State-owned Bharat Heavy Electricals Ltd. announced a total 100 percent dividend for its shareholders for 2018-19 financial year.
Earlier, BHEL had paid 40 percent interim dividend for 2018-19, which was Rs 279 crore in value terms. An additional final dividend of 60 percent was declared in the annual general meeting held on Thursday.
“A total dividend of 100 percent has been declared, maintaining BHEL's impeccable track record of paying dividends uninterruptedly for over four decades,” a BHEL statement said.
The company achieved a profit before tax of Rs 2,058 crore—registering an increase of 30 percent while the net profit for the year stood at Rs 1,215 crore, an increase of 51 percent over the previous fiscal, according to Chairman and Managing Director Nalin Shinghal.
He further said the revenue also grew to Rs 29,349 crore in the fiscal, as against Rs 27,850 crore in the previous year.
According to the statement, BHEL booked orders worth Rs 23,859 crore during 2018-19 despite a subdued business environment and increased competitive intensity.
BHEL said it will strengthen its focus on new avenues of growth through diversification in areas such as railway transportation, defence and aerospace, e-mobility, and water business. Shinghal said such strategic initiatives will further strengthen the base of the company, and set the stage for rapid growth in years to come.
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