BHEL FY13 net profit at Rs 6,485 crore, shares gain 4%

Shares in Bharat Heavy Electricals Limited rose as much as 4 per cent after the state-run power equipment maker reported higher than expected numbers for fiscal 2012-13.

BHEL's provisional net profit for fiscal 2012-13 stood at Rs 6,485 crore, higher than estimates of Rs 6,040 crore, but lower than Rs 7,040 crore reported in 2011-12.

Provisional order inflow stood at Rs 31,528 crore, above estimates of Rs 30,000 crore and sharply higher than Rs 22,000 crore reported last fiscal. BHEL's order book as of March 31, 2013 stood at Rs 1.15 lakh crore against Rs 1.34 lakh crore in the last fiscal.

BHEL shares traded 2.4 per cent higher at Rs 181.85 as of 12.30 p.m. against a 0.5 per cent drop in the broader capital goods index on the BSE.

Saurav Mukherjee of Ambit told NDTV that BHEL's order book has come down, which is along the expected lines.

"The more important aspects for BHEL would be regulatory announcements vis-a-vis Power Purchase Agreements and coal supply due next week," Mr Mukherjee added.

India's power sector has been badly hit by shortages of coal and gas supplies, delays in environmental approvals for power and mining projects and drying up of funding -- severely denting the demand for equipment.

(With inputs from Reuters)