Bharat Heavy Electricals advances on winning order of compressor package from Iraq

Bharat Heavy Electricals (BHEL) rose 2.44% to Rs 50.30 after the company announced that it has bagged an order of compressor package from Iraq.

The order for the package for Baiji Refinery in Iraq, had been placed by Northern Refineries Company (NRC), a National Oil refinery company owned by Ministry of Oil, Republic of Iraq.

The order involves the design, engineering, manufacturing and supply of electric motor driven Recycle Gas Centrifugal compressor and will be executed by BHEL's International Operations division along with its manufacturing units at Hyderabad (Telangana) and Bhopal (Madhya Pradesh). The new compressor will replace the existing compressor, also supplied by BHEL in 2000, which was damaged due to the war in Iraq.

BHEL has a strong presence in Iraq, having supplied several gas turbine based power plants, including 4x157 MW Gas Turbine Generator (GTG) units for Baiji Power Station and 2x125 MW GTG units for Rumailla Power Station. BHEL has also executed a turnkey order for construction of 4x125 MW gas turbine based Sulaymaniyah Power Project in Iraq.

State-run BHEL is engaged in design, engineering, construction, testing, commissioning and servicing of a wide range of products and services to the core sectors of economy. As of 31 December 2021, the Government of India held 63.17% stake in the company.

The PSU company posted a standalone net profit of Rs 14.26 crore in Q3 FY22 as compared to a standalone net loss of Rs 230.99 crore registered in Q3 FY21. Standalone net sales grew by 17% to Rs 4,918 crore in Q3 FY22 from Rs 4,203 crore posted in Q3 FY21.

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