BHEL bags three ICWAI awards

Bharat Heavy Electricals Ltd today said it has bagged three ICWAI national awards for excellence in cost management.

Instituted by the Institute of Cost and Works Accountants of India (ICWAI), the awards recognise companies for their excellence in cost management and cost management practices.

BHEL’s units at Tiruchi, Ranipet and Jhansi have been selected for the 2010 ICWAI awards in various categories.

In a statement, BHEL said it has been “conferred the maximum number of ICWAI national awards for excellence in cost management, among public and private sector companies.”

BHEL’s net profit jumped 39 per cent to Rs 6,011 crore in 2010-11 vis-a-vis the previous year. The entity’s turnover stood at Rs 43,337 crore in the 2009-10 fiscal.

“Prudent cost management practices across the company have enabled BHEL to reduce material cost by a significant 5.22 per cent in the year 2010-11. In addition, staff costs have been curtailed to the tune of 2.6 per cent during the year,” it added.

ref:
http://www.thehindubusinessline.com/companies/article2256276.ece