Profit before tax (PBT) grew 119 per cent YoY to Rs 1,077.75 crore from Rs 492.01 crore as finance costs fell 36.08 per cent YoY to Rs 124.77 crore from Rs 195.21 crore YoY.
Following the development, BHEL shares climbed 4.27 per cent to hit a high of Rs 460.90 on BSE. This took BHEL's two-week rise to 10.28 per cent. The Bloomberg consensus target for BHEL stands at Rs 412.25, implying 9.7 per cent potential downside.
In another release, BHEL said its board has approved a capital investment proposal for additional facilities for manufacturing of Thermal & Nuclear Sets at HEEP-Haridwar Unit at an estimated cost of Rs 500 crore. Also, the board approved the merger of Electrical Machines Repair Plant (EMRP), Mumbai and Electronics Division (EDN), Bengaluru into a single Unit with EDN as the single merged Unit, with effect from November 1.
BHEL is among India's largest engineering and manufacturing companies, engaged in the design, engineering, manufacture, construction, testing, commissioning and servicing of a wide range of products, services and systems for core sectors of the economy, viz. Power Generation, Transmission, Industry, Transportation, Renewable Energy, Oil & Gas, Water, Defence & Aerospace, and E-Mobility & Energy Storage Solutions.
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