State-owned power equipment maker BHEL today posted a net profit of Rs 1,844.59 crore for the fourth quarter ended March 31, 2014.
“Consequent to merger of Bharat Heavy Plates & Vessels (BHPV) with BHEL the financial results of the (BHPV) unit have been included in the above results. In view of this, figures for the current reporting period are not comparable with the figures in corresponding period of previous year,” BHEL said in a regulatory filing to stock exchanges.
The merger of BHPV with BHEL was approved by the Cabinet in February, 2013 and came into effect from August 30, 2013.
BHPV, which was engaged in engineering and heavy fabrication, was declared a sick entity by the Board for Industrial and Financial Reconstruction (BIFR) in October, 2005.
BHEL took over BHPV as its 100 per cent subsidiary in 2008.
BHEL had reported a net profit of Rs 3,237.53 crore in the corresponding period of the last financial year.
Net sales of the public sector firm stood at Rs 14,754.89 crore as against Rs 18,850.16 crore in the same period a year ago.
The company’s income from the power sector during the fourth quarter of 2013-14 was Rs 12,210.81 crore. It was Rs 15,525.85 crore during the corresponding period in 2012-13.
BHEL’s net profit after taxes was Rs 3,502.86 crore for the year ended March 31, 2014 where as the same was at Rs 6,693.37 crore for the year ended March 31, 2013.
Total income was Rs 41,192.43 crore for the year ended March 31, 2014 where as the same was at Rs 50,044.60 crore for the year ended March 31, 2013.
Shares of BHEL closed at Rs 243.45, down 2.23 per cent on the BSE.