BHEL falls on halving in provisional FY14 profit

Net profit for FY14 more than halved to Rs 3,228 crore on account of low volumes and challenges in the domestic power sector.

Bharat Heavy Electricals Limited (BHEL) is trading lower by nearly 3% at Rs 179 on the NSE, after the company said net profit for the financial year 2013-14 (FY14) more than halved to Rs 3,228 crore on account of low volumes and challenges in the domestic power sector.  The power equipment major had posted a net profit of Rs 6,615 crore in FY13, BHEL said.

The state-owned major’s turnover declined to Rs 40,366 crore from Rs 50,156 crore in FY13, as per a regulatory filing on its provisional earnings for the year ended March 31, 2014.

Order inflows fell to Rs 28,007 crore in the year ended March 2014 from Rs 31,650 crore last year. The company’s total order book stood at Rs 1,01,538 crore.

The stock opened at Rs 181 and hit a low of Rs 178 so far. A combined 2.61 million shares changed hands on the counter till 1050 hours on the NSE and BSE.