BHEL Q4 net up 40% at Rs 6,053 cr

State-run Bharat Heavy Electricals (BHEL) today posted a nearly 40% jump in consolidated net profit at Rs 6,053.36 crore for the forth quarter ended March 31, 2011.

In the year-ago period, it had a profit of Rs 4,326.92 crore.

The company's total income on a consolidated basis rose to Rs 43,678.62 crore from Rs 34,498.51 crore in the same period a year-ago, the company said in a filing to the Bombay Stock Exchange (BSE).

The bellwether's board of directors recommended 179% dividend, amounting to Rs 17.90 a share for the year 2010-11. This would be in addition to an interim dividend of Rs 13.25 a share.

BHEL also announced splitting of stocks of face value Rs 10 into five shares having a value of Rs 2 each.

"The impact due to change in the accounting policy for the year 2010-11 is increase in turnover by Rs 2,772.79 crore, provision for contractual obligation by Rs 2,077.31 crore and profit before tax by Rs 695.48 crore," the filing noted.

On a standalone basis, the entity saw its profit in 2010-11 climb 39% to Rs 6,011.20 crore. This is in contrast to Rs 4,310.64 crore in the same period a year-ago.

Standalone total income was recorded at Rs 43,379.89 crore as against Rs 34,198.47 crore in year-ago period.

BHEL made a profit of Rs 2,798.04 crore for three months ended March 31, a 46% rise over the year-ago period. In comparable three months, profit was at Rs 1,909.58 crore.

The company shares closed 6.6% down at Rs 1,935.60 a piece on the BSE.