BHEL Q3 net profit slumps 69 per cent to Rs 212.60 crore on lower sales

Bharat Heavy Electricals Limited (BHEL), the state-run power equipment maker, on Thursday reported a massive 69 per cent fall in net profit at Rs 212.60 crore for the third quarter of the 2014-15 financial year, hit by low sales.

The state-run firm had reported a net profit of Rs 694.81 crore in the corresponding quarter of the FY14, BHEL said in a Bombay Stock Exchange (BSE) filing.

Net Sales of the public sector undertaking (PSU) plunged to Rs 6,078.37 crore from Rs 8,462.38 crore in the year-ago period.

BHEL 's revenue from the power sector witnessed a steep decline at Rs 4,862.35 crore during the reporting quarter from Rs 7,319.59 crore in the corresponding period a year ago.

The Board of Directors of the company has declared and approved payment of an interim dividend of 54 paise per equity share for the FY5. Meanwhile, the government, which owns 63.06 per cent in BHEL, plans to offload 10 per cent stake in the firm.

The government has set an ambitious target of raising Rs 58,425 crore through PSU disinvestment in the current financial year, out of which Rs 43,425 crore is via listed companies.

BHEL's scrip closed at Rs 267.90 a piece, up 4.98 per cent on the BSE.