Bharat Heavy Electricals Limited (BHEL) said on Thursday its net profit rose 12 per cent to Rs 108 crore in the quarter ended June, from the same period last year.
For the standalone first quarter of FY 2017-18, the company reported a turnover of Rs. 5,607 Crore almost similar to the corresponding figure of the last year.
Significantly, at its meeting held on Thursday, company’s board of directors recommended the issue of bonus shares in the ratio of 1 bonus share of Rs. 2 against 2 existing equity shares of Rs 2, subject to approval of shareholders.
According to the company, growth momentum has been made possible by a slew of strategic initiatives and cost optimisation measures put in place by the management. Atul Sobti, Chairman and Managing Director, BHEL, said that the company is enhancing its focus on diversifying in the non-thermal power segment and other new areas, while maintaining its leadership status in the
As part of this, focus is on creating new verticals within the company to capitalise on the massive infrastructure spending by the Govt. of India, with a special focus on Indian Railways, defence and other industrial products to drive the next wave of growth. BHEL has also been focusing on sustainable energy development by offering EPC solutions in solar and an environment-friendly supercritical technology in the thermal sector.
The company has an outstanding order book position of Rs. 1,01,380 Crore
at the end of third quarter of this fiscal.