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Citigroup called BHEL's results "extremely weak" in a report titled "Downtrend continues - No revival in sight" dated Wednesday.
Bharat Heavy Electricals Ltd (BHEL) posted a worse-than-expected 64 per cent fall in quarterly net profit on Wednesday, the fifth straight drop, as a slowdown in demand ate into the sales of the country's largest power equipment maker.
State-run power equipment maker Bharat Heavy Electricals Ltd (BHEL) said on Friday that it has secured orders worth over Rs 31,000 crore during fiscal year 2012-13 (FY13).
The net profit drop prompted Deutsche Bank to downgrade the company to a "sell" rating on concerns about BHEL's balance sheet and a slowdown in its project execution, as several of its customers were unable to pay for their existing orders.
Sales fell 24 per cent year-on-year to Rs 6,458 crore against Rs 8,439 crore, while EBITDA (earnings before interest, tax, depreciation and amortization) margins grew at 6 per cent against 14.2 per cent in the corresponding quarter last year.
Bharat Heavy Electricals Ltd (BHEL) on Saturday posted a nearly 50 per cent decline in net profit at Rs 465.43 crore for the quarter ended June 30, 2013, as the state-run company was hurt by lower sales.
Prior to this Krishna Shankar, 57, was heading the company's corporate planning & development (P&D) wing as executive director.
TCS was the top Nifty gainer, up nearly 6 per cent, to a record high of Rs 1,759. TCS' upbeat outlook rubbed in to other outsourcers such as HCL Tech, up 5.5 per cent and Infosys, up 1.9 per cent.
The World Bank-funded Rs 450 crore contract has been placed on BHEL by the Maharashtra State Power Generation Corp Ltd, the statement said.
State-owned power equipment major Bhel reported on Thursday a 4.2 per cent drop in net profit at Rs 3,327.54 crore for the quarter ended March 31.
Diversified major Bharat Heavy Electricals Ltd (BHEL) today said project orders involving setting up of 14,000 MW are already lined up for the company during the current fiscal.
Shares in Bharat Heavy Electricals Limited rose as much as 4 per cent after the state-run power equipment maker reported higher than expected numbers for fiscal 2012-13.
BHEL has commissioned 13 MW of solar power plants in various parts of the country so far this fiscal.