Bhel net crashes to Rs 465 cr

The slowdown in investments in the power sector has taken a toll on the performance of Bharat Heavy Electricals (Bhel) with the engineering firm’s profits crashing nearly 50%, for the April-June quarter, to Rs 465.43 crore. The numbers missed analysts estimates by a wide mark. On a sequential basis, the decline in Bhel’s net profit was even sharper at 85%. The power equipment maker’s net sales in the April-June quarter were down sharply to Rs 6352.55 crore, a 23% fall year-on-year. On a quarter-on-quarter basis, the decline in net sales was a whopping 66% over Rs 18,850 crore. The firm’s profits fell despite the fact that total expenses were lower by 16.5% y-o-y at Rs 6,300 crore in Q1 FY14. more at: http://www.financialexpress.com/news/bhel-net-crashes-to-rs-465-cr/1150789