BHEL Q1 net profit nearly halves to Rs465 crore

Bharat Heavy Electricals Ltd has reported a nearly 50 per cent decline in its net profit for the quarter ended 30 June 2013, at Rs465.43 crore, amidst a slump in sales.

The state-run power equipment maker had posted a net profit of Rs920.90 crore in the year-ago quarter.

BHEL's net sales for the first quarter of the 2013-14 financial year declined to Rs6,352.55 crore, from Rs8,326.24 crore in April-June 2012-13, the company stated in a filing with the Bombay Stock Exchange (BSE).

BHEL sales have been hit by import of cheap power equipment from overseas, especially China, amidst a general slowing of demand.

BHEL's total expenses during the quarter was also lower at Rs6,300.34 crore as compared to Rs7,465.21 crore in the corresponding period of the previous financial year.

At the end of June 2013, the company's outstanding order book stood at Rs1,08,600 crore.