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BHEL net up 3.9% at Rs 81 cr; board nod for bonus issue

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BHEL

NEW DELHI:  State-run power equipment maker BHEL has posted a 3.92 per cent jump in standalone net profit to Rs. 80.82 crore for the quarter ended June 30, 2017.

The company had reported a standalone net profit of Rs. 77.77 crore for the quarter ended June 30, 2016, BHEL said in a BSE filing today.

Overall income rose to Rs. 6,194.21 crore for the quarter ended June, from Rs. 6,070.21 crore in the year-ago period.

The company has an outstanding order book position of Rs. 1,01,380 crore as on June 30, 2017.

The company said maintaining the positive trend of 2016-17, it has reported a growth in profitability.

For the standalone first quarter of FY 2017-18, it reported a turnover of Rs. 5,607 crore, almost similar to the corresponding quarter’s figure, it added.

At a meeting held today, its board of directors has recommended the issue of bonus shares in the ratio of 1 bonus share of Rs. 2 against 2 existing equity shares of Rs. 2, subject to approval of shareholders.

“Maintaining the growth momentum has been made possible by a slew of strategic initiatives and cost optimisation measures put in place by the management,” Atul Sobti, Chairman and Managing Director, BHEL, told PTI.

He further said the company is enhancing its focus on diversifying in the non-thermal power segment and other new areas, while maintaining its leadership status in the power sector.

As part of this, he said, the focus is on creating new verticals within the company to capitalise on the massive infrastructure spending by the government, with a special focus on Indian Railways, defence and other industrial products to drive the next wave of growth.

BHEL has also been focusing on sustainable energy development by offering EPC solutions in solar and environment-friendly supercritical technology in the thermal sector, it added.

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