Navratna Defence PSU Bharat Electronics (BEL) has signed an agreement with Meslova Systems, for cooperation in the areas of artificial intelligence and machine learning (AI&ML) for air defence (AD) systems/platforms for the Armed Forces.
Hyderabad-headquartered Meslova designs, develops and delivers domain-specific products and applications using artificial intelligence to some of the largest governments and enterprises. This MoU aims at leveraging the complementary strengths and capabilities of BEL and Meslova, a statement said. It will enable the two companies to develop and deploy various products and services for AD systems/platforms of the Armed Forces, wherein AI&ML is embedded and integrated as part of the products.
BEL and Meslova would jointly develop, build, integrate and deploy embedded products, solutions and systems using AI&ML technologies for use in AD systems/platforms for domestic and export markets, an official statement said. BEL CMD Dinesh Kumar Batra and Meslova Systems CEO K Satyaprasad exchanged the MoU signed between BEL and Meslova at the Defexpo 2022.
Meanwhile, Bharat Electronics (BEL) has posted a profit after tax at Rs 611.05 crore for the quarter ended September 30, against Rs 612.60 crore in the year-ago period.
During the reviewed quarter, the Bengaluru-headquartered BEL said it achieved a turnover of Rs 3,896.20 crore, against Rs 3,622.42 crore recorded in the corresponding period of the previous year.
The defence firm’s profit before tax (PBT) during the first half of the financial year 2022-23 (FY2022-23) stood at Rs 1,402.96 crore, with a 66.44 per cent growth over the PBT of Rs 842.91 crore in the year-ago period.
Profit After Tax (PAT) during the first half of FY2022-23 stood at Rs 1,042.54 crore, with a 67.14 per cent growth PAT of Rs 623.75 crore recorded in the corresponding period of the previous year. The company said its order book position at September-end stood at Rs 52,975 crore, more than four times its annualised sales revenues.
During the quarter, BEL issued bonus shares in the ratio of 2:1 i.e. 2 shares for every 1 share of BEL held cum bonus.
Last week, the defence firm signed an agreement with Triton Electric Vehicle (TEV), for the manufacture of hydrogen fuel cells by BEL with technology transfer from TEV, to meet the requirements of the Indian market and mutually-agreed export markets, a company statement said.
The company said the agreement aims at tapping the demand for clean energy solutions for various applications including for e-mobility, by leveraging the government’s thrust for adopting clean energy fuels for applications in transport, energy storage and so on.
The shares of Bharat Electronics were trading at Rs 104.65 a piece on Friday noon on BSE.