New Delhi: In the second quarter of the current fiscal, government-owned power plant equipment manufacturer Bharat Heavy Electricals Ltd (BHEL) has registered a 60 percent surge on October 25 as its order book more than doubled.
Net profit of the company stood at Rs 1.85 billion, or Rs 0.50 per share, in July-September period of this year compared with Rs 1.15 billion, or Rs 0.31 a share, in the same period a year ago, a statement released by BHEL said. Its turnover also rose 7 per cent to Rs 66.07 billion.
Order book more than doubled to Rs 95.30 billion
“In a highly competitive and shrunken market, concerted efforts have resulted in the order book more than doubling to Rs 95.30 billion for the first half of 2018-19 fiscal (April 2018 to March 2019) compared to Rs 36.18 billion in the six months of corresponding FY17-18,” BHEL said. This resulted in an outstanding order book of Rs 1155.33 billion at the end of the second quarter of FY18-19, which is 19 per cent higher than last year, the statement said. For the first half of the current fiscal, BHEL had recorded a net profit of Rs 3.41 billion, marking an increase of 74 percent, and a turnover of Rs 123.97 billion, up by 8 per cent over FY 2017-18.
‘Strategic initiatives pushed up growth figures’
BHEL Chairman and Managing Director Atul Sobti said that the company has delivered a resilient performance due to the adoption of strategic initiatives like accelerated execution, cost control, and resource optimisation measures, resulting in significant progress in enhancing profitability and productivity, reinforcing leadership in the power sector, and strengthening non-power business areas. He said that these achievements, along with the strategies in place, had strengthened BHEL’s pre-eminent position among national assets and assuring its continued contribution in building a ‘New India.’
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