Amidst the continued challenging business environment, Bharat Heavy Electricals Limited (BHEL) has registered quantum growth in its profitability and order booking in fiscal 2017-18, ending the year with significant traction in growth drivers. This was announced by Atul Sobti, chairman and Managing Director, BHEL at the 54th Annual General Meeting of the company on Wednesday.
Addressing the shareholders, Sobti said that during the year, the company achieved a profit before tax (PBT) of Rs 1,585 crore, compared to Rs 628 crore in the year before, registering a surge of 152%. Net profit (PAT) for the year jumped 63% at Rs 807 crore, against Rs 496 crore in the previous fiscal.
Maintaining the trend of topline growth for the second consecutive year, BHEL has recorded a turnover of Rs 27,850 crore, as against Rs 7,740 crore in the previous year.
Consequently, a total dividend of 91% has been declared on the enhanced equity share capital post bonus for the year 2017-18, maintaining the track record of paying dividends uninterruptedly since 1976-77. Notably, this is the highest dividend paid by the company in the last four years, he added.
CMD said that to move towards the vision of becoming a global engineering enterprise, BHEL will continue to focus on Globalisation, and Diversification to increase business from non-coal areas, and further strengthen its Innovation capabilities.
Several corporate social responsibility initiatives in the form of socio-economic and community development programmes undertaken by the company are aligned with national priorities.
BHEL continues to serve society through its contribution in education, health, skill development, and improvement in the living conditions and hygiene in villages and communities spread across the country, Sobti said.
BHEL has been actively involved in the skill development initiatives of the Government of India. During 2017-18, the company provided skill development opportunities to more than 24,000 individuals under various schemes like Graduate apprenticeship, Diploma apprenticeship, Vocational apprenticeship, Trade apprenticeship, etc. BHEL was recognised as Champion of Change under the category of ‘Best Central Public Sector Enterprises’ by the Ministry of Skill Development & Entrepreneurship for engaging maximum number of apprentices under the Apprentices Act, 1961, said Sobti.
The CMD said that BHEL’s immense contribution in nation-building endeavours makes it the finest example of successful ‘Make in India’ and the company is committed and ready to take this mission forward in building a ‘New India’.
