Record orders help BHEL profits rise to $142.89 million

Tuesday, 28 September 2004, 07:00 Hrs
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NEW DELHI: State-run engineering major Bharat Heavy Electricals Ltd (BHEL) saw a 48 percent rise in net profit to earn 6.58 billion ($142.89 million) in 2003-04 with a record number of domestic and overseas orders.

"Notably, BHEL secured the highest-ever orders worth 164.78 billion ($3.58 billion) in a single year, despite operating under intense competitive pressure in domestic and international markets," A.K. Puri, the newly appointed chairman and managing director of BHEL, told a shareholders meeting here Tuesday.

The company witnessed an all-time high turnover of 86.62 billion in 2003-04 fiscal, recording a healthy 15.8 percent growth.

A major highlight of the year was the highest number of orders won by the company for 500-MW thermal sets as also six turnkey contracts - the maximum in a year.

"With a cumulative order book position of over 236.50 billion ($5.13 billion) at the close of the financial year, the company expects to achieve healthy top and bottom line growth in 2004-05 and beyond," said Puri.

He said a notable achievement was the entry into Romania with a maiden order for fabric filters.

Other significant overseas successes included the largest overseas orders for transformers from Zambia; the first-ever export order for electrostatic precipitators (ESPs) on a turnkey basis from Thailand and one of the largest services contract for overhauling a 120-MW unit from Libya.

BHEL also bagged orders from Greece, the Philippines, Germany, Australia, Italy, Finland, Malaysia, Oman, Indonesia, Azerbaijan, Kazakhstan, Bangladesh, Malta, Sri Lanka, Saudi Arabia and Japan.

"A milestone was achieved in overseas project execution, with the export of India's first Advanced Class Gas Turbine Generator (70-MW ISO), for the Qarn Alam Power Project in Oman," said Puri.

Another landmark was the synchronisation of the second 159-MW ISO Gas Turbine in Iraq, against an order for four such units, under the UN's Oil for Food Programme.

"This assumes greater significance, as it was the largest contract executed by an Indian public sector undertaking, besides being the first generating unit to be commissioned in post-war Iraq," he said.

Source: IANS
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