Financial Daily from THE HINDU group of publications
Tuesday, May 11, 2004
Financial Daily from THE HINDU group of publications Tuesday, May 11, 2004 |
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Corporate
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Short Term Instruments BEL retains rating for debt programme Our Bureau
Bangalore , May 10 ICRA has retained its highest safety rating for BEL's Rs 200-crore short-term debt programme. The A1+ rating takes into account BEL's strong position in supply of strategic equipment to the defence forces, its majority ownership by the Centre, established manufacturing base, high financial flexibility and comfortable capital structure, ICRA said in a release. With a buoyant growth in the past three years, the company grossed Rs 2,508 crore and net profit of Rs 261 crore in 2002-03. Its sales growth was 29 per cent in 2002-03. BEL is also modernising its old testing equipment facilities and expects a higher capital expenditure over the next two years. The return on capital expenditure for 2002-03 was 39 per cent owing to improved productivity and increased outsourcing of low value-added activities.
More Stories on : Short Term Instruments | Credit Rating | Electronics
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