Bangalore, April 16: Bharat Electronics Ltd. (BEL) registered a turnover of Rs. 4,114 crore in 2007-08 and a pre-tax profit of Rs. 1,109 crore. While the turnover has risen by about four per cent, the pre-tax profit has increased by about five per cent over 2006-07. Exports increased by more than 30 per cent in 2007-08, touching $15.4 million (Rs. 61 crore).

Announcing the financial results for the last fiscal, V. V. R. Sastry, Chairman and Managing Director, said that the company's topline had been under pressure because the "procedures for procurement by the defence Agencies

have changed, leading to delays."

Mr. Sastry said the opening up of the defence sector in recent years had exposed the company to greater competition. "The entry of Indian and foreign private companies means we have to take a fresh look at our business," he said. He pointed out that only 30-35 per cent of the capital goods used in the defence sector is from Indian sources. "Developing indigenous sources of supplies is a challenge for us, but it also offers opportunities," he said.

The company is exploring possibilities for organic and inorganic growth. He said the company was looking at 4-5 companies for acquisition, but refused to identify the targets. Mr. Sastry said a "multinational consultant has been engaged" to help BEL make acquisitions.