BHEL reports record net profit of Rs3,138 crore for fiscal 2008-09

Bharat Heavy Electricals Limited (BHEL) recorded its highest-ever net profit (profit after tax) of Rs3,138 crore in fiscal 2008-09, up 10 per cent from the previous fiscal, as the company built on the growth momentum achieved in the year before with a 31 per cent growth in turnover at Rs28,033 crore.

The record growth in sales and profitability was achieved despite unprecedented increase in raw material costs, chairman and managing director K Ravi Kumar told shareholders at the 45th annual general meeting of BHEL.

This has been achieved due to a recorded a surge in economic value addition at BHEL, which went up to Rs2,008 crore from Rs1810 crore in the year before, he said.

The company also paid the highest-ever total dividend of Rs832 crore for 2008-09 - which is 170 per cent of the paid-up capital (including an interim dividend of 90 per cent) as against 152.5 per cent paid for 2007-08.

The company also surpassed its own record set in 2007-08 by securing orders worth Rs59,678 crore, the highest-ever in a single year, despite operating under intense competitive pressure in domestic and international markets.

Utility orders amounted to 17,020 MW and industry sector order inflows crossed the Rs10,000-crore mark for the first time.