BHEL's net profit in March quarter down y-o-y by 25%

22 May 2024 , 11:10 AM

Bharat Heavy Electrical Ltd (BHEL), a state-owned company, stated on Tuesday that its consolidated net profit fell by more than 25% to ₹489.62 Crore in the March quarter, owing to higher expenses. According to a regulatory filing, its consolidated net profit for the three months ended March 31, 2023 was ₹658.02 Crore.

The company’s total expenses rose to ₹7,794.11 Crore in the quarter, up from ₹7,411.64 Crore in the same period last year.

Total income increased marginally in the quarter to ₹8,416.84 Crore, up from ₹8,338.61 Crore the previous year.

The board has recommended a final dividend of 12.50%, or 25 paise per share having a face value of ₹2 each, on the company’s paid-up share capital for fiscal year 2023-24, it noted.

Its consolidated net profit for fiscal 2023-24 fell to ₹282.22 Crore from ₹654.12 Crore in 2022-23. Total revenue for the fiscal year grew marginally to ₹24,439.05 Crore from ₹23,853.57 Crore in 2022-23.

In the fourth quarter, the company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) were ₹892.78 Crore, compared to ₹1,160.6 Crore in the previous year.

BHEL is India’s largest engineering and manufacturing company in the energy and infrastructure industries. Established in 1964, it is a global leader in power equipment manufacturing and has played a significant role in creating an Aatmanirbhar Bharat.

At around 11.06 AM, BHEL was trading 4.75% lower at ₹304.05, against the previous close of ₹319.20 on NSE. The counter touched an intraday high and low of ₹309.65 and ₹295, respectively.

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