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.
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.
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