Bharat Heavy Electricals Ltd. turned profitable for the quarter ended September, as its other income rose fourfold.
The heavy electrical equipment manufacturer reported a net profit of Rs 12.10 crore, against a loss of Rs 46.6 crore over the same period a year ago.
Other income for the quarter rose fourfold to Rs 216.17 crore, compared with Rs 85.06 crore reported last year in the same quarter. Power segment sales also contributed to the higher income.
BHEL Q2 FY23 Highlights (YoY)
Revenue from operations rose to Rs 4,927.95 crore as against Rs 4,910.62 crore, as overall sales from the power segment grew.
Sales from the power segment were higher at Rs 3,814.4 crore, compared with Rs 3,586.3 crore a year earlier.
Industry segment sales were lower at Rs 1,113.6 crore as against Rs 1,324 crore.
Operating loss for the period widened to Rs 518.54 crore from Rs 231.5 crore on higher expenses.
Operating margins were lower at -10.52%, compared with -4.71% a year earlier.
During the quarter under review, the company has accounted for income tax refunds amounting to Rs 266 crore, including interest income of Rs 106 crore, reflected as part of other income and the balance reflected as a tax reversal.
Shares of BHEL fell 1.46% during Friday's trade, compared with a 1.95% gain in the benchmark BSE Sensex.
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