Bucking the economic slowdown, power equipment maker Bharat Heavy Electricals (BHEL) has recorded an all time high turnover of Rs 28,033 crore in the 2008-09 financial year.
The state-run company's exports also increased by a whopping 41 per cent at Rs 3,265 during the year, Chairman and Managing Director K Ravi Kumar said, addressing the 45th annual general meeting of the company today.
"Despite unprecedented increase in the raw material costs, the company sustained its profitability and recoded its highest ever Net Profit (Profit After Tax) of Rs 3,138 crore in 2008-09, which grew around 10 per cent over the previous fiscal," he said.
BHEL paid Rs 832 crore towards dividend to its shareholders during the year under consideration.
BHEL secured orders worth Rs 59,678 crore, the highest ever in a single year, including utility orders of 17,020 Mw. The private sector placed orders worth Rs 13,320 crore with BHEL in the fiscal. The company had an oder book of Rs 1,17,000 crore a the end of 2008-09.
BHEL has increased its manufacturing capacity to 15,000 Mw annually and is planning to achieve 20,000 Mw by 2012. About the Research and Development efforts of the company, Kumar said, "BHEL spent Rs 690 crore on R&D programmes in (2008-09), 40 per cent higher than the previous year, which is 2.46 per cent of its sales turnover."
The technology development efforts undertaken by BHEL have led to filing of 213 patents and copyrights.
As part of its endeavour to develop more efficient products or technologies, BHEL is upgrading its facilities for solar photovoltaics to handle thinner and larger multi- and non-crystalline wafers.
With this state-of-the-art facility, BHEL will be able to offer solar cells of 15-16 per cent efficiency and PV modules up to 270 Mw power output from 2009-10 onward.
The company has formed a Joint Venture with Bharat Electronics for setting up manufacturing facility of silicon wafers, solar cells and modules.
The company is also augmenting its capacity for fabrication of 'Space Quality Batteries' to meet the growing techno-commererical demands of the Indian Space Research Organisation for its satellite projects. BHEL has signed an MoU with GE for diesel electric locomotives and manufacturing of propulsion systems for these locomotives.
