Bharat Electronics Limited announced that at its board meeting held on January 28, 2023, has appointed Shri Damodar S Bhattad, Director (Finance) as Chief Financial Officer (CFO) (KMP) with effect from 28th January, 2023. Mr. Damodar Bhattad S has taken charge as the Director (Finance) of Navratna Defence PSU Bharat Electronics Limited (BEL) with effect from January 11, 2023. He was working as General Manager (Finance) at BEL s Corporate Office prior to his elevation.

Mr. Damodar Bhattad is a Chartered Accountant, who had secured All India Rank in ICAI final examination. A B.Com Graduate from the University of Madras, he joined BEL as Accounts Officer at its Chennai Unit in 1988 and in a career spanning over 34 years, served the company in various roles and capacities. As Head of Finance at BEL Corporate Office, he played a significant role in the formulation of various company policies and procedures.

He also played a pivotal role in BEL recording its highest ever turnover of INR 150,440 million in fiscal year 2022 and achieving an order book of more than INR 500,000 million. As Head of Funds, he efficiently managed Working Capital and ensured BEL remained debt free. He and his team played a key role in the efficient collection of Trade Receivables in the last two years (fiscal years 2021 and 2022).

He also initiated investment of surplus funds in Mutual Funds, which increased the company's returns from Treasury Management. Mr. Damodar Bhattad has ensured that adequate internal financial controls are put in place in BEL and the company's Risk Control Matrix is current and updated. He has been a member of various Management Committees - Management Audit Committee, Corporate Risk Management Committee, CSR Screening Committee and Invitee of Audit Committee and Capital Investment Committee to name a few, and has been able to provide valuable insights to BEL Management from the Finance perspective.

Mr. Damodar Bhattad was Lead Member (Finance) for devising a business-cum-growth plan for BEL with respect to a strategic advisory services contract signed by the Defence major with a leading consultancy firm. He has been an integral part of the BEL Management team at various analysts/investor conferences. He has played a major role in BEL making the leap from conventional financial reporting to the more holistic approach of bringing out its first Integrated Annual Report in 2021-22.

He believes and supports initiatives which increase BEL's value for shareholders, in terms of higher Dividend payout and capitalization of reserves.