State-run engineering firm Bharat Heavy Electricals Limited (BHEL) posted a net loss of ₹217 crore for the quarter ended in December. The company reported a consolidated net profit of ₹162.7 crore for the corresponding quarter last year. The revenue dropped 21.6% year-on-year to ₹4,451.4 crore during the quarter under review. It was ₹5,680.8 crore during Q3FY20.
Total income of the company dipped to ₹4,532.39 crore in the quarter from ₹5,827.74 crore in the same period a year ago. The firm’s EBITDA loss stood at ₹180.4 crore during Q3FY20 against ₹326.6 crore in Q3FY21.
The group’s operation and financial results have been adversely affected by the coronavirus pandemic. On the impact of the COVID-19 pandemic, the company said, “During the quarter, the group operations recovered as compared to Q2/20-21 (second quarter this fiscal), but pre-COVID level of operations are yet to be achieved.”
“Based on its assessment of business/economic conditions as on date, the company expects to recover the carrying value of its assets,” it added.
BHEL recently commissioned the second unit of 1600 MW Gadarwara thermal power project in Narsinghpur district of Madhya Pradesh. The project would be developed by NTPC Ltd, it mentioned. The first unit of 800 MW of this project was commissioned by BHEL in 2019.
BHEL is India’s largest manufacturer of power generating equipment with an installed base of over 1,90,000 MW of power equipment globally.