Expeditious execution and cost cutting coupled with efforts to enhance executable order book have been initiated by BHEL says CMD ATUL SOBTI
New Delhi, November 8: In the second quarter of FY 2016-17, Bharat Heavy Electricals Limited (BHEL) has maintained the momentum of positive growth and profitability achieved in the first quarter of the current fiscal, with the company registering a topline growth of 12% at Rs.6,780 Crore and posting a profit before tax of Rs.138 Crore as against a loss of Rs.293 Crore in the corresponding period last year. Significantly, in the first quarter, BHEL had recorded positive growth after reversing the trend of negative topline growth prevailing for the last 14 straight quarters.
In the first half of the current fiscal, BHEL’s turnover has shown a double-digit growth of 19% and profit after tax has increased to Rs.187 Crore compared to a loss of Rs.130 Crore in the corresponding period of the previous year. Strategic initiatives put in place by the new management have begun yielding results and the company is well on its way to getting back on the growth trajectory.
Mr. Atul Sobti, the new Chairman and Managing Director of the company said that holding on to our strengths and building news ones, we are resolutely focused on achieving the immediate target of regaining growth. Attributing the reversal in the trend of negative growth to accelerated execution, he said that specific steps of expeditious execution and cost cutting coupled with efforts to enhance executable order book have been initiated by the company.
