Backed by higher sales and better cost management efforts, state-run power equipment major Bharat Heavy Electricals Ltd (Bhel) on Tuesday announced a 22% jump in net profit to Rs 816 crore for the April-June quarter. Its profit for the corresponding period last fiscal stood at Rs 668 crore.
The sales in the first quarter climbed to Rs 7,433 crore from Rs 6,761 crore in the year-ago period. The good quarterly profit has been mainly attributed to the increased sales and prudential cost management efforts, especially in tackling material expenses.
“With this, Bhel has maintained its track record of earning profits uninterruptedly for nearly four decades without a break. Bhel’s turnover has increased by three times and net profit by four times in the last five years,” the statement said.