Ranchi-based public sector undertaking Heavy Engineering Corporation (HEC) has registered a net profit for the third consecutive year. The Chairman and Managing Director of the HEC GK Pillai presented the audited accounts for the financial year 2008-09 before the share holder at the recently held company’s 50th annual general meeting.
Briefing to the members of the Board, the CMD said that HEC had continued its growth despite economic melt down worldwide. There has been an appreciable growth in all areas of activities. Pillai said that HEC has earned a net profit of Rs 18.37 crore, the highest ever in the history of the company in the fiscal 2008-09. The gross turnover of the company has been Rs 453.87 crore against Rs 412.92 crore during the previous year. Production during the financial year 2008-09 has gone up by 9.6 per cent over the last year, making Rs 419.47 crore.
The CMD said that the company had surpassed all its past records of order booking. HEC had been able to secure orders worth Rs 1,653 crore which is 316 per cent higher than the previous year Referring to future business prospect, Pillai said that HEC is putting more thirst on strategic areas like defence, space, power and nuclear energy. Pillai said that HEC had received several orders during the year. The CMD said that HEC has signed MoU with BHEL for joint venture in meeting the requirements of castings/forgings for power sector.