Bharat Heavy Electricals Ltd (BHEL) has moved higher by 2% at Rs 213, bouncing back almost 3% from day’s low after reporting better-than-expected 21% year-on-year (y-o-y) growth in net profit at Rs 3,380 crore for the quarter ended March 2012. Analysts had forecast a net profit of Rs 3,094 crore. Net sales grew 8% at Rs 19,260 crore on y-o-y basis.
EBITDA (earnings before interest, taxes, depreciation, and amortization) margins improved almost 300 basis points at 25.63% during the recently concluded quarter.
The board of directors of the state-owned company has recommended final dividend @ 184% or Rs 3.68 per share on face value of Rs 2 each for the year 2011-12.
The stock opened at Rs 208 and hit a low of Rs 207 on the National Stock Exchange. A combined 9.67 million shares have changed hands on the counter so far on both the exchanges.
