BHEL Q1 net nosedives 82 per cent to Rs 34 crore on lower sales

Bharat Heavy Electricals (BHEL), the state-run power equipment maker, has reported a 82.48 per cent plunge in standalone net profit to Rs 33.89 crore for the quarter ended June 30, due to lower sales.

The PSU firm had reported a net profit of Rs 193.50 crore in the corresponding quarter of the previous fiscal.

In a regulatory filing, BHEL said net sales during the April-June period were Rs 4,280.76 crore, registering a decline of 15.5 per cent. The company's net sales in the year-ago period stood at Rs 5,067.59 crore.

BHEL's revenue from the power sector declined to Rs 3,357.13 crore during the quarter from Rs 4,144.16 crore in the year-ago period. "The company has an outstanding order book position of about Rs 1,16,200 crore at the end of Quarter 1/2015-16," the filing added.

BHEL had signed three agreements with Kazakh companies during Prime Minister Narendra Modi's recent visit to the country. "The first pact was signed with JSC Samruk Energy, the national power utility of Kazakhstan, which has a major share in Kazakh's power sector," BHEL said in a statement last month.

Shares of BHEL closed 5.48 per cent lower at Rs 266.80 on the Bombay Stock Exchange.