BHEL Proposes 79% Dividend For FY17
State-run power equipment maker Bharat Heavy Electricals Ltd. (BHEL) has proposed an equity dividend of 79 percent, including 40 percent interim dividend paid earlier, for financial year 2016-17.
“Significantly, not only is this four times the dividend paid (20 percent) in the previous year but also the highest to be paid by the company in the last three years,” BHEL said in a statement on Monday.
With this, the company said, it has maintained its track record of rewarding investors by paying dividends uninterruptedly for four decades without a break.
BHEL has achieved double digit growth in its top line and bounced back into profit in FY17, it said. During the year, the company recorded a turnover of Rs 28,840 crore, up 11 percent over the previous year, after reversing the trend of negative top line growth in the last three years.
The company also returned to profitability with a profit before tax (PBT) of Rs 628 crore in the fiscal, compared to a loss of Rs 1,164 crore in FY16.
The net profit stood at Rs 496 crore in FY17, against a net loss of Rs 710 crore in the previous year.