State run Bharat Heavy Engineering Ltd (BHEL) has reported provisional numbers for the fiscal ending March 2012. The engineering and manufacturing firm has reported a net profit of Rs6,868 crore on
revenue of Rs49,301 crore for the 2011-12 financial year.
Analysts had expected sales at Rs49,000 crore and profit Rs6,489.5 crore against.
Though profits beat Street estimates, order inflow for the year was less than expected. The company reported order inflows of Rs22,096 crore against expectations of Rs42,000 crore.
'The company has come up with a record performance under difficult market conditions... we have reported the highest ever turnover and profit,' B. Prasada Rao, chairman and managing director of BHEL said.
Meanwhile, the company has withdrawn its Draft Red Herring Prospectus ( DRHP) that it had filed with market regulator Securities and Exchange Board of India (Sebi) on September 28, 2011. Sources say BHEL may look at options other than Follow on Public Offer (FPO) for divestment.
Further, the government has decided to put on hold plans to sell a stake in BHEL, Finance Director TK Bajpai said today (March 03, 2012).
The company earlier said it has withdrawn initial papers filed with the capital market regulator for the share sale.
In February, Heavy Industries Minister Praful Patel said the share sale in the power equipment maker may happen in the fiscal year 2012-13 beginning in April.
The stake sale, which was approved by the cabinet in 2011, was expected to raise about $ 1 billion.
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revenue of Rs49,301 crore for the 2011-12 financial year.
Analysts had expected sales at Rs49,000 crore and profit Rs6,489.5 crore against.
Though profits beat Street estimates, order inflow for the year was less than expected. The company reported order inflows of Rs22,096 crore against expectations of Rs42,000 crore.
'The company has come up with a record performance under difficult market conditions... we have reported the highest ever turnover and profit,' B. Prasada Rao, chairman and managing director of BHEL said.
Meanwhile, the company has withdrawn its Draft Red Herring Prospectus ( DRHP) that it had filed with market regulator Securities and Exchange Board of India (Sebi) on September 28, 2011. Sources say BHEL may look at options other than Follow on Public Offer (FPO) for divestment.
Further, the government has decided to put on hold plans to sell a stake in BHEL, Finance Director TK Bajpai said today (March 03, 2012).
The company earlier said it has withdrawn initial papers filed with the capital market regulator for the share sale.
In February, Heavy Industries Minister Praful Patel said the share sale in the power equipment maker may happen in the fiscal year 2012-13 beginning in April.
The stake sale, which was approved by the cabinet in 2011, was expected to raise about $ 1 billion.
....more info