Bhel Q3 profit falls on slowdown in orders
Bhel’s December quarter net profit fell to `1,182 crore from `1,433 crore in the year-ago period
Mumbai: Bharat Heavy Electricals Ltd (Bhel), India’s top power equipment maker, missed analyst estimates with a 17.5% fall in third-quarter net profit, hit by a slowdown in new orders, sending its shares down more than 4%.
India’s power sector has been badly hit by shortages of coal and gas supplies, delays in environmental approvals for power and mining projects and drying up of funding—severely denting the demand for equipment.
Net profit at the state-run company fell to ₹ 1,182 crore in the quarter ended 31 December from ₹ 1,433 crore in the year-ago quarter.
Analysts, on average, had expected a net profit of ₹ 1,384 crore, according to Thomson Reuters I/B/E/S.
Bhel’s order book stood at ₹ 1.14 trillion, down from about ₹ 1.22 trillion at the end of September.
At 1.48pm, shares of Bhel were down 1.62%, while the broader market was down marginally. Reuters
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