Bharat Heavy Electricals Limited (BHEL) has tanked 13% to Rs 131, its lowest level since December 2005, after reporting a sharp 50% year-on-year drop in its net profit at Rs 465 crore for the first quarter ended June 30, 2013 (Q1), due to lower sales.The power equipment maker had clocked net profit of Rs 921 crore in the year-ago period.
The company’s net sales declined 31% to Rs 6,353 crore for the quarter from Rs 8,326 crore in the same period a year ago, according to a regulatory filing.
Analysts, on an average, had expected a state-run company to report net profit of Rs 794 crore on net sales of Rs 8,043 crore for the quarter. At the end of June quarter, the company's outstanding order book stood at Rs 1,08,600 crore.
The company’s net sales declined 31% to Rs 6,353 crore for the quarter from Rs 8,326 crore in the same period a year ago, according to a regulatory filing.
Analysts, on an average, had expected a state-run company to report net profit of Rs 794 crore on net sales of Rs 8,043 crore for the quarter. At the end of June quarter, the company's outstanding order book stood at Rs 1,08,600 crore.