State-run Bharat Heavy Electricals (Bhel) on Monday posted a nearly 40% jump in consolidated net profit at R6,053.36 crore for the forth quarter ended March 31, 2011.
In the year-ago period, it had a profit of R4,326.92 crore.
The company?s total income on a consolidated basis rose to R43,678.62 crore from R34,498.51 crore in the same period a year-ago, the company said in a filing to the Bombay Stock Exchange (BSE).
The bellwether?s board of directors recommended 179% dividend, amounting to R17.90 a share for the year 2010-11. This would be in addition to an interim dividend of R13.25 a share. Bhel also announced splitting of stocks of face value R10 into five shares having a value of R2 each.
?The impact due to change in the accounting policy for the year 2010-11 is increase in turnover by R2,772.79 crore, provision for contractual obligation by R2,077.31 crore and profit before tax by R 695.48 crore,? the filing noted.
On a standalone basis, the entity saw its profit in 2010-11 climb 39% to R6,011.20 crore. This is in contrast to R4,310.64 crore in the same period a year-ago. Standalone total income was recorded at R43,379.89 crore as against R34,198.47 crore in year-ago period. Bhel made a profit of R 2,798.04 crore for three months ended March 31, a 46% rise over the year-ago period. In comparable three months, profit was at R1,909.58 crore.
The company shares closed 6.6% down at R1,935.60 a piece on the BSE.