Bharat Heavy Electricals (BHEL) declined 2.16% to Rs 36.25 after the PSU company reported a consolidated net loss of Rs 893.14 crore in Q1 June 2020, higher than net loss of Rs 218.93 crore in Q1 June 2019.
Consolidated net sales tanked 57% to Rs 1,896.57 crore in Q1 June 2020 over Q1 June 2019. Pre-tax loss stood at Rs 1,192.40 crore in Q1 June 2020, higher than pre-tax loss of Rs 346.65 crore in Q1 June 2019. The Q1 earnings were announced after trading hours yesterday, 11 September 2020.
BHEL, in its regulatory filing, stated that its operations and financial results for the quarter have been very adversely impacted by the lockdown imposed to contain the spread of COVID-19. However, the operations gradually resumed with requisite precautions during the quarter with limited availability of workforce and disrupted supply chain.
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 30 June 2020, the Government of India holds 63.17% stake in the company.
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