Bharat Heavy Electricals Limited (BHEL) has dipped 4% to Rs 233 on reporting a lower-than-expected net profit of Rs 1,274 crore as compared to analyst estimates of around Rs 1,418 crore for the second quarter ended September 2012 (Q2).
Net sales also grew marginally at Rs 10,400 crore from Rs 10,299 crore during the recently quarter. Analysts on an average had forecast net sales at Rs 11,464 crore from the state-owned capital goods company.
Other income has more than halved at Rs 131 crore in September quarter from Rs 317 crore in the corresponding quarter of previous year.
Meanwhile, the company said it has an outstanding order book position of about Rs 122,300 crore at the end of September 2012 quarter against Rs 132,900 crore in June quarter.
The stock opened at Rs 243 and hit a high of Rs 245 on the BSE. A combined 6.4 million shares have changed hands on the counter so far against an average sub 4 million shares that were traded daily in past two weeks.