Beating market expectations, India’s leading engineering and manufacturing company Bharat Heavy Electricals Ltd (BHEL) on Thursday reported a 13% year-on-year rise in net profit at Rs. 921 crore for the quarter ended June 30, 2012 against Rs. 815 crore in the same period of the last fiscal.
Analysts expected a net profit of Rs. 850 crore and revenues of Rs. 7783 crore during the quarter.
Net sales rose 16.9% at R8,326 crore during the quarter compared to Rs. 7,123 crore a year ago. Income from operations rose 17.6% at Rs. 8,741 crore during the period under review.
The company’s orderbook, however, declined marginally to Rs. 1.3 lakh crore during the quarter against R1.4 lakh crore due to a tight economic environment.
“BHEL reported better-than-expected revenue for the quarter but disappointed on the margins front,” said Rahul Kaul, analyst, Angel Broking.