New Delhi: State-owned power plant equipment manufacturer Bharat Heavy Electricals Ltd (BHEL) on Thursday reported a 60 per cent surge in its September quarter net profit as its order book more than doubled.
Net profit of the company stood at Rs 185.17 crore, or Rs 0.50 per share, in July-September period of this year compared with Rs 115.42 crore, or Rs 0.31 a share, in the same period a year ago, the company said in a statement here.
Turnover rose 7 per cent to Rs 6,607 crore. "In a highly competitive and shrunken market, concerted efforts have resulted in the order book more than doubling to Rs 9,530 crore for the first half of 2018-19 fiscal (April 2018 to March 2019) compared to Rs 3,618 crore in the six months of corresponding FY17-18," BHEL said.
This resulted in an outstanding order book of Rs 1,15,533 crore at the end of the second quarter of FY18-19, which is 19 per cent higher than last year. For the first half of FY 2018-19, the company recorded a net profit of Rs 341 crore, an increase of 74 per cent, and a turnover of Rs 12,397 crore, up by 8 per cent over FY 2017-18.
Talking to PTI, BHEL Chairman and Managing Director Atul Sobti said that the company has delivered a resilient performance due to the adoption of strategic initiatives like accelerated execution, cost control, and resource optimisation measures, resulting in significant progress in enhancing profitability and productivity, reinforcing leadership in the power sector, and strengthening non-power business areas.
He said that these achievements, along with the strategies in place, are strengthening BHEL's pre-eminent position among national assets and assuring its continued contribution in building a 'New India'.