Bhel reports first ever annual loss
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The slowdown in the capital goods industry has pushed Union government-controlled Bhel (Bharat Heavy Electricals Ltd) into its first-ever annual loss of Rs 896 crore for the year ended March. It had recorded a profit of Rs 1,452 crore in 2014-15.
On stand-alone basis, its net profit declined 60 per cent to Rs 359.6 crore for the quarter ended March, against Rs 888 crore in 2014-15, on lower income from operations. Total income from operations fell 21.5 per cent to Rs 10,005 crore during January-March 2016 compared to Rs 12,745 crore a year ago. Total expenses decreased to Rs 9,884 crore, over Rs 11,345 crore a year ago.
K K Mittal, managing director, Globe Capital, said the company has been taking measures to control costs which has helped it improve performance in the fourth quarter after it recorded losses in the quarter ending December 2015.
On the consolidated basis, it had posted a net profit after taxes, minority interest and share of profit of associates of Rs 1452.38 crore for the year ended March 31, 2015.
The board of directors has recommended a final dividend of Rs 0.40 per share.
The company has an outstanding order book position of Rs 1,10,730 crore at the end of 2015-16. "Orders worth Rs 7,429 crore have been excluded during the year (Rs 3,783 crore excluded in fourth quarter) from the order outstanding which are not likely to commence and this has no impact on revenue," the company said.
Mittal said mining, coal and gas sectors performing well, the company is likely to see an improvement in business environment. Shares of the company closed at Rs 128.20 a piece on the Bombay Stock Exchange, down 0.19 per cent from the previous close.
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