BHEL Reports Rs 1,532 Crore Loss In March Quarter
State-run engineering firm Bharat Heavy Electricals Ltd. on Saturday reported a consolidated net loss of Rs 1,532.18 crore for the March quarter, mainly due to lower revenues and deferred tax.
The company had posted a consolidated net profit of Rs 680.77 crore in the quarter ended March 2019, it said in an exchange filing.
Total income during the quarter stood at Rs 5,193.51 crore, down from Rs 10,489.11 crore in the same period last year.
BHEL has opted for the new section 115BAA of the Income Tax Act, 1961 in the current year. Accordingly, deferred tax as on April 1 ,2019 has been restated at the rate of 25.168% which resulted in reversal of deferred tax assets by Rs 974.41 crore.
Consequently, profit after tax decreased by Rs 956.50 crore and other comprehensive income fell by Rs 17.91 crore, it said.
For the full fiscal 2019-20, the company suffered a consolidated net loss of Rs 1,468.35 crore. It had posted a consolidated net profit of Rs 1,002.42 crore in 2018-19.
Total income decreased to Rs 22,054.31 crore from Rs 31,102.90 crore in the previous fiscal.
The company's board in its meeting held on Saturday did not recommend any final dividend for 2019-20 due to the Covid-19 crisis, it added.