By IANS,
Mumbai: State-owned Bharat Heavy Electricals Ltd (BHEL) Monday said its net profit for the quarter ending March 31 had risen 46.52 percent. It said it planned to divest 5 percent of the government’s stake in the company.
The company, in a regulatory filing, reported a net profit of Rs.2,798.04 crore in the quarter under review, as compared to Rs.1,909.58 crore in the corresponding quarter in 2009-10.
The total income in the Q4 increased by 31 percent and stood at Rs.18,543.93 crore, up from Rs 14,152.63 crore in the fourth quarter of 2009-10.
BHEL further said the company directors had recommended the disinvestment of 5 percent of government’s shareholding but reserves 10 percent of the divestment for employees.
This transaction is subjected to government approval. Also, each equity share of face value of Rs.10 will be split into five equity shares of Rs.2 each.
The company further reported a full fiscal year increase of 39.45 percent in its net profit, which stood at Rs.6,011.2 crore as compared to Rs.4,310.64 crore in 2009-10.
“Total income has increased from Rs.34,396.67 crore for the year ended March 31, 2010 to Rs.43,137.32 crore for the year ended March 31, 2011.”
The company’s scrip at the Bombay Stock Exchange (BSE) fell by 6.69 percent at Rs.1,935.60 at the close of day’s trading.