State-run power equipment maker BHEL today reported a massive 69 per cent fall in net profit at Rs 212.60 crore for the third quarter, hit by lower sales.
The PSU firm had reported a net profit of Rs 694.81 crore in the corresponding quarter of the previous financial year (2013-14), BHEL said in a regulatory filing to the stock exchange.
Net Sales of the company plunged to Rs 6,078.37 crore from Rs 8,462.38 crore in the same period last fiscal.
BHEL’s revenue from the power sector witnessed a steep decline at Rs 4,862.35 crore during the quarter from Rs 7,319.59 crore in the year-ago period.
Board of Directors of BHEL has declared and approved payment of interim dividend of 54 paise per equity share for the financial year 2014-15.
Meanwhile, the government, which owns 63.06 per cent in BHEL, plans to offload 10 per cent stake in the firm.
The government has set an ambitious target of raising Rs 58,425 crore through disinvestment in the current financial year, out of which Rs 43,425 crore is via listed companies.
Shares of BHEL closed at Rs 267.90, up 4.98 per cent on the BSE.