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