Reflecting the slowdown witnessed by the power sector, power plant equipment maker Bharat Heavy Electricals Ltd (BHEL) has witnessed a near 30 per cent erosion in turnover in the second quarter of current fiscal compared to the corresponding quarter last year.
The company’s order book position at the end of the September quarter stock was a little over ₹1.03 lakh crore.
The standalone (unaudited) results for the Q2 of current fiscal showed that BHEL’s income from operations was ₹6,319.31 crore as against ₹9,315.56 crore in the corresponding quarter in the previous fiscal. The cost of materials consumed (including erection and engineering) was down to ₹3,753.05 crore as against ₹ 5,559.12 crore in the same quarter last fiscal.
With the other income down to ₹196.12 crore in the second quarter this year as against ₹497.90 crore in the same quarter in 2013-14 FY, the profit from ordinary activities after finance cost but before exceptional items was down sharply to ₹208.83 crore from ₹646.49 crore in the corresponding period last year. After providing for a tax expense of ₹83.99 crore (₹190.54 crore), the net profit for the latest quarter fell to ₹124.84 crore from ₹455.95 crore. The EPS slipped to ₹0.51 from ₹1.86 in the second quarter of last year.
The company said that its order book at the end of the second quarter this year stood at about ₹1,03,700 crore.
The stock shed ₹5.50 to trade at ₹242.30 with a trading volume of about 54 lakh shares on the NSE around 1.15 p.m. today.