BHEL Q1 Net Nosedives 82% to Rs 34 crore; Stock Falls 6%

BHEL net profit plunges 84.5 % to Rs 33.89 cr in the June 2015 qtr against Rs 193.5 cr in the previous year ago qtr.

State-run power equipment maker Bharat Heavy Electricals Ltd (BHEL) reported a 82.48 per cent plunge in standalone net profit at Rs 33.89 crore for the quarter ended June 30, due to lower sales.

The PSU firm had reported a net profit of Rs 193.50 crore in the corresponding quarter of the previous fiscal, BHEL said in a regulatory filing.

Net sales during the quarter were at Rs 4,280.76 crore, registering a decline of 15.5 per cent.

The company’s net sales in the year-ago period stood at Rs 5,067.59 crore.

BHEL’s revenue from the power sector declined to Rs 3,357.13 crore during the quarter from Rs 4,144.16 crore in the year-ago period.

“The company has an outstanding order book position of about Rs 1,16,200 crore at the end of Quarter 1/2015-16,” the company said.

BHEL had signed three agreements with Kazakh companies during Prime Minister Narendra Modi’s recent visit to the country.

The first pact was signed with JSC Samruk Energy, the national power utility of Kazakhstan which has a major share in Kazakh’s power sector, BHEL said in a statement last month.

(With inputs from PTI)