Covid-19 impact: BHEL posts net loss of ₹1,532 cr in Q4, total income plunges
Due to Covid-19 and extraordinary circumstances, the board of BHEL refrained from recommending the final dividend for FY20
New Delhi: Public sector engineering major Bharat Heavy Electricals Ltd (BHEL) on Saturday posted a net loss of ₹1,534 crore in the quarter ended March compared to a net profit of ₹676 crore in Q4FY19.
Total income fell to ₹5,198 crore in Q4FY20 from ₹10,492 crore in Q4FY19. Total expenses too came down to ₹5,906 crore from ₹9,217 crore in the same period.
The March quarter is an execution-heavy quarter for capital goods companies whose deliveries were hit by the Covid-19 nationwide lockdown in the last week of March.
BHEL said the manufacturing facilities and site executions were inoperative from March 23 to 31 which along with the Covid-19 impact globally (before the lockdown in India) impacted the revenues.
"Broadly, the impact on revenue for the year (2019-20) is assessed at ₹4,000 crore. Based on internal and external information, the company expects to recover the carrying amount of its assets, investments, trade receivable, contract assets and inventories."
Due to Covid-19 and extraordinary circumstances, the board of BHEL refrained from recommending the final dividend for FY20.
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