Government-owned power equipment manufacturer Bharat Heavy Electricals Ltd (BHEL) announced a 40 per cent rise in net profit to Rs 6,021 crore in 2010-11. Localization of technologies, continuous working on supply chain and lower material costs helped the company in posting good profit. In the 2009-10, the company made a profit of Rs 4,311 crore. Change in the company's accounting policy on provision for warranty obligation for construction contracts pushed revenues and profits. BHEL has earmarked a capital expenditure amount of Rs 1,700 crore for the current financial year. The company secured record orders worth Rs 60,507 crore in 2010-11 taking the figure for total orders in hand to Rs 1,64,130 crore. Of this, overseas order accounted for Rs 3,738 crore from 24 countries. The company is also looking at the Japanese market for gas turbine business in partnership with American major GE.
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