Bharat Heavy Electrical Ltd. (BHEL) on Thursday reported an impressive 37 per cent jump in its net profit at Rs. 4287 crore, while its turnover went up by 21 per cent to Rs. 34,050 crore in 2009-10. “We hope this growth momentum to continue in 2010-11 also, as we continue to bag new orders within the country and expand over presence overseas,” BHEL Chairman and Managing Director B. Prasada Rao said at a press conference here.
In the last fiscal, BHEL received orders worth Rs. 59,031 crore, where the power equipment manufacturer recorded its highest-ever orders from the private sector for 14,689 MW capacity.
Its total order book stood at over Rs. 1.43-lakh crore, while BHEL commissioned 6,583 MW of power plant equipment to domestic utility, captive industrial sets and in the overseas market in 2009-10.
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“To expand our operations, we will be recruiting 4,000 personnel in the current fiscal,” Mr. Rao informed. About three years ago, BHEL had announced plans to increase its manpower by 20,000 and by the end of last fiscal (2009-10), it had recruited 12,000 people. BHEL, which aims to become a Rs. 50,000 crore company by 2012, would also be enhancing its manufacturing capacity from the current level of 15,000 MW to 20,000 MW annually in the next three years.
On capital expenditure in the current fiscal, Mr. Rao said: “We would maintain the same level of capital expenditure as done in 2009-10.” He also announced that BHEL would be exploring newer markets, which include the Gulf region, particularly Saudi Arabia and Africa, besides countries such as Belarus.
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Mr. Rao further said BHEL was looking at newer projects, which included adding capacity for ultra super critical projects and producing components for offshore oil rigs in association with leading ship-building firms.
“We are also close to finalising partner for our foray in the nuclear power along with Nuclear Power Corporation, while we have got some orders from Indian Navy to produce guns for which we are looking for a partner company,” he informed.