The Hindu Business Line : BHEL net up 38 pc in 2003-04

BHARAT Heavy Electricals Ltd (BHEL) has recorded a net profit of Rs 615 crore on a turnover of Rs 8,610 crore during fiscal 2003-04, registering a 38 per cent rise in net profits and a 15 per cent rise in turnover over the previous year's figures.

Announcing the unaudited results today, BHEL Chairman and Managing Director Mr H.W. Bhatnagar said that the outstanding order position was pegged at Rs 23,650 crore at the end of the current year while the order inflows were pegged at Rs 16,469 crore, up 46 per cent over the previous year's figures.

On the overseas front, the BHEL-NTPC combine's maiden attempt to take an equity stake in a foreign project failed to take off.

According to Mr Bhatnagar, the joint venture could not bid for a $1 billion Oman water and power project as it failed to secure an extension of time.

"There were issues relating to equity and project risk which made us reconsider our position," Mr Bhatnagar said.

As part of its diversification strategy, BHEL is bidding for renovation and modernisation of oil rigs besides water management projects, coal and ash handling projects.

It also has plans to enter into the non-conventional energy business for which it has already set up a marketing group.

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