BEML Q3 profit plummets 91 pc to Rs 4 cr

Public sector undertaking BEML on Tuesday reported a 90.8 per cent decline in consolidated profit at Rs 4.24 crore for the third quarter ended December 31, 2019 due to lower income.

The company had posted consolidated profit of Rs 46.20 crore in the year-ago period, BEML said in a regulatory filing.

The consolidated income of the company during October-December period dropped to Rs 699.15 crore, from over Rs 926.05 crore in the year-ago period, the filing said.

BEML Ltd (formerly Bharat Earth Movers Ltd) was established as a public sector undertaking to manufacture rail coaches and spare parts and mining equipment at its Bengaluru complex.

The government owns 54 per cent of the total equity capital of the company, while rest 46 per cent is held by public, financial institutions, foreign institutional investors, banks and employees.

BEML serves country's core sectors like defence, rail, power, mining and infrastructure. The company operates under three major business verticals viz, mining and construction, defence and rail and metro.

Shares of BEML were trading at Rs 984.75 in afternoon trade on BSE, higher by 2.80 per cent over its previous close.