BHEL Q3 profit falls 17% to Rs 163 crore, sales down 23%

State-owned Bharat Heavy Electricals Limited (BHEL) on Tuesday reported 17.21 per cent year-on-year decline in its consolidated net profit at Rs 162.67 crore for the third quarter ended December 31, 2019. The engineering firm had posted a net profit of Rs 196.48 crore in the same period last year.

Net sales in the third quarter of this fiscal fell 23.32 per cent YoY to Rs 5,459.24 crore, BHEL said in a filing to the Bombay Stock Exchange.

Total income of the company declined to Rs 5,827.74 crore from Rs 7,563.51 crore in the year-ago period.

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The profit before tax stood at Rs 229.29 crore versus Rs 279.56 crore in the same quarter last year.

During October-December quarter, total expenditure fell to Rs 5,608.36 crore compared to Rs 7,293.15 crore in Q3FY19.

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Segment-wise, revenue from power sector fell 26.11 per cent to Rs 4,072.70 crore. Industry saw 13.77 per cent dip in revenue at Rs 1,386.54 crore.

Ahead of Q3 earnings, shares of BHEL closed Tuesday's trade at Rs 38.55 apiece, up 0.78 per cent, on the BSE. The stock touched the intraday high and low of Rs 39.10 and Rs 38.25, respectively.

By Chitranjan Kumar