Shares of state-owned Bharat Heavy Electricals Ltd (BHEL) tumbled nearly 8% on Wednesday after the company reported a more than 25% decline in consolidated net profit in the March quarter. The stock fell 7.58% to Rs 295 on both the BSE and NSE.
BHEL reported a consolidated net profit of Rs 489.62 crore in the March quarter, a decline of over 25% from the previous year, mainly due to higher expenses. Its consolidated net profit stood at Rs 658.02 crore in the quarter ended on March 31, 2023, according to a regulatory filing on Tuesday.
Total expenses of the firm rose to Rs 7,794.11 crore in the quarter from Rs 7,411.64 crore in the same period a year ago. Total income in the quarter rose marginally to Rs 8,416.84 crore from Rs 8,338.61 crore in the year-ago period.
