BEL net profit dips 16% in 2011-12

State-run defence behemoth Bharat Electronics Ltd (BEL) has reported provisional net profit of Rs725 crore during fiscal 2011-12, posting 16 per cent lower growth over the last fiscal. “We could deliver only 15 Akash surface-to-air missiles to the Indian Air Force (IAF) as against the order of 96 missiles during the fiscal under review due to non-supply of critical systems by our consortium partners. It was one of the major reasons for our modest growth and dip in margins,” BEL chairman and managing director Anil Kumar said here. The profit in the last fiscal (2010-11) was Rs861 crore.