BHEL bags ICWAI award for cost management

NEW DELHI: Navratna engineering and manufacturing enterprise Bharat Heavy Electricals Ltd (BHEL) has bagged the 'ICWAI National Award for Excellence in Cost Management' for the second year in a row.

The awards are presented annually by the Institute of Cost and Works Accountants of India (ICWAI) to corporate entities for excellence in cost, quality and delivery, BHEL said in a release here today.

An independent jury headed by the former Chief Justice of India, J S Verma unanimously selected BHEL's Hyderabad Unit for the Award for 2006.

BHEL has maintained its track record of earning profits and paying dividends uninterruptedly for over three decades, it said.

The company has posted a three-fold growth in major financial parameters like turnover and orders inflow in the last three years and has posted a two-fold increase in net profit in the last two years, the statement added.