BHEL fiscal profit jumps 44 pc

Public sector power equipments major Bharat Heavy Electricals Ltd (BHEL) has reported a sharp 44 per cent jump in its annual net profit to Rs 2,414.7 crore, while its turnover surged nearly 30 per cent to Rs 17,999 crore in the year ended March 31.

The company has also declared a final dividend of 60 per cent for the year, payable after a bonus issue in the 1:1 ratio, it said in a statement.

BHEL's fourth quarter net profit rose 32.5 per cent to Rs 1,150.37 crore in the period ended March 31, from Rs 867.95 crore in the year-ago period. Its total income increased 25 per cent in the quarter to Rs 7,205.7 crore from Rs 5,732.21 crore.

The full year net profit and turnover increased from Rs 1,679.16 crore and Rs 13,759 crore in the previous year.

At a board meeting held on Thursday, the company's directors recommended a final dividend of 60 per cent of the company's post-bonus enhanced share capital of Rs 489.52 crore, it said.

The issue of bonus share in the ratio of one additional equity shares for every one equity share held by the shareholders was approved at an EGM (extraordinary general meeting) on April 30 and the record date for the bonus issue has been fixed at June 1.

BHEL had an outstanding order book position of about Rs 55,000 crore at the end of last fiscal.

The company's share price dropped Rs 6.15 or 0.25 per cent to close at Rs 2,702.15 on Thursday on the BSE. However, it has gained close to 20 per cent since the beginning of the current fiscal, while adding about Rs 11,000 crore in its market capitalisation to over Rs 66,000 crore.