Coal scam adversely affected the business of state-run power equipment maker BHEL during the three fiscals to 2014-15 even as the company doubled its production capacity, Heavy Industries Minister Anant Geete said on Thursday.
“BHEL’s core function is that of power equipment manufacturing. However, in 2012-13, 2013-14 and 2014-15 the power generation was halted due to coal scam,” the minister said at a press conference here.
“New power projects were not commisioned while BHEL doubled its manufacturing capacity to aid generation of 20,000 MW power leading to its financial troubles,” he added.
State-run power equipment maker BHEL’s standalone net profit declined 59.5% to Rs 359.58 crore in the quarter ended March 31, 2016, due to lower income from operations.
On the consolidated basis, BHEL posted a net loss of Rs 895.93 crore for the year ended March 31, 2016.
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