BHEL Q4 net profit down 57% at Rs 215.55 crore
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New Delhi: State-run Bharat Heavy Electricals Ltd (BHEL)’s standalone net profit declined by 57% to Rs215.55 crore in the fourth quarter ended March, due to lower income and provisions for higher wages.
The company had posted a standalone net profit of Rs505.71 crore in the corresponding quarter of previous fiscal, BHEL stated in a BSE filing on Monday.
According to the statement, total standalone income decreased to Rs10,302.79 crore in the quarter under review from Rs10,870.49 crore year ago. The standalone net profit of the company was Rs495.86 crore in 2016-17 while it had reported a loss of Rs709.60 crore in 2015-16.
The standalone total income rose to Rs30,201.39 crore in 2016-17 from Rs28,136.09 crore in the previous year. The company has made a provision of Rs961 crore for 2016-17 based on the estimates as per third pay revision committee recommendation in view of pending finalisation of agreement for wage/salary structure due from 1 January 2017.
“During the year, BHEL recorded a turnover of Rs28,840 crore, up 11% over the previous year—after reversing the trend of negative topline growth prevailing for the last three years,” BHEL chairman and managing director Atul Sobti told PTI.
Sobti said, “The company also returned to profitability with a Profit Before Tax (PBT) of Rs628 crore as compared to a loss of Rs1,164 crore (IND-AS restated) in the last fiscal. Net Profit (PAT) stood at Rs496 crore, against a net loss of Rs710 crore (IND-AS restated) in the previous year.”
In addition to the interim dividend of Rs0.80 already paid, the board has recommended a final dividend Rs0.78 per share (face value of Rs2 each) for 2016-17 at its meeting held today. The company said that the final dividend, if declared by the company in the Annual General Meeting shall be paid/dispatched on 10 October, 2017. The company has an outstanding order book position of Rs1,05,200 crore as at end of 2016-17