BHEL reports net loss of Rs 1,532 crore, total income plunges on Covid-19 stress
New Delhi [India], June 13 (ANI): Public sector engineering major Bharat Heavy Electricals Ltd (BHEL) on Saturday posted a net loss of Rs 1,534 crore in the quarter ended March compared to a net profit of Rs 676 crore in Q4 FY19.
ANI
Jun 13, 2020 16:38 IST
New Delhi [India], June 13 (ANI): Public sector engineering major Bharat Heavy Electricals Ltd (BHEL) on Saturday posted a net loss of Rs 1,534 crore in the quarter ended March compared to a net profit of Rs 676 crore in Q4 FY19.
Total income fell to Rs 5,198 crore in Q4 FY20 from Rs 10,492 crore in Q4 FY19. Total expenses too came down to Rs 5,906 crore from Rs 9,217 crore in the same period.
The March quarter is an execution-heavy quarter for capital goods companies whose deliveries were hit by the Covid-19 nationwide lockdown in the last week of March.
BHEL said the manufacturing facilities and site executions were inoperative from March 23 to 31 which along with the Covid-19 impact globally (before the lockdown in India) impacted the revenues.
"Broadly, the impact on revenue for the year (2019-20) is assessed at Rs 4,000 crore. Based on internal and external information, the company expects to recover the carrying amount of its assets, investments, trade receivable, contract assets and inventories."
Due to Covid-19 and extraordinary circumstances, the board of BHEL refrained from recommending the final dividend for FY20.
(ANI)
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