Shares of BHEL
dipped over 12% to hit their lowest since January 2017 after the company's standalone net profit
declined by 57% to Rs 215.55 crore in the fourth quarter ending March 31, 2017, as against Rs 505.71 crore in the corresponding quarter of the previous financial year due to lower income and provisions for higher wages.
dipped as much as 12.8% to Rs 133.65, its lowest since January 25, 2017 on the BSE.
On the BSE, 17.11 lakh shares exchanged hands on the counter so far, compared with average daily volumes of 7.85 lakh shares in the past one quarter.
has underperformed the market over the past one month by falling 12.75% compared with the 3.98% gains in the Sensex by Monday's closing. The scrip has also underperformed the market in past one quarter, sliding 5.37% against over 8% gains in Sensex.
According to the company's statement in a BSE
filing, the total standalone income decreased to Rs 10,302.79 crore in the quarter under review from Rs 10,870.49 crore year ago.
The standalone net profit
of the company was Rs 495.86 crore in 2016-17 while it had reported a loss of Rs 709.60 crore in 2015-16.
The standalone total income rose to Rs 30,201.39 crore in 2016-17 from Rs 28,136.09 crore in the previous FY.
The company has made a provision of Rs 961 crore for 2016-17 based on the estimates as per third pay revision committee recommendation in view of pending finalisation of agreement for wage/salary structure due from January 1, 2017.
"During the year, BHEL
recorded a turnover of Rs 28,840 crore, up 11 per cent over the previous year, after reversing the trend of negative topline growth prevailing for the last three years," BHEL
Chairman and Managing Director Atul Sobti told PTI.
Sobti said, "The company also returned to profitability with a profit before tax (PBT) of Rs 628 crore as compared to a loss of Rs 1,164 crore (IND-AS restated) in the last fiscal. Net profit
stood at Rs 496 crore, against a net loss of Rs 710 crore (IND-AS restated) in the previous year."
In addition to the interim dividend of Rs 0.80 already paid, the board has recommended a final dividend Rs 0.78 per share (face value of Rs 2 each) for 2016-17 at its meeting held on Monday.
The company said that the final dividend, if declared by the company in the Annual General Meeting shall be paid/dispatched on October 10, 2017.
The company has an outstanding order book position of Rs 1,05,200 crore as at the end of 2016-17.