State-owned Bharat Heavy Electricals Limited (BHEL) on Friday posted a 17.5 per cent drop in net profit to Rs 1,182 crore for the three months ended December 31, 2012 on the back of decline in new orders.
The power equipment major had a net profit of Rs 1,432.61 crore in October-December quarter of 2011, BHEL said in a regulatory filing to the stock exchanges.
The company’s net sales decreased to Rs 1,0041.65 crore for the third quarter ended December 31, 2012 from Rs 1,05,41.01 crore in the year-ago period.
The company’s order book declined to Rs 1.13 lakh crore as on December 31 as against Rs 1.3 lakh crore reported in September quarter.
Shares of BHEL have fallen by 2.83 per cent to Rs 221.25 in the afternoon trade on the BSE.