74%. Contribution for Defence supplies was at 94% of the turnover in FY 2024-25.
Dividend
In pursuant to Regulation 43A of the SEBI (LODR) Regulations, 2015, the
Board of Directors of the Company formulated a Dividend Distribution Policy keeping in
view the provisions of the SEBI (LODR) Regulations, 2015, the Companies Act, 2013,
Guidelines issued by the SEBI, DPE, DIPAM, Ministry of Finance and other Guidelines to the
extent applicable to the Company. The Policy is placed on the Company's website at
https://bel-india.in/wp-content/uploads/2023/01/Board-approved-Dividend-Distribution-Policy.pdf
Our consistent performance and long-term value creation have been
reflected in the quantum of Profits/Reserves distributed to Shareholders by the Company.
The Board of Directors has recommended a final dividend of 0.90/- per equity share
(90%), amounting to 65,788 Lakhs for the year 2024-25. The interim dividend of 1.50
per equity share (150%) has been paid to the shareholders for the financial year 2024-25.
Thus, the total dividend for the year 2024-25 is 2.4 per equity share (240%), amounting
to 1,75,435 Lakhs.
Transfer to Reserves
An amount of 40,000 Lakhs has been transferred to General Reserves
for the financial year 2024-25.
Share Capital
The Company's authorised capital was 75,000 Lakhs
(7,50,00,00,000 equity shares of 1/- each) and paid-up share capital was 73,098 Lakhs
(7,30,97,78,829 equity shares of 1/- each fully paid-up) as on 31 March 2025. There was
no change in the authorised/paid-up share capital of the Company during FY 2024-25.
Major Orders Executed
Weapon Systems, Electronic Warfare & Avionics Systems, Radar &
Fire Control Systems, Communication Systems, Command & Control Systems, Anti-Submarine
Warfare Systems, Tank & Gun Upgrade, Electro-optic Systems, Arms & Ammunition,
Home Land Security Systems etc.
Exports
Your Company has been exporting various products, systems and services
to a number of foreign countries. Your Company has been giving enhanced thrust towards
addressing the export opportunities in defence and non-defence areas and this has resulted
in achieving all time highest export sales of USD 106.17 Million in FY 2024-25 compared to
USD 92.98 Million in FY 2023-24. Some of the countries to which your Company has exported
its products and systems are France, Spain, USA, UK, Israel, Sweden, Mauritius, Armenia,
Sri Lanka, Seychelles, and SEZs. The major products/systems exported include Radar Warning
Receiver, Missile Approach Warning System, T R Modules, Data Link II, Coastal Radar
Systems, Mechanical Parts, Communication Equipment, EO System, Upgradation of Sonar,
Software, Services, etc.
Increase in export sales was mainly due to the concerted efforts and
new initiatives taken by your Company. Continuous interactions with prospective foreign
OEMs & Customers, proactive offering of products, systems and services, development of
customised solutions, offerings of products in new defence and civilian segments,
interactions with MEA and MoD undertaking and completing on-time delivery of projects have
resulted in increased export sales. More efforts have been directed towards providing
new/customised solutions and efficient support/services to the customers.
During FY 2024-25, your Company has acquired export orders worth USD
54.16 from countries like France, USA, Sweden, Sri Lanka, SEZ, etc. Your Company has
export order book of USD 348.46 Million as on 1 April 2025. Over the years, your Company
has established long term relationships with current and prospective customers.
Along with Defence, your Company is also exploring opportunities for
civilian products and solutions in developed and developing countries in the areas of
Artificial Intelligence (AI), Software Applications, Vacuum Interrupters, Civil Aviation
Radars, Critical Infrastructure Protection, Solar Power Solutions, Electronics System
Design & Manufacturing Services, etc.
Your Company is also focussing on various opportunities in Offset
Business from foreign OEMs. Your Company is also closely working and partnering with
various major foreign Aerospace and Defence Companies by offering products and systems to
meet their specific requirements. Your Company has identified Contract Manufacturing
(Build to Print and Build to Spec) and Transfer of Technology absorption for Make in India
and sell global as emerging export opportunities.
Further, efforts are put in to establish long-term supply chain
relationships with Indian and global OEMs. In this regard, your Company has offered
various products and services to major Platform OEMs and their Tier-I suppliers. Your
Company has also offered complete solutions globally in partnership from India OEMs. This
has helped your Company in leveraging partnership for co-development, co- production,
transfer of technology, and similar arrangements with various OEMs to undertake
manufacturing of their products at your Company's facilities and utilisation of
services of your Company not only for Indian programmes but also for their global
requirements.
Persistent efforts by your Company have resulted in acquiring new
customers from geographical locations such as USA, Europe and SEZ - India. During the
year, new proposals for Radar, Gun and Tank Upgrades, Antenna with Pedestals, Radar
Sub-Assemblies, Fuzes, Avionics, Shelters, Communication equipment', Avionics and EW
systems, C4I etc. were submitted to global customers and foreign ministries. Your Company
has established itself as a part of global supply chain of M/s Thales, SAAB, Elbit
Systems, etc.
Actions by your Company to enhance exports are as follows:
a. Major initiatives undertaken
• Emphasis on Make & "Sell Globally" approach.
• Co-development/Co-production of products with foreign OEMs.
• Transfer of Critical Technology.
• Efforts to achieve "Single Vendor" status by offering
customised solutions / products.
• Collaboration with Indian and Global OEMs to offer complete
platform solutions to foreign customers.
• Establishing long term supply chain agreements with global OEMs.
• Focus on big programmes (Radar Systems, C4I, Gun/ Missile
Systems/ Tank & Gun Upgrades etc.).
• Partnership with foreign local industries for entering new
global markets.
• Offering new products in new geographical locations.
• Leveraging the reach of Channel Partners.
b. Following products and systems have been offered to foreign
countries/customers:
• W eapon Locating Radar
• Avionics Systems
• Communication Equipment
• Naval Products and Systems
• Coastal Radar System
• Ship Upgrade, Tank & Gun Upgrade
• Electronic System Design & Manufacturing
c. Interactions were held with the following major international
customers (OEMs):
• General Atomics, USA
• Boeing, USA
• Dynapar, USA
• SVT Group, Czech Republic
• Lockheed Martin, USA
• Airbus Defence & Space, Spain
• Terma, Denmark
• Elbit Systems, Israel
• IAI, Israel
• Thales, France
• SAAB, Sweden
d. Interactions were held with the following international customers
(Defence Forces/ Ministries):
• Ministry of Defence, Armenia
• Seychelles Peoples Defence Forces
• Ministry of Defence, Oman
• Ministry of Defence, Columbia
e. Following were the major products exported during FY 2024-25:
• Radar Warning Receiver
• Missile Approach Warning System
• T R Modules
• Data Link II
• Coastal Radar Systems
• Medical Mechanical Parts
• Communication Equipment
• EO System
• Upgradation of Sonar
• Software Services, etc.
MoU with the Government
Your Company has been signing a Memorandum of Understanding (MoU) every
year with the Ministry of Defence, Government of India based on guidelines issued by DPE.
Performance of the Company for the financial year 2023-24 has been rated as
"Excellent". The MoU rating for FY 2024-25 is under review by the Government.
Order Book Position
The order book of the Company as on 1 April 2025 is around
71,650 Crore. The order book comprises major programmes like
Electronic Warfare & Avionics Systems, Radar & Fire Control Systems, Communication
Systems, Weapon Systems, Command & Control Systems, Tank & Gun Upgrade, Arms &
Ammunition, Anti-Submarine Warfare Systems, Electro-optic Systems, Home Land Security
Systems etc.
Finance
We are happy to inform you that your Company has continued to maintain
its growth momentum during FY 2024-25. Your Company's top line has grown by 16.17% to
23,024 Crore as compared to previous FY 2023-24. Our technological capability coupled
with "Aatmanirbhar Bharat' initiatives of Govt. of India and growing
opportunities in exports has helped the Company to achieve significant milestones during
the current year. BEL's PBT has grown from 5,335 Crore to 7,090 Crore an increase
of 32.91%. Similarly, PAT has grown by more than 30% to 5,288 Crore. Our Earnings per
Share EPS for the year 2024-25 has increased to 7.23 from 5.50.
Your Company continues to invest in R&D and Capex which helps the
Company to maintain its competitive advantage over its domestic and international
competitors. We have invested to the tune of 1,472 Crore during the current year in
several R&D projects, which works out to 6.4% of turnover. Similarly, in line with our
growth strategy we have invested more than 908 Crore during the current year in Capex.
Our working capital continues to remain healthy, Inventory and Trade
receivables as at the end of FY 2024-25 works out to 139 days of Value of Production and
144 days of Turnover respectively. We are able to meet Capex and Working Capital
requirement entirely through Internal Accruals. We continue to remain Debt Free.
BEL's Net worth in FY 2024-25 has increased to 19,697 Crore and corresponding Book
Value per share has increased from 22.00 to 26.95. Our performance across all
financial metrics be it Turnover, Profitability, Investment in Capex and R&D have
continued to show an improving trend during the current year.
Deposits
The Company does not have any Public Deposit Scheme at present.
However, the matured Public Deposit amount (collected prior to February 2006) with the
Company was 36.95 Lakhs as on 31 March 2025. Out of this, 34 deposits amounting to
36.50 Lakhs have not been claimed or have not been paid as these accounts were frozen on
the advice of the Karnataka Lokayukta. The remaining matured deposits of 0.45 Lakhs as
on 31 March 2025 is unpaid due to insufficient documents/records produced by the
Depositors.
Research & Development
BEL's Research and Development (R&D) philosophy is to enhance
its pre-eminence in products/services for Defence and Professional Electronics through
Research & Development. BEL's R&D strives for the development of new products
built with cutting-edge technology modules. While fully meeting the customer requirements,
the products developed by the Company are state-of-the-art, competitive and incorporate
the highest levels of quality.
R&D has been one of BEL's core strengths which is being
enhanced through in-house and collaborative R&D modes. Various divisions of BEL are
involved in the development of Strategic Components, Technology Modules, Subsystems,
Products, Systems and Systems of Systems.
BEL has a Three-Tier R&D structure, namely Central Research
Laboratories (CRLs); Product Development and Innovation Centre (PDIC) & Centres of
Excellence (CoEs);and Development and Engineering (D&E) groups attached to Strategic
Business Units (SBUs)/Units. All the R&D/D&E centres of BEL, as recognised by the
Department of Scientific & Industrial Research (DSIR), function at multiple locations
across India. D&Es are located at each of the SBUs and Units namely Bengaluru,
Chennai, Ghaziabad, Hyderabad, Kotdwara, Machilipatnam, Navi Mumbai, Panchkula and Pune.
PDIC and CoEs are located in Bengaluru while CRLs are located in Bengaluru and Ghaziabad.
The D&Es/PDIC/ CoEs/CRLs work in the identified technology and product areas, based on
three-year R&D plans and after due approval of budget/time by the competent authority.
The D&E groups at SBUs/Units provide Systems and System of Systems
solutions to the end users. Towards this, they get necessary technology modules and
subsystems developed through CRLs, PDIC, CoEs and collaborative R&D partners. They
conduct all evaluations and trials needed in the process of inducting these systems into
service. They also extend technical support during the entire product life-cycle, and
upgrades and also take care of obsolescence management.
Apart from in-house efforts, BEL R&D Engineers collaborate with
DRDO, ISRO, CSIR, other Research Laboratories, National and International Academia,
Research Institutes, OEMs/ Industries, Experts/Consultants, MSMEs and Start-ups in niche
technology areas. BEL has created an ecosystem to co-create products/solutions in many
business segments.
D&E Projects Initiated During FY 2024-25: Several R&D
projects have been initiated during FY 2024-25 both through in-house development and
collaborative efforts (mainly with DRDO). Major projects initiated during FY 2024-25 are
Radars for Kusha Weapon System, ADTCR - Sky Shield, Kavach System, Autonomous Surface
Vessel - Mine Counter Measure (ASV-MCM), Anunaad – Advanced Integrated Submarine
Sonar Suite, BSS Roll-out, Multi-Function Radar, Network Elements for TCS Program, Foliage
Penetration Radar, WLR - AESA (X).
D&E Projects Realised During FY 2024-25: Some of the major
projects realised/completed during FY 2024-25 are Engineering Improvements of D4 System,
AD Gun Training Simulator, Decoy System for AMS, Himshakti (COM Segment), X Band DWR (SSPA
Based), QT Model for Sarang, MSSR Mk-XIIA, CMS Test-Bed, Super-SCADA for DMR, CBRN HAZMAT
Vehicle
Important R&D Awards/Recognitions Received
During FY 2024-25:
• IETE Awards - 2024: NV Gadadhar Memorial Award and Young
Scientist Award.
• Elets Technology Excellence Award 2024: AI-powered Digital
Agriculture Platform with FPO Automation (Technology Excellence).
• PSU IT Awards, New Delhi, 2024: Excellence in Software
Development, Employee Training & Development.
• SIDM Champion Award-2024 from Raksha Mantri: Import Institution
for the development of Thermal Imager Technology Modules for T90 Tanks.
• ilouge Media 3rd PSU Transformation Conclave & Awards:
Innovative Product Development Award for Air Defence Simulation and Evaluation System
(ADSES).
• Aerospace Defence Awards 2025: Outstanding Contribution to Naval
Systems.
• PSU Governance Now Award 2024: Excellence in R&D Initiative
& Excellence in Innovation.
• Manufacturing Today Award 2024: Excellence in Innovation &
Excellence in Technology.
New Products Developed Through In-house Development Efforts During FY
2024-25 are:
• Photonic Transmitter and Receiver for Atulya (ADFCR) Radar
• NMS software for SDR
• Air Traffic Management System for Civil Airports
• GIS Display for FMRH (VHF Radar).
• 3.1 - 3.5GHz 150W GaN Amplifier.
• Missile Check Facility Computer for QRSAM Radar.
• DVB-S2x Modem Waveforms.
• RFSoC based 3U VPX based baseband processing module.
• Electro Optical Imaging Intelligent and Stabilised System
(EOIISS).
• 2 KW Fibre Laser source.
• RF - based SP for AMDR (2D).
• Digital Beam Former (64 channel) Hardware & Software for
AMDR (3D)
New Products Developed through Collaborative Development Efforts During
FY 2024-25 are:
• LRSAM & MFSTAR sub-systems for P17B/P17A.
• C Band 25 W GaN RF Device.
• Ferroelectric based Thin Film for tunable capacitors
Future Plan of Action: BEL will enable scaling of R&D for
innovative Products / Services across the organisation to align with the objective of
growth and transformation. All the tiers of R&D (D&Es, PD&IC, CoEs and CRLs)
will continue to collaborate in identifying new areas of development and complementing
each other in addressing the requirements through in-house and collaborative modes of
development. BEL plans to continue investing in R&D for meeting the continuously
evolving requirements of its customers as well as for diversification. While a major
thrust would be given for in-house development, collaboration with national laboratories,
academic institutions, research institutes, industry and MSMEs will also continue to be
strengthened. Focussed technology/ product development efforts have been initiated in
diversified areas like Arms & Ammunition, Smart Agriculture and AI-based projects
including Predictive Maintenance. BEL has consistently been investing about 7% of its
annual revenue every year in R&D and will continue to support R&D initiatives for
enabling an Atmanirbhar Bharat, making & delivering high-quality defence &
professional electronics products, systems & solutions for India and the world.
New Facilities Established
Infrastructure enhancement is one of the major objectives of the
Company in order to stay upgraded for global opportunities and to be the best in business.
During the year 2024-25, the Company has spent around 908 Crore as part of CAPEX
investment towards modernisation of Plant & Machinery, Test instruments, R&D
investments, Infrastructure up-gradation etc. Following are some of major facilities were
established during FY 2024-25:
• New Li-ion Battery integration & Testing facility at BEL,
Pune.
• New Assembly line for Electronic Fuzes at BEL, Pune.
• RPSC at Agra.
• Software development Centre at Vizag & New Delhi.
• RPSC at Bhatinda.
Information Technology (IT) Initiatives:
All SAP applications like ERP, File Lifecycle Management and Employee
Self Service have been migrated to new hardware. For ERP, Supplier Relationship
Management, Customer Relationship Management and Business Intelligence applications, the
Database has been migrated from Oracle to HANA which is an in-memory database. This
migration has resulted in significant performance improvement.
In the SAP system, IS/CO has implemented Automation & Mass payment
process, Agreement Management System, Material Loan process, New RMA process, Digitization
of Quality Champion Award and Green Wave Revolution for ESG System.
Cyber Security Initiatives:
• Cyber security threats are continuously growing on IT
infrastructure. Innovative, sophisticated techniques & tactics are being deployed by
adversaries for breaches & data exfiltration. To mitigate and keep a check on such
risks, Cyber Defence Center (CDC) is established as dedicated centralized facility to
monitor, improve the organization's cyber security posture while preventing, detecting,
analyzing, and responding to cyber security threats in BEL. CDC is built on layered
security approach (defense-in-depth) and continuously getting augmented with latest tools
& technologies for main-taining the cyber resiliency.
• To further strengthen the cyber security preparedness, BEL
Security Operation Center (SOC) is integrated with MoD CSOC. As part of integration, two
log collector appliances are installed in BEL and logs of security appliances such as
perimeter Firewall, Web Proxy, Email Gateway, DNS servers etc. are forwarded to these
installed log collectors. This setup has facilitated real time integration with MOD Threat
Intelligence Platform for automated blocking of Indicators of Compromises (IOCs) at
perimeter Firewall. As part of the project CHAKRAVYUH Server is also installed for
monitoring & managing internet facing endpoints installed with MAYA OS.
• For access for BEL's Internet mail from outside of BEL premises,
new Grid-based au-thentication method has been implemented. This is a Make-in-India
product that addresses the security requirements without any dependency on third party
hardware (like hardware tokens, smart-phones, mobile networks for SMSs, OTPs and agent
installation on user devices). Though the registered PIN and Target number is fixed, grid
pin will be changing on each login to avoid the risk of credential compromise.
• Centralized Internet Gateway was established for uniform
deployment of cyber security policies across all BEL units. Secure web gateway (SWG) was
deployed to further upgrade, streamline and enforce the granular policies on internet
access. The objectives of deployed secure web gateway are to filter internet traffic,
enforce security and ac-ceptable use policies, and protect users and organizations from
online threats. Web gateway scrutinizes every outgoing web request from user system,
ensuring requests do not breach set policies and only permitting them if deemed safe.
Similarly, incom-ing data is inspected before reaching users. Web Gateway ensures safe
internet access, prevent malware from reaching corporate Network and shield organization
from po-tential data breaches.
• Total Business Data resides in SAP's HANA Database which is
deployed with Secure configuration and hardening. Access control to Database is possible
only through SAP application. Support patches released by SAP are regularly applied.
Granular access control of User Roles and authorizations is enabled based on the
principles of least privilege, need-to-know basis and Segregation of Duties. Audit trail
log is enabled for all Users. Entire infrastructure is subject to Annual VAPT from CERT-in
empanelled agency. Daily automated backup is enabled. Three way Disaster Recovery (DR)
system is deployed with Primary, Secondary site (Near DR) in BEL Bangalore and Far DR site
at BEL Hyderabad. Synchronous replication is enabled between Primary and Near DR sites
with auto failover capabilities ensuring Business Continuity.
• BEL has adopted Virtual Desktop Infrastructure (VDI) to avoid
storing of Data on PCs and enhancing Information
Security. PCs with Windows OS are inherently vulnerable to malware,
viruses, worms, data leakage and other Security vulnerabilities. These is-sues have been
overcome by the implementation of centralised VDI and replacing or converting End Point
PCs to Thin Clients. The Data Centre facilities of Units have been upgraded for hosting
VDI. Separate VDI has been commissioned for intranet and In-ternet. VDI Intranet Data are
now stored in Data Centres in encrypted form. Central-ised security policies and Security
patching are enforced centrally for the entire infra-structure.
Quality
Quality, Technology, Innovation are three guiding pillars of BEL's
Business initiatives. Quality being the first pillar, has been one of the focus area for
the company. The company is committed for continual improvement through process approach
in line with World-Class Quality Systems. All Units/Strategic Business Units (SBUs)/
Common Services Groups (CSGs) are accredited to AS9100D/ISO 9001 Quality Management
Systems (QMS). All Units/SBUs of the company are committed to Environment Management
System through ISO 14001 Std and Occupational Health Safety Management System through
ISO45001 Std. 14 Units/SBUs/Divisions of the company are certified for Information
Security Management System (ISMS) ISO 27001. Test Equipment, Calibration and Maintenance
Divisions of Bangalore Complex, Ghaziabad, Panchkula, Chennai, NAMU and Hyderabad Units
(Total 13 Labs) are certified by NABL in accordance with ISO/IEC 17025 Standard. Software
SBU is certified for CMMi level 5 and also for ITSMS ISO 20000-1. NCS & DCCS SBUs of
Ghaziabad, CRL-GAD, Chennai and Hyderabad Units are certified for CMMi Level 3. BAE and
BEEI are certified for EOMS ISO 21001.
Some of the significant achievements in 2024-25 on Quality area front
are: BEL received additional Green Channel Status for 3 Products from Ghaziabad Unit, 3
Products from Panchkula Unit & 5 Products from Chennai Unit during the year 2024-25.
With this, BEL now has 28 certificates for 86 Products across 13 SBUs/Units. EW- LS
Hyderabad was certified for AFQMS and As9100D for first time. Panchkula & Chennai
Units are certified with ISO27001:2022 for first time. Ghaziabad unit was certified for
Energy Management System (EnMS) ISO 50001. Chennai, Hyderabad Pune & Navi Mumbai units
were certified combined Standards ISO 1400 & ISO45001.
BEL Quality continued to win several Awards & Accolades during
2024-25. BEL Panchkula Unit received the coveted CII Exim Bank "Business Excellence
Award for 2024", similarly BEL Pune Unit received the Platinum Award. BEL received
the prestigious "Golden Peacock" award for Quality from the Institute of
Directors (IOD). Bangalore Complex and Ghaziabad units received National Safety
"Kalinga Award" from IQEMS. BEL also received "Governance now PSU
Award" & "PSU Transformation Award" for Digital transformation in the
area of Quality.
As part of quality initiatives, a Web based Inspection and Quality
Assurance Software (WIQAS) developed by BEL is a complete Digital Solution streamlining
the QA process across DGQA Units and Defence Industries.
Fifty Four products were identified for Hybrid QA 4.0 implementation by
September 2025. WIQAS software for Navy developed and deployed, version for Airforce and
Army taken up.
The Company has facilitated involvement of employees in the Quality
Movement through Quality Control Circle (QCC). During the year 596QCC presentations are
made by various QCC Teams. Many QCC teams are nominated for national competitions and all
are adjudged for various categories of Awards. QCC Pragati Team from Kotdwara and Anubhav
team from Panchkula Unit have participated in ICQCC 2024 conducted by Sri Lanka, and both
teams won Gold awards. Around 5017 suggestions are awarded in FY 2024-25. A total savings
of 95.36 Crore was achieved through this Suggestion Scheme implementation in various
process improvements during this year.
During the year 17 Executives from various Unit/SBUs are certified as
"Certified Quality Engineers (CQE)" from ASQ. 13 Executives from various
Unit/SBUs are certified as "Certified Reliability Engineers (CRE)" from ASQ. 31
Executives got certified as "Project Management Professional (PMP)" from PMI
USA. 18 mid-level and senior executives are certified as "Certified Data Analytics
(CDA)" by Indian Statistical Institute (ISI), Bangalore.
Total 164 Six Sigma Projects have been completed during the year
2024-25, resulting in an estimated savings of 7,037.97 Lakhs to the company.15 BEL Six
Sigma teams participated in regional level competitions CCQC-2024 organised by QCFI and
all 15 teams won highest award "GOLD". 14 BEL Six Sigma teams participated in
National level competitions NCQC-2024 organised by QCFI and all 14 teams won highest award
"PAR Excellence".
ADSN SBU from Bangalore Complex won the First Prize, Panchkula Unit,
Antenna SBU of GAD won second and third prizes respectively in companywide Quality
Recognition Award (QRA) 2024. Innovation teams from EM, Components Software & ADSN
Teams won Gold & Silver Awards in CII Digitalisation, Low Cost Automation
implementation.
Quality Champion is a new flag ship award introduced this FY 2024-25
and conferred to three executives of the company for their extraordinary involvement and
dedication towards Quality improvement in the Organisation.
This year also the company conducted the Integrated Customer
Satisfaction Survey, and the Satisfaction Index is 85.67 with a net promoter score of
64.37 which is very good in comparison with bench mark companies.
The company aiming the comprehensive Digital Transformation,
implementation of Industry 4.0 for best Productivity, and to achieve higher growth rate in
the coming year.
Human Resources
Your Company employed 8,844 people as on 31 March 2025 compared to
8,937 people as on 31 March 2024. Out of these employees, 5,420 were engineers/scientists
and 1,951 were women employees. A total of 478 employees were inducted during FY 2024-25.
81 employees belonging to the Scheduled Castes (SC), 27 employees belonging to the
Scheduled Tribes (ST), 180 employees from the Other Backward Classes (OBC), 22 employees
belonging to the Minority Community and
6 Physically Challenged employees were inducted during FY 2024-25.
Your Company has been complying with the Government directives on
reservations. The particulars of SC/ST and other categories of employees as on 31 March
2025 are as under:
| Category of Employees |
Executives |
Non-Executives |
|
Group ‘A' |
Group ‘B' |
Group ‘C' |
Group ‘D' |
| Scheduled Caste |
1,110 |
46 |
460 |
18 |
| Scheduled Tribe |
430 |
17 |
124 |
09 |
| OBC |
1,557 |
67 |
759 |
58 |
| Ex-Servicemen |
52 |
- |
231 |
96 |
| Physically Challenged |
108 |
04 |
90 |
- |
Various training programmes were conducted during the year to enhance
competencies in Technical, Functional, Managerial and Leadership areas. Structured
Executive Development Programmes were conducted regularly with premier institutes to meet
the evolving training needs of executives as they progress through various grades. A
detailed write-up on HR initiatives during the year is provided separately in the
Management Discussion and Analysis Report, which forms a part of this report.
Disclosure Under Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013
The Company is an equal-opportunity employer and consciously strives to
build a work culture that promotes the dignity of all employees. As required under the
provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and the rules framed thereunder, the Company has implemented the
policy on prevention, prohibition and redressal of sexual harassment at the workplace,
which has been uploaded on the Company's intranet portal. All women, permanent,
temporary or contractual, including those of the service providers, are covered under the
Policy.
An Internal Complaints Committee has been constituted in each of the
nine constituent units, including the corporate office to redress complaints relating to
sexual harassment. Awareness programmes were conducted across the Company to sensitise
employees and uphold the dignity of their colleagues at the workplace, particularly with
respect to the prevention of sexual harassment. The details of the complaints filed,
disposed of and pending during the year pertaining to sexual harassment are provided in
the Business Responsibility and Sustainability Report, which forms a part of this report.
Awards and Accolades
Your Company strives to achieve the highest level of quality in all its
products by considering consumer insights and by reaching out to consumers. During the
year, your Company has received the following various Awards and Accolades:
• BEL Panchkula Unit received the coveted CII EXIM Bank
‘Business Excellence Award for 2024'.
• BEL Pune unit received the ‘Platinum Award' and BEL
Bengaluru Complex was recognised as a "Winner" by the Confederation of Indian
Industry (CII) for the sustainable initiatives.
• Outstanding Contribution to Naval Systems Award'.
• ‘Kalinga National Safety Platinum Award'.
• ‘PSU Transformation Awards 2024'.
• ‘Indian Chamber of Commerce (ICC) PSE Excellence
Awards'.
• "Special Jury Supplier Award" from Thales Group.
• BEL bagged three Awards at "PRCI Global Conclave
2024".
• ‘Risk Management Leadership Award'.
• ‘Digital Transformation Award'.
• ‘Green Initiative Award'.
• ‘Innovative Product Development Award'.
• ‘Digital Champions Award for Document Management'.
• ‘Climate Action Champion Award'.
• Silver Award for ‘Implementation (Digitisation) of Employee
Self-Service' in Economic Times PSU Leadership & Excellence Awards 2024.
• Elets Technology Excellence Award 2024.
• SCOPE Excellence Award for Digitalisation.
• National Export Excellence Award.
• ‘Governance Now Award for Excellence in Digital
Procurement, Reskilling of Employees, R&D, HR & Finance'.
• ‘SIDM Champion Award'.
Subsidiaries, Joint Ventures and Associates
BEL Optronic Devices Limited (BELOP) is a wholly-owned subsidiary of
BEL, which manufactures Image Intensifier. BELOP achieved a turnover of 18,325 Lakhs for
the year compared to 12,645 Lakhs in the previous year. The Profit After Tax (PAT) for
the year was 2,068 Lakhs compared to 1,659 Lakhs in the previous year.
BEL-THALES Systems Limited (BTSL) is a subsidiary of BEL. Your Company
holds 74% of the equity capital in BTSL. During the year, BTSL recorded a turnover of
11,747 Lakhs compared to 9,368 Lakhs in the previous year. The Profit After Tax (PAT)
for the year was 476 Lakhs compared to 277 Lakhs in the previous year.
GE BE Private Limited is Associate Company of BEL. Your Company holds
26% of the equity capital in GE BE Pvt. Ltd. GE BE Pvt. Ltd. recorded a turnover of
1,80,621 Lakhs for the year compared to 1,71,833 Lakhs in the previous year. The Profit
After Tax (PAT) was 13,739 Lakhs for the year compared to 16,184 Lakhs in the previous
year.
The Defence Innovation Organisation (DIO) is a ‘Not for
Profit' Company as per the provisions of Section 8 of the Companies Act, 2013 with an
authorised share capital of 1 Crore. With an equity participation of 50% from BEL and
50% from HAL, the Company was formed with the objective of funding innovation in the
Defence sector.
Pursuant to the provisions of Section 129(3) of the Companies Act, read
with Rule 5 of Companies (Accounts) Rules, 2014 (as amended), a separate statement
containing the salient features of the financial statement of Subsidiaries/
Associate/ Joint Ventures in Form AOC-1 is appended to the Financial
Statements.
Further, pursuant to the provisions of Section 136 of the Act, the
financial statements of the Company, consolidated financial statements along with relevant
documents and separate audited financial statements in respect of subsidiaries, are
available on the website of the Company www.bel-india.in.
Consolidated Financial Statements
Consolidated Financial Statements of your Company and its Subsidiaries
for the year ended 31 March 2025 have been prepared in accordance with the provisions of
Section 129(3) of the Companies Act & applicable Indian Accounting Standards and forms
part of this report.
Vigilance
The Company's Vigilance Organisation is headed by Mr Nilabhra
Sengupta, IRSSE, Chief Vigilance Officer (CVO) appointed as CVO / BEL on 02.12.2024. Full
time Vigilance Officers posted in Units / SBUs are handling vigilance activities in the
Units / SBUs. Vigilance Committees are formed to look after the Vigilance Administration
in the Units / SBUs. The Unit/SBU Heads are designated as Chairman of the Vigilance
Committee. Preventive Vigilance has been the thrust area of the Vigilance Organisation and
the same received focus during the year 2024-25. The Vigilance Department examines
procurement processes on continual basis, conducts regular and surprise inspections and
investigates instances of any suspected transactions referred to it. An employee or third
parties can bring any suspected transaction to the notice of CVO for investigation which
is examined as per the Complaint Handling Policy of the Company. Online Complaint
Management System has been made operational and complaints can be filed by accessing the
Vigilance Portal in BEL website.
During the year, 3,011 Purchase Orders/ Contracts (>25 Lakhs) have
been reviewed by field Vigilance Officers.
Five Intensive Examination (IE) teams have been formed for conducting
CTE Type Intensive Examination. 60 High value Procurements Contracts has been taken up by
the IE Teams during the year 2024-25.
Regular and Surprise checks and Inspections have also been conducted by
the field Vigilance Officers.
46 Complaints were received and 43 were disposed. Disciplinary action
and system/process improvement have been recommended in some cases where lapses were
observed.
107 Executives (including TC Personnel) & 17 Non-Executives working
in sensitive areas for more than 3 years have been rotated.
Vigilance Department has been certified for ISO 9001/2015 Certification
for the Vigilance function of BEL.
In line with the CVC's guidelines on Leveraging Technology and to
ensure transparency through effective use of technology, the following functions have been
made operational through SAP and the Company's website:
• E-Procurement.
• Online registration of Vendors.
• Vendor Payment Information System.
• E Payment/Bank transfer of payment to Vendors.
• Details of awarded Contracts/Purchase Orders valuing more than
10 Lakhs in respect of works contracts, service contracts, capital items and
non-production items have been posted in the website.
• Details of awarded Contracts/Purchase Orders issued on
nomination / single tender basis value exceeding 5 Lakhs are posted on the website.
• Corruption Risk Management Policy is framed and implemented
across the Company.
• Vendors' Directory is maintained.
• File Life Cycle Management System (FLM) is fully implemented
across the company.
• Online filing of APRs is facilitated in SAP for all the
Executives and the Executives have been filing the APRs in SAP.
• Vigilance Monthly and Quarterly Reports are generated through
SAP
• Vigilance clearance is accorded through the dedicated Vigilance
portal in SAP.
Vigilance setup in BEL has been continuously endeavouring to bring
transparency, fairness and equity in all transactions and processes of the company through
creating a sense of awareness on Systems and Procedures through awareness campaign and
training programmes.
Key activities carried out during the year 2024-25:
A)
Observation of Vigilance Awareness Week 2024:
Inauguration and Integrity Pledge taken:
BEL has observed Vigilance Awareness Week from 28 October to 3 November
2024 with the theme "Culture of Integrity for Nation's Prosperity" at all
Units/SBUs/Offices across the country. Capacity Building Programmes under three months
campaign, competitions, outreach programmes, gramsabha, guest lectures, seminars,
workshops, training on Vigilance Awareness, Vigithon, Walkathon, Marathon, Street Plays,
Storytelling Sessions, Vendors Meet and other programmes were conducted on the occasion.
Distribution of Pamphlets/Banners/Slogans/Standees on Vigilance:
Display of Banners, Boards near the Entrance Gate of all the 9 Units of
BEL and in various Schools and Colleges wherever Awareness Week programme was conducted.
Pamphlets on Integrity Pledge were made and distributed among Employees, Executives and
Contract Personnel. Display of Banner during the Week at prominent places like Lalbagh
Botanical Garden, Kanteerava Stadium, BEL Circle, Doddabommasandra Arch and Nanjappa
Circle, BEL Institutions, BEL Hospital, BEL Thales Systems Ltd., BEL Kalakshetra, Central
Research Laboratory, PDIC in Bengaluru.
Outreach activities:
1. Vigilance Awareness Programmes were held at Govt. First Grade
College, Yelahanka, Govt. Polytechnic, Arakere, Srirangapatna, Mandya and Jawahar Navodaya
Vidyalaya, Bagalur, Bangalore. Around 500 students attended the programme. Essay writing,
Slogan writing, Quiz and Poster competitions were conducted and prizes were distributed.
2. Vigilance Awareness Programme was held for residents of Sumadhura
Mathrushree Residency Apartment.
3. 2 Street Plays sensitising the public on corruption were conducted
at Lalbagh Botanical Garden, Bangalore.
4. 3 Street Plays sensitising the public on corruption were conducted
at BEL Circle Bus Stop, Doddabommasandra Market and Lake.
5. Marathon, Walkathon and Cyclothon events were conducted for BEL
Educational Institution students.
6. Vigilance Awareness Programme for Gram Sabha was conducted at Govt
High School, Bashettihalli.
7. "VIGITHON" was conducted by Vigilance Study Circle,
Bangalore Chapter at Kanteerva Stadium, Bangalore. Various Bangalore based PSUs like BEL,
HAL, BEML, KIOCL, ITI were participated in large numbers.
8. Live Direct Phone-in Programme on "Corruption
Control and Vigilance Awareness Week 2024" was organised by DD
Chandana TV channel. Shri Keshava Raju H. S., AGM (Vigilance)/ BEL participated as guest
in the programme. He was interviewed by the channel. He provided valuable insights into
vigilance practices and anti-corruption initiatives. He shared about lodging complaints
through PIDPI. He answered to the queries by public through phone during the programme.
9. Vendors Meet were organised in Bangalore Complex, Ghaziabad
Unit, Chennai Unit, Navi Mumbai Unit, Pune Unit, Kotdwara Unit, Panchkula Unit and
Regional Office Kolkata.
As a part of Capacity Building Programmes - precursor to VAW 2024, the
following training programmes were conducted during three months campaign period (16
August – 15 November 2024): i) Ethics and Governance, ii) Cyber Hygiene and Security,
and iii) Procurement were conducted by BAE for Bangalore Complex and through VC for Other
Units, iv) Conduct Rules, and v) Systems and Procedures of the Organisation were conducted
at individual Units.
B) Vigilance Programmes and other Programmes Organised in BEL:
1 As. a part of Post Graduate Certificate in Management course (PGCM)
in supply chain management, training on "Vigilance Overview", "Overview of
CVC Manual 2021 and BEL Vigilance Manual 2023" and "Case Studies on
Procurement" for executives working in MM, Purchase and Finance was conducted at BEL
Academy for Excellence (BAE), Bangalore.
2. As a part of Vigilance Induction Programme, a training session was
arranged for Probationary Engineers. It includes talk by CVO as "Voice of
Leader", training on "Vigilance Overview and Structure", "Overview of
BEL Procurement, Purchase Procedure and SubContract Procedure", "Salient
Features of Vigilance Manual, PIDPI Process and APR Filing", "Cyber
Hygiene and Security", "Ethics and Governance",
"Salient Features of RTI", "Preventive Vigilance" and "Overview
of BEL Procurement through Works Contract".
3. Seminar on Cyber Hygiene and Security was organised by Vigilance
Study Circle, Bangalore Chapter at BEL Academy for Excellence, Nalanda, Bengaluru.
4. Story Telling Sessions were held on "Values and Ethics through
Folktales" covering ethics, honesty and integrity, Ethical Leadership and Stage Play
on Punyakoti and Kannada Folk Song by students of M/s. Dharithree Trust for senior
management and "Ethical and moral values" for BEL Educational Institution
students.
5. 1,448 Executives and 89 Non-Executives were given basic awareness
programme on Vigilance.
C) Vigilance Audit Conducted:
Second Surveillance Audit was conducted by M/s. TUV SUD South Asia Pvt.
Ltd. at Pune Unit, Corporate Office, Bangalore Complex and Kotdwara Unit.
D) Annual Vigilance Meet 2024-25:
Annual Vigilance Meet 2024-25 was held at Lansdowne (near Kotdwara)
from 17.02.2025 to 19.02.2025. The following talks/presentation was held during the meet:
1. Talk by Ms Kalyani Sethuraman, IRAS, CVO/ HAL on various striking
aspects of Vigilance investigation into the irregularities by presenting case studies on
Civil Works and Bills Payable.
2. Talk by Brigadier Vinod Singh Negi from Garhwal Rifles, Lansdowne on
Vigilance activities in Indian Army.
Vigilance Magazine "Jagriti" was released by CVO during the
meet.
Integrity Pact
One of the initiatives of the Central Vigilance Commission (CVC) to
eradicate corruption in procurement activity is introduction of the Integrity Pact in
large value contracts with Government Organisations. In line with the directives from
Ministry of Defence and the Central Vigilance Commission, your Company has adopted
Integrity Pact with all vendors / suppliers / contractors / service providers for all
Orders / Contracts of value 300 Lakhs and above. The Integrity Pact essentially
envisages an agreement between the prospective vendors / bidders and the principal (BEL),
committing the persons / officials of both sides, not to resort to any corrupt practices
in any aspect / stage of the contract. Only those vendors/bidders, who commit themselves
to such a Pact with the principal, would be considered competent to participate in the
bidding process. Integrity Pact, in respect of a particular contract, would be operative
from the stage of invitation of bids till the final completion of the contract. Any
violation of the same would entail disqualification of the bidders and exclusion from
future business dealings.
As recommended by the CVC, the Company has appointed Mr Sanjay Kumar
Srivastava, IAS (Retd.), Mr Rajiva Ranjan Verma I.P.S (Retd.), Mr Ashwani Kumar, former
CMD, Dena Bank for monitoring implementation of Integrity Pact in the Company.
Procurement from Micro & Small Enterprises (MSEs)
Your Company has been providing increased thrust on enhancing
procurement from Micro & Small Enterprises (MSE) and has been implementing Public
Procurement Policy for MSEs as per the guidelines/notification issued by the Ministry of
MSMEs. BEL has on-boarded on the TReDS Platform, GeM, MSME Sambandh & MSME Samadhaan
Portals complying with Government guidelines.
The Company has conducted and participated in Vendor Development
Programmes for Indian vendors including MSME/Start-ups on various occasions throughout the
year. BEL extends provisions as envisaged in Ministry of MSME notifications, released from
time to time, to MSME/Start-ups in procurement.
BEL's procurement from MSEs is 34% of total Domestic procurement
during FY 2024-25 against the mandatory target of 25% as per the Public Procurement Policy
for MSEs.
Implementation of Official Language Policy
Your Company is committed to adhering to the Official Language (OL)
policy of the Government of India. During 2024-25, the Company has achieved targets
prescribed in the Annual Programme issued by Dept. of OL, Ministry of Home Affairs (MHA),
GoI to transact official work in Hindi.
OL Inspections: The First Sub-Committee of Committee of
Parliament on Official Language conducted OL inspections of Central Research Laboratory,
Ghaziabad on 20 November 2024 and Bengaluru Complex on 22 January 2025. MoD officials
conducted inspection of Ghaziabad Unit on 15 January 2025. Dy.Director
(Implementation/South), Dept. of OL, MHA conducted OL inspection of CO on 2 July 2024.
Corporate OL Inspection team conducted 06 inspections of its subordinate Units/Offices in
India and 1 overseas office.
Participation: OL teams of BEL participated in the 4th All
India OL Conference and 02 Regional OL Conferences organised by the Dept. of OL, MHA.
Honourable Home Minister released BEL Defence Electronic Glossary during the All India OL
Conference. Office Heads attended TOLIC meetings.
OL Programmes: All India BEL OL Conference was organised in
BEL Hyderabad on 28 February 2025. A competition on OL Policy for the member offices of
TOLIC (Undertakings) was organised in Bengaluru. OLIC meetings, Hindi Workshops and
Technical Talks in Hindi were conducted by all Units/Offices. Hindi Month and Hindi Day
was observed during September in all the Units and Offices of the Company.
Bilingualisation: All Units and Offices of the Company
including Corporate Office are issuing documents in bilingual as per the Section 3(3) of
Official Language Act, 1963. Usage of Hindi is being encouraged in correspondence and on
computers. Individual orders under OL Rule 8 (4) were issued to officers/employees who are
having proficiency in Hindi to do their complete work in Hindi. Also, a circular on
creation of Check Points under Rule 12(1) of OL Rules was issued.
Computerisation and Website: Updated information pertaining to OL
is being communicated through OL Portal GARIMA introduced by OL Dept. of Corporate Office.
Quarterly progress reports from Units/Offices are being received online in SAP. Hindi
notings are being written in File Life-cycle Management (FLM). Provision has been made to
open the Homepage of Company's website in Hindi also.
Training and Reporting: Roster is maintained for Hindi
language training and computer training which is updated from time to time. As per the
Roster, employees were nominated for online training. Quarterly / half yearly reports are
sent to OL Dept., MHA, GoI, MoD, Hindi Teaching Scheme and Town Official Language
Implementation Committee (TOLIC) as per schedule.
Incentives and Awards: Company has various lucrative Incentive
Schemes for doing original work in Hindi. These schemes are named after renowed Hindi
Litterateur which carry cash awards from 2000 to 10,000. Employees have participated
in the TOLIC competitions and won prizes. Corporate Office was awarded for excellence in
OL implementation by TOLIC (Undertaking), Bengaluru. CMDs OL Shield for Excellence in OL
implementation was awarded to the subordinate units situated in A, B and C region
respectively.
Publications: Hindi Magazines were published by the Units /
Corporate Office to propagate usage of Hindi in the company.
New Initiatives: In order to propagate Hindi among
employees, a Linguistic Harmony Programme was organised in which popular television
serials were screened. The first BEL OL Coffee Table book ‘ATHAK' was published
highlighting OL implementation, new initiatives and achievements of BEL. A dedicated
section for OL has been introduced in the Company's website. Defence Electronics
Glossary of BEL is prepared in coordination with the Commission for Scientific and
Technical Terminology (CSTT), Ministry of Education. World Hindi Day was celebrated on 10
January and message of Honourable Prime Minister was read out. As part of Krishna Sobti
Hindi Lecture Series, lectures were organised on general interest and technical topics.
Continuous efforts are being made to ensure OL implementation and for
increasing progressive usage of Hindi across the Company.
Implementation of the Right to Information Act, 2005
In consonance with the provisions of the Right to Information Act, 2005
(the Act), your Company has well-defined mechanism in place to address the provisions of
the Act. Your Company has a designated General Manager level officer as a "Nodal
Officer" to oversee the implementation. The requests received are processed by 17
senior personnel designated as "Central Public Information Officers (CPIOs)"
including one at Corporate Office and each at the Units/ROs. Your Company has a designated
General Manager level officer as a "First Appellate Authority" to dispose of
first appeals filed under the Act. In compliance to Government directives, your Company is
successfully processing the applications under the Act, online.
The information to be provided as per Section 4(1) (b) of the Right to
Information Act, 2005 has been posted on the website of company www.bel-india.in
The FAA, CPIOs and other internal stakeholders involved are sensitised
about their obligations under the Act through training and workshops.
Your Company received 620 applications (including 56 transferred by
other Public Authorities to BEL) during the period from April 2024 to March 2025, and 38
RTI applications were carried forward from year 2023-24. A total of 619 applications were
responded to including 115 applications that were rejected, out of a total of 658
applications. Your Company received 91 First Appeals during the period, out of which 86
were disposed-off. Quarterly RTI returns for all the four (4) quarters have been submitted
to the Central Information Commission.
Meetings of Board and Committee(s)
During the year, seven Board meetings were held and the maximum
interval between any two meetings was not more than 120 days. The details of meetings of
the Board and Committee(s) held during FY 2024-25 are furnished in the Corporate
Governance Report, which forms a part of this report.
Change in Directors & Key Managerial Personnel and their
Shareholding
The following changes took place in the Directorate and Key Managerial
Personnel of your Company during FY 2024-25:
| Sl. No. Name of the Director |
Designation |
Date of Appointment |
Date of Cessation |
| 1 Mr Rajnish Sharma (DIN: 10738394) |
Director (Bangalore Complex) |
10.08.2024 |
Not Applicable |
| 2 Mr T Natarajan (DIN: 00396367) |
Govt. Nominee Director |
Not Applicable |
10.09.2024 |
| 3 Mr Rajeev Prakash (DIN: 08590061) |
Govt. Nominee Director |
10.09.2024 |
Not Applicable |
| 4 Dr Parthasarathi P V (DIN: 06400408) |
Independent Director |
Not Applicable |
28.12.2024 |
| 5 Mr Mansukhbhai S Khachariya (DIN: 01423119) |
Independent Director |
Not Applicable |
28.12.2024 |
| 6 Dr Santhoshkumar N (DIN: 09451052) |
Independent Director |
Not Applicable |
28.12.2024 |
| 7 Mr Prafulla Kumar Choudhury (DIN: 00871919) |
Independent Director |
Not Applicable |
28.12.2024 |
| 8 Dr Shivnath Yadav (DIN: 09450917) |
Independent Director |
Not Applicable |
28.12.2024 |
| 9 Mr Gokulan B (DIN: 09473378) |
Independent Director |
Not Applicable |
20.01.2025 |
| 10 Mrs Shyama Singh (DIN: 09495164) |
Independent Director |
Not Applicable |
07.02.2025 |
Mr Manoj Jain, Chairman & Managing Director, Mr Damodar Bhattad S,
Director (Finance) and Chief Financial Officer and Mr S Sreenivas, Company Secretary are
the KMPs, in terms of section 203 of the Companies Act, 2013.
Lt. General Vishwambhar Singh (Retd) (DIN:09461326) was appointed as
Additional Director (Independent Director) on 23 April 2025, Mr Harikumar Raghavan Nair
(DIN: 11086669) was appointed as Additional Director [Director (R&D)] on 2 May 2025,
Mr Pradeep Tripathi, (DIN:11111295) was appointed as Additional Director (Independent
Director) on 16 May 2025, Mr Bharatsinh Prabhatsinh Parmar, (DIN:07781550) was appointed
as Additional Director (Independent Director) on 21 May 2025, Mr Kamesh Kasana
(DIN:11194293) was appointed as Additional Director [Director (Other Units)] on 14 July
2025 and Ms Meera Mohanty (DIN:03379561) was appointed as Additional Director (Government
Nominee Director) on 16 July 2025.
Mr Rajnish Sharma , Lt. General Vishwambhar Singh (Retd), Mr Harikumar
Raghavan Nair, Mr Pradeep Tripathi, Mr Bharatsinh Prabhatsinh Parmar, Mr Kamesh Kasana and
Ms Meera Mohanty are being appointed as Directors on terms as set out in the notice of
71st Annual General Meeting (AGM).
Mr K V Suresh Kumar, Director (Marketing), retires by rotation at the
ensuing Annual General Meeting and being eligible, offers himself for re-appointment.
The details of Directors and Key Managerial Personnel (KMPs) who are
holding shares in the Company as on 31 March 2025 are given below:
| Sl. No. Name |
Designation |
No. of Equity Shares Held |
| 1 Mr Manoj Jain (DIN: 09749046) |
Chairman & Managing Director |
7,590 |
| 2 Mr Bhanu Prakash Srivastava (DIN: 09578183) |
Director (Other Units) |
3,789 |
| 3 Mr Damodar Bhattad S (DIN: 09780732) |
Director (Finance) & CFO |
3,789 |
| 4 Mr Vikraman N (DIN: 10185349) |
Director (HR) |
3,789 |
| 5 Mr Rajnish Sharma (DIN: 10738394) |
Director (Bangalore Complex) |
3,789 |
| 6 Mr Sreenivas S |
Company Secretary |
3,789 |
The Company has not issued any convertible securities during the year.
Directors' Responsibility Statement
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors, in terms of Sections
134(3)(c) & 134(5) of the Companies Act, 2013 state that:
a) in the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to material
departures;
b) the Directors had selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the Company as at 31 March 2025 and
of the profit of the Company for the year ended 31 March 2025;
c) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
d) the Directors have prepared the annual accounts on a going concern
basis;
e) the Directors ensured proper internal financial controls were in
place and such financial controls were adequate and were operating effectively; and
f) the Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws were in place and the same were adequate and
operating effectively.
Integrated Report
The Company, has voluntarily provided an Integrated Report, which
encompasses both financial and non-financial information to enable the Members to take
well-informed decisions and have a better understanding of the Company's short,
medium and long-term perspective. The Report also touches upon aspects such as the
organisation's strategy, governance framework, performance and prospects of value
creation based on the six forms of capital viz. financial capital, manufactured capital,
intellectual capital, human capital, social and relationship capital and natural capital.
Significant and Material Orders
There are no significant and material orders passed by the regulators
or courts or tribunals impacting the going concern status and the Company's
operations in future.
Events Subsequent to the Date of Financial Statements
There are no material changes and commitments affecting the financial
position of the Company which occurred between 31 March 2025 and the date of signing of
this Report.
Related Party Transactions
There were no materially significant related party transactions with
the Company's Promoters, Directors, Management or their relatives, which could have
had a potential conflict with the interests of the Company. Transactions with related
parties that were entered into during FY 2024-25 were on an arm's length basis and
were in the ordinary course of business. None of the transactions with related parties
fall under the scope of Section 188(1) of the Companies Act, 2013. All Related Party
Transactions are placed before the Audit Committee and also to the Board for approval, if
required. Members may refer to the notes to the accounts for details of related party
transactions. The policy for related party transactions has been uploaded on the
Company's website www.bel-india.in. Information pursuant to Section 134(3)(h) of the
Companies Act, 2013 read with rule 8(2) of the Companies (Accounts) Rules, 2014 is
attached to this report as Annexure-1.
Corporate Social Responsibility
Your Company has formulated a Corporate Social Responsibility Policy
pursuant to the provisions of Section 135 & Schedule VII of the Companies Act, 2013
and the Companies (Corporate Social Responsibility) Rules, 2014 read with various
clarifications, amendments issued by the Ministry of Corporate Affairs (MCA). The
Corporate Social Responsibility Policy is posted on the Company's website,
www.bel-india.in. The CSR activities undertaken by your Company are in-line with the
applicable Government Legislations & Guidelines issued from time to time, directing
CSR fund distribution, themes for CSR expenditure, areas of operation etc.
Our Community Interventions focus on holistic development, institution
building and sustainability-related initiatives. Our focus sectors are Healthcare,
Education, Skill Development, Rural Development and Environmental Sustainability. By
implementing capacity building measures, empowering marginalised and underprivileged
communities, we strive for inclusive growth and equitable societal development. During FY
2024-25, DPE guidelines for CSR Expenditure stipulate CPSEs to take up CSR interventions
on the common theme of Health & Nutrition with preference being given to Aspirational
Districts identified by NITI Aayog and PM Internship Program.
Accordingly, the Company has rolled out focussed interventions to
augment health infrastructure in Government Hospitals and make available mobile healthcare
services at the door-step of the rural populace. Encouraging scientific curiosity among
students & general public, opening up opportunities to experience technology-enabled
learning aids in government educational institutions, promoting vocational skills training
to enhance employability of youth and creating a sustainable ecosystem for flora &
fauna in the wild are high points in the CSR space. Pursuant to the requirement under the
Companies (Corporate Social Responsibility) Rules, 2014 (as amended), a report on CSR
activities for FY 2024-25 is annexed herewith as Annexure-2.
Statutory Auditors
Pursuant to Section 139(5) of the Companies Act 2013, for FY 2024-25,
the Comptroller and Auditor General of India (C&AG) appointed M/s RAO & EMMAR,
Chartered Accountants, Bengaluru, as Statutory Auditors of the Company for the audit of
accounts of Bangalore Complex, Hyderabad unit, Chennai unit and Corporate Office. M/s C V
Chitale & Co., Chartered Accountants, Pune were appointed as Branch Auditors of Pune
& Navi Mumbai units. M/s Ashwani
& Associates, Chartered Accountants, New Delhi, were appointed as
Branch Auditors of Ghaziabad unit, Panchkula unit and Kotdwara unit. M/s P Subbarayudu
& Co, Chartered Accountants, Vijayawada were appointed as Branch Auditors for the
Machilipatnam unit.
The Statutory Auditors' Report on financial statements for the FY
2024-25 and ‘Nil' comments of the Comptroller
& Auditor General of India (C&AG) under Section 143(6) (b) of
the Companies Act, 2013 on the financial statement, including consolidated financial
statement, are appended to the Annual Report.
Cost Auditors and Maintenance of Cost Records
Your Company appointed M/s GNV & Associates, Cost Accountants,
Bengaluru, as Cost Auditors of the Company for FY 2024-25 for the audit of the cost
records of the Company. The Company maintains cost records as specified by the Central
Government under Section 148(1) of the Companies Act, 2013.
Secretarial Auditors
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (as
amended), the Company has appointed M/s Thirupal Gorige & Associates LLP, Practicing
Company Secretaries, Bengaluru for FY 2024-25 to undertake the Secretarial Audit of the
Company. The Secretarial Audit Report is annexed to this report as
Annexure-3.
The Secretarial Auditor in his report observed that:
i) During the year under review, the composition of Board was not in
compliance with the Regulation 17(1) of SEBI (LODR) Regulation, 2015 from 10 August 2024
to 31 March 2025, and it was not in compliance with Section 149 of the Companies
Act, 2013 from 28 December 2024 to 31 March 2025, due to vacancies in the position of
Independent Directors.
ii) The Quorum of Board meeting held on 5 March 2025 was not in
compliance with Regulation 17(2A) of SEBI (LODR) Regulations, 2015, due to vacancies in
the position of Independent Directors.
iii) The Composition of Audit Committee was not in compliance with
Section 177 of the Act and Regulation 18(1) of SEBI (LODR) Regulation, 2015 w.e.f. 20
January 2025, due to vacancies in the position of Independent Directors.
iv) The Quorum of Audit Committee meeting held on 30 January
2025 was not in compliance with Regulation 18(2)(b) of SEBI (LODR) Regulations, 2015, due
to vacancies in the position of Independent Directors.
v) The Composition of Nomination and Remuneration Committee was not in
compliance with Regulation 19(1) & (2) of SEBI (LODR) Regulation, 2015 w.e.f. 28
December 2024 and was not in in compliance with Section 178(1) of the Act w.e.f. 20
January 2025, due to vacancies in the position of Independent Directors.
vi) The composition of Stakeholders Relationship Committee was not in
compliance with Regulation 20 of SEBI (LODR) Regulation, 2015 and Section 178(5) of the
Companies Act, 2013 w.e.f. 7 February 2025, due to vacancies in the position of
Independent Directors.
vii) The composition of Risk Management Committee was not in compliance
with Regulation 21 of SEBI (LODR) Regulation, 2015 w.e.f. 7 February 2025, due to
vacancies in the position of Independent Directors.
viii) The composition of CSR Committee was not in compliance with
Section 135 of the Companies Act, 2013 w.e.f. 7 February 2025, due to vacancies in the
position of Independent Directors.
It is informed that the above mentioned non-compliance is due to
non-appointment of requisite number of Independent Directors on the Board of BEL. BEL
being a Govt. Company, all Directors on the Board of BEL are appointed by the Govt. of
India and the selection process & appointment, which involves various Ministries and
approval by the ACC, takes time and is beyond the control of the Company.
Reporting of Frauds by Auditors
During the year, neither the Statutory Auditor nor the Secretarial
Auditor have reported to the Audit Committee under Section 143(2) of the Companies Act,
2013, any instance of fraud committed against the Company by its officers or employees,
the details of which would need to be mentioned in the Board's Report.
Annual Return
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the
Annual Return in the prescribed format has been hosted on the website of the company at -
https://bel-india. in/investors/#annualreports
Risk Management
Pursuant to the Reg.21 of SEBI (LODR) Regulations, 2015, the Board of
Directors of the Company has constituted a Risk Management Committee. The details of the
Committee and its terms of reference, Risk Management Policy etc. are set out in the
Corporate Governance Report and a detailed note on Risk Management is provided in the
Management Discussion and Analysis Report, which forms a part of this report.
Company's Policy on Director's Appointment,Remuneration and
Board Evaluation
The Board has, on the recommendation of the Nomination &
Remuneration Committee framed a policy for the selection and appointment of Directors,
Senior Management and their remuneration, Board Evaluation etc. The details are set out in
the Corporate Governance Report, which forms part of this report.
Vigil Mechanism / Whistle Blower Policy
The Company has a vigil mechanism named the Whistle-Blower Policy to
deal with instances of fraud, mismanagement and unethical behaviour, if any. The details
of the policy are set out in the Corporate Governance Report.
Declaration from Independent Director(s)
The Company has received necessary declaration from Independent
Director(s) of the Company under Section 149(7) of the Companies Act, 2013 and Regulation
16(1)(b) of SEBI (LODR) Regulations, 2015 that the Independent Director(s) of the Company
meet with the criteria of his Independence laid down in the Companies Act, 2013 and SEBI
(LODR) Regulations, 2015.
Management Discussion and Analysis Report
Management Discussion and Analysis Report required under the SEBI
(LODR) Regulations, 2015 and also under the Government (DPE) Guidelines on Corporate
Governance for Central Public Sector Enterprises (CPSEs), is attached to this Report as Annexure-4.
Particulars of Loans, Guarantees & Investments
In terms of Circular No. GSR 463(E) dated 5 June 2015 issued by the
Ministry of Corporate Affairs, Government of India, the Company being a Government Company
engaged in Defence production is exempt from Section 186 of the Companies Act, 2013.
Particulars of Employees and Related Disclosures
The provisions of Section 197 of the Companies Act and the relevant
Rules regarding particulars of employees drawing remuneration in excess of the limits
specified are exempted for Government Companies, in view of the Gazette Notification No.
GSR 463 (E) dated 5 June 2015 issued by the Ministry of Corporate Affairs, Government of
India.
Internal Financial Controls
The Company has in place adequate internal financial controls with
reference to financial statements. A detailed note on Internal Financial Controls is
provided in the Management Discussion and Analysis Report, which forms part of this
report.
Audit Committee
As on 31 March 2025, the Audit Committee comprised of Non-Executive
-Nominee Director viz., Mr Rajeev Prakash and Dr. Binoy Kumar Das as its Members. During
FY 2024-25, all the recommendations made by the Audit Committee were accepted by the
Board.
Corporate Governance Report
In terms of Regulation 34 of the SEBI (LODR) Regulations, 2015 and DPE
Guidelines, a Report on Corporate Governance along with a Compliance Certificate issued by
the Statutory Auditors of the Company is attached with this report as
Annexure-5.
Business Responsibility and Sustainability Report (BR&SR)
The SEBI (LODR) Regulations, 2015 mandated the inclusion of the
Business Responsibility & Sustainability Report (BR&SR) as part of the Annual
Reports for the top 1,000 listed entities based on market capitalisation. In terms of
Regulation 34(2) (f) of Listing Regulations, a BR&SR for FY 2024-25 describing the
initiatives taken by the Company from an Environmental, Social and Governance (ESG)
perspective, in the format as specified by SEBI from time to time is attached with this
report as Annexure-6.
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo
Your Company, being a Defence PSU, the disclosure of information with
respect to conservation of energy, technology absorption, foreign exchange earnings and
outgo under the provisions of Section 134(3)(m) read with Rule 8(3) of the Companies
(Accounts) Rules, 2014 (as amended) is not required as the Ministry of Corporate Affairs
vide Notification GSR No. 680 (E) dated 4 September 2015 has granted exemption to Defence
Public Sector Undertakings.
Compliance with Secretarial Standards
The Company complies with all applicable mandatory Secretarial
Standards issued by the Institute of Company Secretaries of India.
Acknowledgement
Your Directors place on record their deep appreciation and gratitude
for the valuable support received from all the customers, particularly the Defence
Services and the Paramilitary Forces and look forward to their continued support and
co-operation in future. Your Directors also place on record their gratitude for the
support received from the various Ministries of the Government of India, especially the
Ministry of Defence, the Department of Defence Production. Your Directors express their
gratitude to the Defence Research and Development Organisation (DRDO) and the various
Research Laboratories under DRDO, particularly in the joint development programmes and new
products. Your Directors express their sincere thanks to the Comptroller and Auditor
General of India, Statutory Auditors, Branch Auditors, Cost Auditors, Secretarial
Auditors, Company's Bankers, Collaborators and Vendors. Your Directors appreciate the
sincere effort by the employees at all levels, which enabled the Company to achieve a good
performance during the year. Your Directors express their appreciation and gratitude to
all the shareholders/investors for the trust and confidence reposed in the Company and
look forward to their continued support and participation in sustaining the growth of the
Company in the coming years.
| For and on behalf of the Board |
| Bengaluru Manoj Jain |
| 28 July 2025 |
| Chairman & Managing Director |
|