State-run Bharat Heavy Electricals Ltd on Wednesday reported net profit of Rs 455.95 crore for the three months ended September 30.
The power equipment maker, which is grappling with tough market conditions, had net profit of Rs 1,274.45 crore in the same period a of last fiscal, 2012-13.
The figures are not comparable since the July-September quarter of 2013-14 fiscal includes financial results of Heavy Plates and Vessels Plant (HPVP) - erstwhile Bharat Heavy Plate and Vessels Ltd (BHPV) - which has been merged with the company.
In the second quarter of current financial year, BHEL raked in total income of Rs 9,482.25 crore. In the year-ago period, it stood at Rs 10,692.22 crore.
Financial results for three months and six months ended on September 30, 2013 includes financial results of HPVP unit (erstwhile BHPV), BHEL said in a regulatory filing.
“Consequent to this, impact of HPVP unit for and up to the quarter ended on September 30, 2013 includes turnover of Rs 16.69 crore and PBT (Profit Before Tax) of Rs (—)191.35 crore. The impact on reserves & surplus is reduction by Rs 311 crore,” it noted.
“In view of this, figures for the current reporting period are not comparable with the previously reported period figures,” the filing said.
BHEL’s outstanding order book was worth Rs 1,02,300 crore at the end of the second quarter.
The company’s scrip was trading flat at Rs 142 in late afternoon on the BSE.