State-owned Bharat Heavy Electricals Limited (BHEL) has closed financial year 2018-19 with robust top and bottom line growth, thanks to strategic initiatives taken by the company. The standalone net profit jumped 50.7 per cent to Rs 1,215 crore during the financial year ended March 31, 2019, against Rs 807 crore in the previous fiscal.
The standalone revenue grew by 5.4 per cent to Rs 29,349 crore in FY19, as against Rs 27,850 crore in FY18, BHEL said in a filing to the Bombay Stock Exchange.
On the consolidated basis, profit was up at Rs 1,009.16 crore from Rs 438.19 crore in the previous fiscal. Revenue also increased to Rs 31,029.17 crore from Rs 29,506.72 crore in FY18.
During January-March quarter, the company's standalone net profit stood at Rs 682.70 crore as compared to Rs 457.17 crore in the same quarter last year, helped by higher revenues. Total income increased to Rs 10,418.03 crore from Rs 10,351.07 crore in the March quarter of 2017-18.
"As a result of strategic initiatives taken, Bharat Heavy Electricals Limited (BHEL) has registered quantum growth in its profitability and entered several new business areas in fiscal 2018-19, ending the year with significant traction in growth drivers," the company said in the exchange filing.
BHEL's board has recommended final dividend of 60 per cent (Rs 1.20 per share) on the paid up share capital of the company for the financial year 2018-19, subjected to requisite approval.
"During the year, the company booked the highest-ever N4 orders in its transportation business segment and spares and services; developed in-house India's first state-of-the-art regenerative braking system for 5000 HP WAG-7 electric locomotive and delivered BHEL's first 6,000 HP electric locomotive to Indian Railways," it said.
In the power sector, the company ended the year with a healthy order book of around Rs 1,09,000 crore for execution in 2019-20 and beyond.
In overseas markets, despite challenging circumstances, BHEL has secured 50 orders for projects, products, systems and services from 17 countries in the current fiscal.
Boosted by strong earnings, BHEL shares closed trade at Rs 348.35 apiece, up 2.13 per cent, on the BSE on Monday.
Edited by Chitranjan Kumar