BEL hits record high on strong Q1 results; stock up 32% so far in 2023

Shares of Bharat Electronics Limited (BEL) rallied 3 per cent to touch a record high level of Rs 131 per share in Friday’s intra-day trade after the company reported 23 per cent year-on-year (YoY) jump in net profit at Rs 530.8 crore in the April-June quarter of fiscal year 2023-24 (Q1FY24).

So far this year (CY23), shares of BEL have soared over 32 per cent, as against a 9 per cent surge in the S&P BSE Sensex.

The state-owned company saw 12.5 per cent YoY revenue growth to Rs 3,446 crore in Q1FY24, whereas total expenses climbed 9.4 per cent YoY to Rs 2,948 crore.