BGR Energy Systems net profit jumps over 5-folds to Rs 6.19 cr

BGR Energy Systems reported an over five-fold jump in its net profit at Rs 6.19 crore in the quarter to September 2018.

Its net profit for the same quarter a year ago was Rs 1.13 crore, the company said in a BSE filing.

Total income rose to Rs 787.39 crore in the second quarter, up from Rs 517.78 crore in the year-ago period.

The company said that in line with Indian Accounting Standards (lndAS), changing policies, changes in accounting estimates and errors, an amount of Rs 7.88 crore, as identified by the management, has been charged off under exceptional items, for the previous financial year, being the fraud committed by an employee, pertaining to 2017-18.

It also said that an amount of Rs 6.61 crore already charged to profit and loss account has since been reduced from the respective heads of expenses for the financial year ended March 31, 2018.

As a consequence to the these adjustments, tax expenses have reduced by Rs 2.50 crore and balance in reserves by Rs 47.21 core and this has been suitably restated as on March 31, 2018.