Bharat Heavy Electricals was locked at initial 10% lower circuit at Rs 134.50 at 9:19 IST on BSE after net profit fell 49.5% to Rs 465.43 crore on 23.7% decline in net sales to Rs 6352.55 crore in Q1 June 2013 over Q1 June 2012.
The Q1 result was announced on Saturday, 3 August 2013.
Meanwhile, the S&P BSE Sensex was up 23.13 points or 0.12% at 19,187.15.
On BSE, 75,000 shares were traded in the counter as against average daily volume of 4.26 lakh shares in the past one quarter.
The stock's low of Rs 134.50 so far during the day is also its 52-week low for the counter. The stock hit a high of Rs 142 so far during the day. The stock had hit a 52-week high of Rs 272.45 on 5 October 2012.
The stock had underperformed the market over the past one month till 2 August 2013, declining 18.67% compared with the Sensex's 1.54% fall. The scrip had also underperformed the market in past one quarter, falling 22.07% as against Sensex's 2.9% slide.
The large-cap state-run power equipment major has equity capital of Rs 489.52 crore. Face value per share is Rs 2.
Bharat Heavy Electricals' (Bhel) operating profit margin (OPM) crashed to the extent of 820 basis points (bps) year on year (YoY) to 6% during the quarter, largely on account of under recovery of capacity. This resulted in operating profit declining by 68% to Rs 388.58 crore.
Bhel's finance costs surged 402.89% to Rs 27.76 crore in Q1 June 2013 over Q1 June 2012.
Bhel had an outstanding order book position of about Rs 108600 crore as on 30 June 2013, lower than Rs 115160 crore as on 31 March 2013 and Rs 122300 crore as on 30 June 2012.
Bhel is the largest engineering and manufacturing enterprise in India in the energy related/infrastructure sector. The company caters to the core sectors including power, transmission, industry, transportation, renewable energy, oil & gas and defence.
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