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State-run BHEL on Friday reported a consolidated net profit of ₹12.1 crore for the quarter ended September on the back of rise in other income.
During the same period last year it had posted a loss of ₹45.98 crore.
BHEL’s income from sales during the period under review increased marginally to ₹4,927.95 crore, from ₹4,910.62 crore, showed a regulatory filing. However, the company witnessed an over three-fold rise in its other income to ₹216.17 crore during the second quarter of FY23, taking the total income to ₹5,418.74 crore.
Total income of the company rose 4.2% from ₹5,197.25 crore during the corresponding of last fiscal.
The rise in income was also supported by a sales growth in the power segment. The power segment witnessed a 6.36% on a year-on-year basis to ₹3,814.35 crore. Industrial sales, however, declined nearly 16% to ₹1,113.60 crore during the July-September.
On a standalone basis, BHEL reported a net profit of ₹10.29 crore during Q2FY23, compared to ₹67.49 crore during the same quarter last fiscal. The total income on an standalone basis was ₹5,427.07 crore, 4.64% higher on a year-on-year basis.
On Friday, shares of BHEL on the BSE closed at ₹74.40, lower by 1.46% from its previous close.
Another regulatory filing from BHEL showed that during the period under review, BHEL hassigned strategic MoU with Coal India Limited (CIL) and NLC India Limited (NLCIL) for setting up coal gasification based plants.
Under these MoUs, BHEL will jointly set up a coal-to-ammonium nitrate project with CIL and lignite-based gasification pilot plant with NLCIL for power generation. The projects will deploy BHEL’s indigenously-developed Pressurised Fluidised Bed Gasification (PFBG) technology, suitable for high ash Indian coal and lignite.
BHEL also signed an MoU with Rail Vikas Nigam Ltd (RVNL) to jointly work in the field of infrastructure and project execution, in India and abroad. I also tied up with the union ministry of heavy industries (MHI) for setting up “Common Engineering Facility Centre at WRI-Trichy for skilling in Advanced Welding Technologies”
It spent over ₹264 crore spent on R&D activities up to September 2022, the filing said. Intellectual capital of BHEL, at end of Q2FY23, stood at 5163 patents and copyrights.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
