BHEL rebounds after provisional FY16 results

Bharat Heavy Electricals Limited (BHEL) has moved higher by 5% to Rs 120, bouncing back 6% from intra-day’s low on BSE, as the company is likely to post net profit of around Rs 400 crore in January-March (Q4FY16) after reporting a net loss in previous two quarters.

BHEL said that it has posted a net loss of Rs 877 crore for the year ended March 31, 2016 (FY16) as compared to net profit of Rs 1,419 crore in previous year, as per provisional data provided by the company to exchanges.

For the first nine months (April-December) of FY16, the company had reported net loss of Rs 1,273 crore.

During July-September (Q2) quarter, BHEL had posted loss of Rs 205 crore followed by Rs 1,102 crore in October-December (Q3).

Turnover declined 13.7% to Rs 26,700 crore in FY16 against Rs 30,947 crore in earlier year. However, order inflows increased by 42% to Rs 43,727 crore from Rs 30,814 crore in same period.

The stock hit an intra-day low of Rs 113 on the BSE. The trading volumes on the counter jumped an over three-fold with a combined 22.51 million shares changed hands on the BSE and NSE.

BHEL