Bharat Heavy Electricals (BHEL) has reported results for the quarter and the year ended March 31, 2011.
The company ‘s net profit for the quarter ended March 31, 2011 has registered growth of 46.53% at Rs 2798.04 crore as compared to Rs 1909.58 crore for the quarter ended March 31, 2010. Its total income has increased by 31.03% from Rs 14152.63 crore for the March quarter of 2010 to Rs 18543.93 crore for the quarter under review.
For the year ended March 31, 2011, the company ‘s net profit has surged by 39.45% at Rs 6011.20 crore as compared to Rs 4310.64 crore for the year ended March 31, 2010. Its total income has increased by 25.41% from Rs 34396.67 crore for the previous year to Rs 43137.32 crore for the year under review.
On consolidated basis, the Group has posted a growth of 39.90% at Rs 6053.36 crore for the quarter ended March 31, 2011 as compared to Rs 4326.92 crore for the corresponding quarter of the previous year. Its total income has risen by 25.16% at Rs 43434.62 crore for the quarter from Rs 34703.28 crore for the similar quarter of the previous year.
The company’s board of directors at its meeting held on May 23, 2011, has recommended the disinvestment of 5% of the paid up equity capital of BHEL out of Government of India's shareholding, with reservation of 10% of the issue for employees, subject to the approval of the Government of India. Further, the board has also 'in-principle' approval for sub-division of each equity share (of face Value of Rs.10 each) of BHEL into 5 equity shares of the company (of face value Rs 2 each) subject to all statutory and other requisite approvals.