According to a report published by Crisil Research on 21 April 2011, the revenue of company has increased but EBITDA margins have reduced significantly from % in March 2009 to % in March 2010. Its revenue it is bigger than its peer competitors like Astra Microware Products Limited, Gemini Communications Limited and Sterlite Technologies Limited . BEL's EBITDA margin is lower than Astra and Gemini though they are small in size. The reason for increased top line growth is the increased expenditure on defence by Government of India. Last three years PAT remains stable because of lower interest rate and forex gain of close to ₹700 million compared to forex loss in FY 09 of ₹ million.