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Government-owned engineering and manufacturing firm, BHEL registered a net loss of ₹191.85 crore for the quarter ending June 30, 2022 (Q1FY23). The loss narrowed from ₹445.440 crore in June last year quarter. Meanwhile, revenue from operations stood at ₹4,672 crore in Q1FY23 rising by a whopping 61.03% from ₹2,901.32 crore in the same quarter last year.
However, the company reported a loss compared to a profit of ₹908.87 crore in Q4FY22. Also, revenue dropped by 42.05% against revenue of ₹8,061.68 crore in the March 2022 quarter.
Sales stood at ₹4,449.49 crore in Q1FY23 up by 63.35% from ₹2,723.82 crore in Q1FY22 but down by 41.45% from ₹7,599.96 crore in Q4FY22.
On segment-wise performance, power business sales stood at ₹3,526.20 crore up by 66.57% yoy, while industry sales were at ₹923.29 crore higher by 52.13%.
Although, BHEL's total expense stood at ₹5,006.50 crore in Q1FY23 climbing by 40.23% from ₹3,570.14 crore in Q1FY22, however, it dipped by 29.4% from ₹7,091.29 crore in Q4FY22.
On a consolidated basis, the company's net loss stood at ₹187.99 crore versus a loss of ₹448.20 crore in Q1FY22. The company had posted a consolidated net profit of ₹912.47 crore in Q4FY22.
Consolidated revenue from operations stood at ₹4,672 in Q1FY23 compared to ₹2,901.32 crore in Q1FY22 and ₹8,061.68 crore in Q4FY22.
BHEL shares on BSE extended their losses after the result announcement. At around 3 pm, BHEL shares are performing at ₹52.55 apiece down by 1.22%. The shares are near the day's low of ₹52 apiece.
BHEL's market cap is around ₹18,333.06 crore.
BHEL is one of the largest engineering and manufacturing companies of its kind in India engaged in design, engineering, construction, testing, commissioning and servicing of a wide range of products and services with over 180 product offerings to meet the ever-growing needs of the core sectors of economy.
Last month, BHEL commissioned India’s largest floating Solar PV plant rated at 100 MW at NTPC Ramagundam in Telangana. The plant is installed across the natural raw water reservoir, saving valuable land resources, and also conserves water by reducing evaporation.