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HindustanTimes Wed,23 Apr 2014

BHEL Q2 net dips 10%; shares tank

HT Correspondent, Hindustan Times  New Delhi, October 29, 2012
First Published: 22:01 IST(29/10/2012) | Last Updated: 22:05 IST(29/10/2012)

State-owned equipment manufacturing giant Bharat Heavy Electricals Limited (BHEL) on Monday reported a nearly 10% year-on-year decline in its net profit at Rs. 1,274.5 crore for the second quarter ended September 30.

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BHEL had posted a net profit of R1,412 crore during the consecutive quarter previous year.

In a filing to stock exchange, the company said its income from operations grew a little over 2% at Rs. 11,009.3 crore from Rs. 10,758.1 crore in the year-ago period.

The company's orderbook stands at Rs. 1.3 lakh crore.

The fall in profits saw the shares of BHEL dropping over 6%, wiping off Rs. 3,672 crore in investor wealth. Shares of BHEL fell by 6.6% to finally settle at Rs. 227.3, down 6.2% on the BSE. At NSE, the scrip closed at Rs. 226.5, down 6.6%.

"The key concern of erosion in the company's order backlog remains," said Rikesh Parikh, vice-president, Markets Strategy and Equities, Motilal Oswal Securities.

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