BHEL Q1 net plummets 82% to Rs33.89 crore

08 Aug 2015

State-run electrical gear manufacturer Bharat Heavy Electricals Ltd (BHEL) has reported an 82.48 per cent fall in its standalone net profit at Rs33.89 crore for fiscal first quarter ended 30 June 2015, pulled down by a big fall in sales volume.

BHEL had reported a net profit of Rs193.50 crore in the corresponding quarter of the previous fiscal, the company said in a filing with the Bombay Stock Exchange (BSE).

Net sales during the quarter were at Rs4,280.76 crore, registering a decline of 15.5 per cent year-on-year.

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.

BHEL posted an operating loss of Rs451 crore during the June quarter, however, BHEL managed to post a profit because its other income rose in the June quarter to Rs492 crore against Rs347 crore during the year-ago quarter.

BHEL said that it had order book worth Rs1,16,000 crore at the end of the first quarter.

BHEL shares declined by nearly 6 per cent, wiping-out Rs4,014 crore from its market valuation.

Reacting to the numbers, shares of the company dipped 5.81 per cent to settle at Rs 265.80 on BSE. During the day, it slipped 10.4 per cent to Rs 252.85.

At the NSE, the stock tumbled 5.77 per cent to Rs 266.15 at close. The stock was the top loser among the blue-chips on both Sensex and Nifty.