New Delhi: State-run Bharat Heavy Electricals Ltd (Bhel) on Wednesday reported a jump of over 23% in its net profit at Rs471 crore for the first quarter ended 30 June, compared to the same period a year ago.

The power utility firm had a net profit of Rs384 crore during the June quarter a year earlier, Bhel said in a statement to the BSE.

Total income of the public sector major rose to Rs5,898.51 crore in the latest quarter of the current fiscal against Rs4,620.98 crore in the same period last year.

For this quarter, the company has not made provisions for fringe benefit tax (FBT).

“Consequent upon abolition of fringe benefit tax in the Union Budget for the 2009-10 fiscal, no provision for FBT has been made for the quarter,” the company said.

At the end of June quarter, Bhel has an outstanding order book position of about Rs1,24,000 crore, it added.

The company is also expecting six new orders for power equipment with a capacity to generate 600 MW each by the end of this week, Bhel CMD K Ravi Kumar, said.

Shares of Bhel were trading at Rs2,155, down 2.70% in the afternoon trade on the BSE.