BHEL Reports Rs 552 Crore Consolidated Loss in September Quarter on Lower Revenues
State-owned engineering firm BHEL on Friday reported a consolidated net loss of Rs 552.38 crore in the September quarter, mainly due to lower revenues. The company had a consolidated net profit of Rs 120.95 crore in the quarter ended on September 30, 2019, according to a BSE filing.
Total income declined to Rs 3,793.13 crore in the latest September quarter from Rs 6,359.68 crore in the same period a year ago. As per the filing, the group operations during the quarter continued to be impacted by measures to contain the COVID-19 pandemic.
Execution of projects gathered momentum, though recovery has been gradual and partial. Accordingly, the results for the quarter are not comparable with those for the previous quarter and corresponding quarter of the previous year, it added. Based on information available up to date, the company expects to recover the carrying value of its assets, investments, trade receivables, contract assets and inventories, the filing said.
Shares of the company declined over one per cent to close at Rs 27.95 apiece on the BSE.