BHEL Q3 profit falls on slowdown in orders
REUTERS - Bharat Heavy Electricals Ltd(BHEL.NS), India's top power equipment maker, missed analyst estimates with a 17.5 percent fall in third-quarter net profit, hit by a slowdown in new orders, sending its shares down more than 4 percent.
India's power sector has been badly hit by shortages of coal and gas supplies, delays in environmental approvals for power and mining projects and drying up of funding -- severely denting the demand for equipment.
Net profit at the state-run company fell to 11.82 billion rupees in the quarter ended December 31 from 14.33 billion rupees in the year-ago quarter.
Analysts, on average, had expected a net profit of 13.84 billion rupees, according to Thomson Reuters I/B/E/S.
BHEL's order book stood at 1.14 trillion rupees, down from about 1.22 trillion rupees at the end of September.
Shares of BHEL ended down 1.2 percent.
($1 = 53.1900 rupees)
(Reporting By Aradhana Aravindan and Aditi Shah in MUMBAI; Editing by Sunil Nair)
- Tweet this
- Share this
- Digg this
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- Japan and India vow to boost defence ties during summit
- Government urges court to leave some coal blocks with companies
- Ukraine accuses Russia of "undisguised aggression" as rebels advance
- Balance of payments rises on robust dollar inflows
The Nifty surged past the psychologically important 8,000 level for the first time on Monday as blue-chips such as ICICI Bank gained after better-than-expected quarterly economic growth data. Full Article
Government urges Supreme Court to not cancel some 'illegal' coal mines Full Article