BHEL profit rises 22% in first quarter to Rs 470 cr

State-run Bharat Heavy Electricals (BHEL) today reported a jump of over 22 per cent in its net profit at Rs 470.59 crore for the first quarter ended June 30, compared to the same period a year ago.

The power utility firm had a net profit of Rs 384.41 crore during the June quarter a year earlier, BHEL said in a statement to the BSE.

Total income of the public sector major rose to Rs 5,898.51 crore in the latest quarter of the current fiscal against Rs 4,620.98 crore in the same period last year.

For this quarter, the company has not made provisions for fringe benefit tax (FBT).

"Consequent upon abolition of FBT in the Union Budget for the 2009-10 fiscal, no provision for FBT has been made for the quarter," the company said.

At the end of June quarter, BHEL has an outstanding order book position of about Rs 1,24,000 crore, it added.

The company is also expecting six new orders for power equipment with a capacity to generate 600 Mw each by the end of this week, BHEL CMD K Ravi Kumar said.

Shares of BHEL were trading at Rs 2,155, down 2.70 per cent in the afternoon trade on the BSE.