India's top power equipment maker Bharat Heavy Electricals Ltd may miss its order growth target of Rs 60,000 crore ($13.2 billion) for the fiscal year ending March as it faces a slowdown in new domestic orders. The state-run firm hopes to garner several large orders in March as potential customers rush to complete their budgeted spends before the fiscal year-end, but may see some contracts pushed into the next year.
BHEL bagged new orders worth Rs 36,000 crore in the first three quarters of the fiscal year, and had an order backlog of Rs 1.58 lakh crore at December-end. Its rival Larsen & Toubro had warned in January it might not meet full-year order book growth target without a pickup in the current quarter, blaming slower decision making for postponement in new orders.
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