BHEL Shares Plunge 8% After Earnings Miss
May 22, 2024 11:33
BHEL shares fell sharply on Wednesday after the company reported a significant drop in net profit for the March quarter, driven by higher expenses.
New Delhi, May 22 (PTI) Shares of state-owned Bharat Heavy Electrical Ltd (BHEL) on Wednesday tumbled nearly 8 per cent after the company reported an over 25 per cent decline in consolidated net profit in the March quarter.
The stock tanked 7.58 per cent to Rs 295 on both the BSE and NSE.
BHEL on Tuesday reported an over 25 per cent decline in consolidated net profit to Rs 489.62 crore in the March quarter, mainly due to higher expenses.
Its consolidated net profit stood at Rs 658.02 crore in the quarter ended on March 31, 2023, according to a regulatory filing on Tuesday.
Total expenses of the firm rose to Rs 7,794.11 crore in the quarter from Rs 7,411.64 crore in the same period a year ago.
Total income in the quarter rose marginally to Rs 8,416.84 crore in the quarter from Rs 8,338.61 crore in the year-ago period.
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