BHEL Q3 net rises 64% at Rs 1.5 billion; declares 40% interim dividend

The company's standalone net profit was Rs 935 million in the same quarter last fiscal

State-run power equipment maker BHEL posted a 64 per cent jump in its standalone net profit to Rs 1.53 billion for the third quarter ended December 31.

The company's standalone net profit was Rs 935.4 million in the same quarter last fiscal, BHEL said in a statement.

Besides approving the financial results of the company for the quarter and nine months ended December 2017, the board of director also approved payment of interim dividend at the rate of 40 per cent (Rs 0.80 per share) for 2017-18.

The interim dividend shall be paid/dispatched on February 28, it added.

The turnover for third quarter stands at Rs 64.94 billion, as compared to Rs 61.87 billion recorded during the corresponding period previous fiscal.

During April-December in 2017-18, the company has reported a standalone net profit of Rs 3.49 billion as against Rs 2.8 billion in the same period a year ago.

In the first nine months of this fiscal, its turnover was Rs 180.17 billion (net of excise duty) compared to Rs 182.61 billion in the year-ago period.

"Prudent strategies of fast execution and resource optimisation measures, concerted efforts for revival of stranded projects, have begun reflecting in the results," BHEL Chairman and Managing Director Atul Sobti told PTI.

He further said that the next wave of growth will be engineered with a focus on enhancing the order book in the diversified as well as conventional areas.