BHEL slips over 3% as Q3 net falls to Rs 212.60 crore

NEW DELHI: Bharat Heavy Electricals Ltd slipped as much as 6.3 per cent in trade on Friday, after the state-run power equipment maker reported a massive 69 per cent fall in net profit at Rs 212.60 crore for the third quarter, hit by lower sales.

BHEL finally closed 3.1 per cent lower at Rs 259.55 on the Bombay Stock Exchange. It hit a low of Rs 251 and a high of Rs 263.60 in trade today.

The PSU firm had reported a net profit of Rs 694.81 crore in the corresponding quarter of the previous financial year (2013-14), BHEL said in a regulatory filing to the stock exchange.

Net Sales of the company plunged to Rs 6,078.37 crore from Rs 8,462.38 crore in the same period last fiscal.

BHEL's revenue from the power sector witnessed a steep decline at Rs 4,862.35 crore during the quarter from Rs 7,319.59 crore in the year-ago period.