BHEL Achieves Over Twofold Increase in Net Profit for Q3
Click to start listening
Synopsis
BHEL reports a substantial increase in net profit, reaching Rs 135 crore for the October-December quarter, more than doubling compared to the previous year. The surge in revenue and significant contracts highlight the company's growth trajectory in the current financial year.
Key Takeaways
- Net profit surged to Rs 135 crore
- Revenue increased by 32.2%
- EBIDTA rose by 40.5% to Rs 304 crore
- Major contracts secured with Power Grid and DVC
- Steady growth in the order book
New Delhi, Jan 28 (NationPress) The government-owned Bharat Heavy Electricals Ltd (BHEL) reported a substantial increase in consolidated net profit, exceeding two times to Rs 135 crore for the October-December quarter of the ongoing financial year, as stated in a regulatory filing by the company.
In the same quarter of FY 2023-24, the company had recorded a net profit of Rs 60.31 crore.
BHEL’s revenue surged by 32.2 percent, reaching Rs 7,277 crore during the third quarter, compared to Rs 5,504 crore in the corresponding period of the previous year.
The company’s earnings before interest, depreciation, tax, and amortization (EBIDTA) saw a remarkable rise of 40.5 percent, amounting to Rs 304 crore, up from Rs 216 crore in the same quarter of the last financial year.
BHEL has been witnessing growth in its order book this financial year.
The consortium of Bharat Heavy Electricals Ltd (BHEL) and Hitachi Energy India secured a significant contract in November from the Power Grid Corporation of India for the establishment of over 800 6000 MW high voltage direct current (HVDC) terminal stations at Khavda Pooling Station-2 and Nagpur for the evacuation of renewable energy from the Khavda region in Gujarat to Nagpur in Maharashtra.
The project entails the provision of converter transformers, AC/DC control and protection systems, gas-insulated high-voltage switchgear, thyristor valves, and a 765kV/400kV substation along with auxiliary systems to be supplied by Hitachi Energy India in partnership with BHEL.
Earlier, in July, the company secured an order worth Rs 10,000 crore for the 1600MW Damodar Valley Corporation project.
BHEL announced in an exchange filing, “Bharat Heavy Electricals Limited (BHEL) has received a Letter of Intent (LOI) from Damodar Valley Corporation (DVC) for setting up the 2x800 MW Koderma Phase-II Thermal Power Station at Koderma district, Jharkhand on an EPC basis.”
As per the contractual terms, BHEL will oversee the supply of essential equipment including boilers, turbines, generators, and associated auxiliaries, alongside electrical and control & instrumentation, balance of plant packages, erection, commissioning, and other civil works, as stated by the company.
