Bharat Heavy Electricals Ltd (BHEL) on Wednesday said its net profit for the quarter ended September 2013, fell to `455.95 crore as against `1,274.45 crore registered in the same period a year ago.
The company’s sales plunged 18 per cent while net income from operations for the quarter ended September 30, 2013 was `8,819 crore against `10,399.62 crore in the same period in 2012-13.
In the second quarter of current financial year, BHEL raked in total income of `9,482.25 crore. In the year-ago period, it stood at `10,692.22 crore.
According to a BHEL statement, the figures are however not comparable since the July-September quarter of 2013-14 fiscal includes financial results of Heavy Plates and Vessels Plant (HPVP) — erstwhile Bharat Heavy Plate and Vessels Ltd (BHPV) — which has been merged with the company.
Financial results for the three months as well as for six months ended on September 30, 2013 include those of HPVP unit (erstwhile BHPV), BHEL said in a statement.
“Consequent to this, impact of Heavy Plates and Vessels Plant unit for and up to the quarter ended on September 30, 2013 includes turnover of `16.69 crore and PBT (Profit Before Tax) of `(-)191.35 crore. The impact on reserves & surplus is reduction by ` 311 crore,” it said adding in view of this, figures for the current reporting period are not comparable with the previously reported period figures.
The company said its outstanding order book position stood at about `1,02,300 crore at the end of the second quarter of 2013-14.
The company’s scrip was trading flat at `142 in late afternoon on the BSE.