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BHEL posts net loss of Rs 1,468 crore for FY20, total income falls

The company's board in its meeting held on Saturday did not recommend any final dividend for 2019-20 due to the ongoing coronavirus crisis

twitter-logo BusinessToday.In   New Delhi     Last Updated: June 14, 2020  | 00:00 IST
BHEL posts net loss of Rs 1,468 crore for FY20, total income falls
BHEL has opted for new section 115BAA of the Income Tax Act, 1961 in the current year

State-run engineering firm Bharat Heavy Electricals Limited (BHEL) on Saturday reported a consolidated net loss of Rs 1,468.35 crore for FY20 as against a net profit of Rs 1,002.42 crore in FY19. Total income decreased to Rs 22,054.31 crore from Rs 31,102.90 crore in the previous fiscal, BHEL said in an exchange filing on Saturday.

The company's board in its meeting held on Saturday did not recommend any final dividend for 2019-20 due to the ongoing coronavirus crisis.

In Q4, BHEL posted a net loss of Rs 1,534 crore compared to a net profit of Rs 676 crore in the corresponding quarter of FY19. Total income fell to Rs 5,198 crore in Q4FY20 from Rs 10,492 crore in Q4FY19. Total expenses too declined to 5,906 crore from Rs 9,217 crore in the same period.

BHEL has opted for new section 115BAA of the Income Tax Act, 1961 in the current year. Accordingly, deferred tax as on April 1 ,2019 has been restated at the rate of 25.168 per cent which resulted in reversal of deterred tax assets by Rs 974.41 crore.

"Broadly the impact of revenues is Rs 4,000 crore. Based on internal and external information up to the date, the company expects to recover the carrying amount of its assets, investments, trade receivables, contract assets and inventories," BHEL said in a note.

Shares of BHEL ended the intraday trade on Friday at Rs 31.45, up 1.45 points or 4.83 per cent on NSE.

Also read: COVID-19 disruptions take currency, deposits share in household assets to highest 66% in March

Also read: Coronavirus in Delhi: Of 5,947 samples, 2,137 test positive in 24 hours; tally rises to 36,824

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