BackBhel stock slumps 6.3% as Q3 net profit falls 69.4%
Net profit fell 69.4% in the December quarter to Rs212.6 crore compared with Rs694.81 crore a year ago
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Mumbai: Shares of Bharat Heavy Electricals Ltd (Bhel) on Friday fell as much as 6.3% after the company reported earnings below estimates. This is the sharpest decline since 13 August.
Apart from a drop in revenue and profits from the year-ago period, the country’s largest power equipment maker failed to meet the already-watered-down forecasts of brokerage firms.
Net profit fell 69.4% in the December quarter to ₹ 212.6 crore compared with ₹ 694.81 crore a year ago. Net sales dropped 28.2% to ₹ 6,078 crore during December quarter from ₹ 8,462.4 crore in the year-ago period, impacted by both power and industry segments.
According to Bloomberg, profit was expected at ₹ 450.4 crore while net sales was expected at ₹ 7,352.40 crore.
At 9.55am, the scrip was trading at ₹ 261.60 on the BSE, down 2.35%, while India’s benchmark Sensex rose 0.5% to 28,945.37 points.
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