BHEL slips 9% on posting Rs 231 crore loss in December quarter
Shares of Bharat Heavy Electricals Limited (BHEL) slipped 9 per cent to Rs 39.55 on the BSE in Monday's intra-day trade, in an otherwise strong market, after the company reported a loss of Rs 231 crore in the December quarter (Q3FY21) due to poor operational performance. The state-owned heavy equipment company had posted a profit after tax of Rs 159 crore in Q3FY20.
At 12:29 pm, BHEL was trading 8 per cent lower at Rs 40.10 on the BSE as compared to a 0.99 per cent risen in the S&P BSE Sensex. A combined around 94 million equity shares have changed hands on the counter so far on the NSE and BSE.
The company’s turnover during the quarter under review declined 23 per cent at Rs 4,203 crore impacted by execution headwinds and pandemic. It posted a loss of earnings before interest, taxes, depreciation, and amortization of Rs 94 crore against a profit of Rs 480 crore in the year-ago quarter.
For Q3FY21, order inflow came in at Rs 3,890 crore. Order backlog was at Rs 1.07 trillion, (80 per cent executable) comprising power (Rs 86,325 crore), industry (Rs 13,057 crore) and exports (Rs 7,304 crore). BHEL said it is favourably placed in NTPC Talcher TPP (2x660 MW), few FGDs and boiler modification projects.
Tendering is underway for 6x700 MWe NPCIL (TG island package), 2X660 MW Pench TPP, 3X800 MW Talabiraall on engineering, procurement and construction (EPC) basis. Tenders for Flue-gas desulfurization (FGD) of around 30 GW power stations are in various stages of processing. A similar quantum of new tenders for FGD are likely to be issued during coming quarters, it said.