Bhel tanks after unimpressive Q1 results

The state-run firm reported a consolidated net loss of Rs 217.72 crore in Q1 June 2019 compared with a net profit of Rs 40.69 crore in Q1 June 2018. Its consolidated net sales fell 23.9% to Rs 4411.09 crore in Q1 June 2019 compared with Q1 June 2018.

Shares of Bharat Heavy Electricals (Bhel) fell 7.56% to Rs 52.60.

Consolidated net sales fell 23.9% to Rs 4411.09 crore in Q1 June 2019 compared with Q1 June 2018. The result was announced after trading hours on Friday, 9 August 2019.

On standalone basis, the company reported a loss of Rs 216.25 crore in Q1 June 2019 as compared to a net profit of Rs 155.58 crore in Q1 June 2018. Net sales declined 23.8% to Rs 4,410.29 crore in Q1 June 2019 over Q1 June 2018.

Meanwhile, the S&P BSE Sensex was down by 185.96 points or 0.49% at 37,395.95.

On the BSE, 13.64 lakh shares were traded in the counter so far compared with average daily volumes of 11.15 lakh shares in the past two weeks. The stock had hit an intraday high of Rs 56.40 and hit an intraday low of Rs 52.40, which is also 52-week low for the counter. The stock hit a 52-week high of Rs 83.25 on 7 September 2018.

The Government of India holds 63.17% stake in Bhel as of 30 June 2019.

Bharat Heavy Electricals is an engineering and manufacturing company. The company is an integrated power plant equipment manufacturer, which is engaged in the designing, engineering, manufacturing, constructing, testing, commissioning and servicing a range of products and services for various sectors.

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