Bharat Heavy Electricals Ltd (BHEL) has reported a 30.9 per cent jump in its fiscal third quarter (October-December 2010) net profit at Rs1,403 crore against a net profit of Rs1,072 crore in the similar quarter of the previous year.
In a filing with the Bombay Stock Exchange (BSE), the state-owned power equipment maker also reported robust sales during the quarter.
Total sales (income from operations) of the company rose 26 per cent to Rs9,280 crore in the quarter ended 31 December 2010 from Rs7,386 crore in the quarter ended 31 December 2009.
Net profit was above expectations while sales income was in line with estimates. Numbers would have not been so encouraging had it not been for the factoring in of an accounting change, BHEL said.
The accounting change led to additional revenues of Rs444 crore, which makes YoY figures uncomparable.
During the quarter, BHEL also reported great saving in costs and expenses.