State-run power equipment maker Bharat Heavy Electricals ‘ (BHEL) fourth quarter standalone profit fell sharply by 59.6 percent to Rs 359.6 crore compared to year-ago period. Profit was entirely supported by other income (which was at Rs 414 crore against Rs 16 crore YoY) and lower tax cost (down 60 percent at Rs 173 crore).
Revenue declined 21.5 percent to Rs 10,005 crore in quarter ended March 2016 compared to Rs 12,745 crore in same period last fiscal, impacted by power business.
Operating profit (EBITDA – earnings before interest, tax, depreciation and amortisation) plunged 78.4 percent year-on-year to Rs 364 crore and margin contracted by 956 basis points to 3.64 percent in Q4.
Power business revenue declined 21 percent to Rs 8,101 crore with EBIT (earnings before interest & tax) falling 27.6 percent.
BHEL has an outstanding orderbook of Rs 1.1 lakh crore as of March 31, 2016.
“Orders worth Rs 7,429 crore (Rs 3,783 crore in Q4) have been excluded during the year from order outstanding, which are not likely to commence and this has not impact on revenue,” the company said in its filing.