BHEL Q4 net profit down 57% at Rs 215.55 crore

Bharat Heavy Electricals Ltd (BHEL)’s standalone net profit declined by 57% to Rs215.55 crore in the fourth quarter ended March, due to lower income and provisions for higher wages. The company had posted a standalone net profit of Rs505.71 crore in the corresponding quarter of previous fiscal, BHEL stated in a BSE filing on Monday. According to the statement, total standalone income decreased to Rs10,302.79 crore in the quarter under review from Rs10,870.49 crore year ago. The standalone net profit of the company was Rs495.86 crore in 2016-17 while it had reported a loss of Rs709.60 crore in 2015-16. The standalone total income rose to Rs30,201.39 crore in 2016-17 from Rs28,136.09 crore in the previous year. The company has made a provision of Rs961 crore for 2016-17 based on the estimates as per third pay revision committee recommendation in view of pending finalisation of agreement for wage/salary structure due from 1 January 2017. “During the year, BHEL recorded a turnover of Rs28,840 crore, up 11% over the previous year—after reversing the trend of negative topline growth prevailing for the last three years,” BHEL chairman and managing director Atul Sobti told PTI. ref: http://www.livemint.com/Companies/ZUgLQfefLHb5wLzxbYVf3M/BHEL-Q4-net-profit-down-57-at-Rs-21555-crore.html