Bharat Heavy Electricals Ltd's net profit more than halved to Rs 3,228 crore in the previous financial year as the company grappled with tough business conditions. The state-owned company had posted a net profit of Rs 6,615 crore in 2012-13, BHEL said today.
The power equipment maker's turnover declined to Rs 40,366 crore from Rs 50,156 crore in 2012-13, BHEL said in a BSE filing on its provisional earnings for the year ended March 31, 2014.
Order inflows fell to Rs 28,007 crore in the year ended March 2014 from Rs 31,650 crore in 2012-13. Last month, Life Insurance Corp had purchased a more than 4% stake in BHEL from the government after a decision taken by an Emp owered Group of Ministers.
BHEL's parent ministry, the Heavy Industry and Public Enterprises Ministry, had opposed a proposed disinvestment of shares in the company by the government on account of choppy market conditions.
The government held a 63.06% stake in BHEL at the end of March.
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