Mumbai: Bharat Heavy Electricals Ltd's shares were down over 3 per cent today after the company's net profit more than halved in the previous financial year. Shares settled down by 3.32 per cent at Rs 177.85 on the BSE. During the day, the stock lost 4 per cent to Rs 176.45.
The blue-chip scrip was the top loser among the 30-Sensex components. At the NSE, the stock fell by 3.43 per cent to settle at Rs 177.20. Net profit of BHEL for FY14 more than halved to Rs 3,228 crore on account of low volumes and challenges in the domestic power sector. The power equipment major had posted a net profit of Rs 6,615 crore in 2012-13. The state-owned major's turnover declined to Rs 40,366 crore from Rs 50,156 crore in 2012-13.
"Profit impact is due to low volumes. Certain ongoing projects have got impacted as the Indian power sector continues to be besieged with issues relating to fund constraints, land acquisition, clearances and coal linkages," BHEL had said.
