Bhel posts Rs 695 cr profit in Oct-Dec quarter

State-owned Bhel today reported net profit of Rs 694.81 crore in the October-December quarter as the power equipment maker continued to grapple with challenging business conditions.

Bharat Heavy Electricals Ltd (Bhel) had a net profit of Rs 1,181.85 crore in the same period of 2012-13 fiscal.

The figures of the third quarter, 2013-14 are not comparable with the year-ago period due to the merger of Bharat Heavy Plates & Vessels Ltd (BHPV) with the company, Bhel said in a regulatory filing.

Sales/income from operations in Q3 touched Rs 8,919.53 crore. It was Rs 10,539.50 crore in the year-ago period.

Post merger, the financial results of HPVP unit (erstwhile BHPV) have been included in the results.

Due to the merger of BHPV, Rs 38.55 crore was added to the sales/income from operations while profit from ordinary activities before tax took a hit of Rs 16.41 crore during the December quarter, the filing said.

Reflecting sluggish business conditions, revenue from the power segment declined to Rs 7,319.59 crore in Q3, from Rs 8,302.96 crore in year-ago period.

Bhel's outstanding order book position stood at about Rs 1,00,600 crore at the end of December quarter.

The company's board of directors have approved an interim dividend of Rs 1.31 per share. Based on the total of 244.76 crore shares at the end of the December quarter, the interim dividend would be nearly Rs 321 crore.

Out of the total amount, the central government -- which held 67.72 per cent in December quarter -- would get an interim dividend of about Rs 217 crore.

The interim dividend would be "paid/dispatched on February 20, 2014" and February 10 has been fixed as the record date for the paying the same.

Bhel scrip was trading flat at Rs 163.40 in the afternoon trade on the BSE.

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