Shares of Bharat Heavy Electrical Ltd (BHEL) dipped over 12.8% on the BSE to Rs 133.65, their lowest since 25 January 2017, after the company’s standalone net profit declined by 57% to Rs 215.55crore in the fourth quarter ending March 31, 2017, due to lower income and provisions for higher wages. The company had reported a standalone net profit of Rs 505.71 crore in the corresponding quarter of the previous financial year.
According to the company’s statement in a BSE filing, the total standalone income decreased to Rs 10,302.79 crore in the quarter under review from Rs 10,870.49 crore year ago. The standalone net profit of the company was Rs 495.86 crore in 2016-17 versus the reported loss of Rs 709.60 crore in 2015-16.
The standalone total income of the company rose to Rs 30,201.39 crore in 2016-17 from Rs 28,136.09 crore in 2015-16.
“During the year, BHEL recorded a turnover of Rs 28,840 crore, up 11 per cent 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.
At its meeting held on Monday, 29th May 2017, the board recommended a final dividend Rs 0.78 per share of face value of Rs 2 each for 2016-17, in addition to the interim dividend of Rs 0.80 already paid. The company said that the final dividend, if approved in the Annual General Meeting shall be paid October 10, 2017.