Defence equipment manufacturer BEML today reported over two-fold growth in net profit at Rs 21.74 crore for the October-December quarter.
The state-run company had reported a profit after tax of Rs 9.73 crore at the end of third quarter of last fiscal.
Total income of the company, however, declined to Rs 738.17 crore during the quarter, down from Rs 853.41 crore in the December quarter of last fiscal, BEML said in a filing to the BSE.
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The government holds 54.03 per cent stake in BEML at the end of December 2016. It is planning to sell 26 per cent stake in BEML to strategic investors.
Established in May 1964, BEML operates on three major business verticals for associated equipment manufacturing -- mining and construction, rail and metro and defence and aerospace. Its turnover has risen to more than Rs 3,500 crore.
The PSU, under the administrative control of defence ministry, provides equipment support to Indian Army and other defence forces by manufacturing variants of Tatra vehicle for all terrain operation.
Shares of BEML closed at Rs 1,286.20, down 1.70 per cent over previous close on the BSE.
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