Bharat Heavy Electricals Ltd (BHEL) reported a 26% fall in net profit for the quarter ended March 2024. Profit fell to Rs 490 crore in the last quarter against Rs 658 crore in the corresponding quarter of the previous fiscal. The Board of Directors has recommended a final dividend of Rs 0.25 per share (Face Value Rs. 2 per share. Revenue climbed to Rs 8260 crore in Q4 against Rs 8226.99 crore in the March 2023 quarter. Operating profit or EBITDA in Q4 came at Rs 778 crore against Rs 1049 crore (YOY). Q4 EBITDA margin slipped to 8.81% against 12.75% on a year on year basis .
The PSU stock ended 2.95% higher at Rs 319.20 on BSE. Market cap of the firm climbed to Rs 1.11 lakh crore. The earnings were announced after market hours.
Total 21.80 lakh shares of the firm changed hands amounting to a turnover of Rs 69.28 crore on BSE.
On an annual basis, revenue from operations rose 2.25% to Rs 23,892.78 crore in FY24 against Rs 23,365 crore in FY23. Net profit slipped 57% to Rs 282.22 crore in the last fiscal against Rs 654.12 crore in FY23.
The PSU stock has risen 298.55% in a year and gained 61% in 2024. With the current leg of rally, the multibagger stock has entered overbought zone on charts, signals its relative strength index (RSI), which stands at 70. BHEL shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.
BHEL is one of the largest engineering and manufacturing companies in India engaged in design, engineering, construction, testing, commissioning and servicing of a wide range of products and services with over 180 product offerings to meet the ever-growing needs of the core sectors of economy.