Bharat Heavy Electricals Ltd, India's top power equipment maker, missed analyst estimates with a 17.5% fall in third-quarter net profit, hit by a slowdown in new orders, sending its shares down more than 4%.
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 Rs 1,182 crore in the quarter ended December 31 from Rs 1,433 crore in the year-ago quarter.
Analysts, on average, had expected a net profit of Rs 1,384 crore.
BHEL's order book stood at Rs 1.14 lakh crore, down from about Rs 1.22 lakh crore at the end of September.
At 12.33 pm, shares of BHEL were down 3.7%, while the broader market was down marginally.