Bharat Heavy Electricals (BHEL), engineering major is targeting to achieve a net worth of Rs 23,755 crore in 2011-12, as it will brighten the company’s prospects of getting the coveted Maharatna status.
Following achieving the target, the PSU will have an average networth of over Rs 15,000 crore for three straight financial years -- one of the criteria needed for the Maharatna status.
Further, the company has set a goal for qualifying for the coveted status given to PSUs, the government is considering to grant it the Maharatna tag soon with a condition that it would meet the criteria within this fiscal.
BHEL's operations are organised around three business sectors, namely Power Industry - including Transmission, Transportation, Telecommunication & Renewable Energy - and Overseas Business. The company’s net profit for the quarter has increased by 22.15% at Rs 815.51 crore as compared to Rs 667.65 crore for the quarter ended June 30, 2010. Its total income increased by 11.17% at Rs 7520.11 crore for the quarter from Rs 6764.49 crore for the Q1FY11.