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BEML net up 53 per cent in 2017-18
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SME Times News Bureau | 26 May, 2018
State-run Bharat Earth Movers Ltd (BEML) on Friday reported net profit
of Rs 130 crore for fiscal 2017-18, registering 53 per cent annual
growth from Rs 84 crore in the previous fiscal 2016-17.
The
company's board of directors has recommended an annual dividend of Rs 8
per share (80 per cent) for the fiscal (FY 2018) to its retail and
institutional investors.
In a regulatory filing to the BSE, the
city-based defence behemoth said revenue from operations grew 17 per
cent to Rs 3,305 crore for the fiscal under review (FY 2018) from Rs
2,835 crore year ago (FY 2017).
Although net profit for the
fourth quarter (Q4) of the fiscal at Rs 188 crore remained flat 1.1 per
cent annually from Rs 186 crore in the same period year ago, it grew
sequentially a whopping 1,006 per cent from Rs 17 crore quarter ago.
"Revenue
for the quarter under review (Q4) declined 5 per cent to Rs 1,253 crore
from Rs 1,316 crore in the like period year ago, but shot up 71 per
cent sequentially from Rs 732 crore quarter ago," said the filing.
Profit before tax (PBT) grew 67 per cent annually to Rs 164 crore for FY 2018 from Rs 98 crore in FY 2017.
PBT
for Q4 increased 11 per cent on year-on-year (YoY) basis to Rs 222
crore from Rs 200 crore in the same period year ago and 1,006 per cent
from Rs 17 crore quarter ago.
"With the introduction of the Goods
and Services Tax (GST) from July 1, 2007, revenue from operations does
not include taxes and duties for the fiscal as against excise duty in
the previous fiscal," added the filing.
The company's bluechip
scrip of Rs 10 face value closed at Rs 951.45 at the end of trading on
the BSE, gaining Rs 17.90 per share from Thursday's closing price of Rs
933.55 after opening at Rs 936.70 earlier in the day.
"Mining and
construction business grew 11 per cent, while rail and Metro business
posted a record 114 per cent growth in production and sale of 244
coaches and defence business 10 per cent," company Chairman D.K. Hota
told reporters here.
The company began the new fiscal (2018-19) with an order book of Rs 6,700 crore.
"We have set a challenging target for the fiscal to realise our potential, as business prospects are encouraging," said Hota.
Admitting
that the mining and construction market was competitive and
unpredictable, Hota said the company was deploying 150-tonne and
190-tonne dumpers for user trials in line with the shift in the market
trend.
Revenue from sale of equipment to the coal sector increased 79 per cent and non-coal segment 28 per cent during the fiscal.
"We
have delivered the first 3-car train set for the Bengaluru Metro
service from whose operator we have a contract to supply 150 cars. Two
train sets have been supplied to the Kochi Metro service in Kerala,"
Hota added.
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