BHEL first-quarter profit nearly doubles, but lags forecast

State-run power plant equipment maker Bharat Heavy Electricals Ltd said on Wednesday standalone net profit for the first quarter nearly doubled, but missed analysts estimates.

Standalone net profit stood at 1.56 billion rupees ($22.68 million) in the quarter ended June 30, compared with a profit of 808.2 million rupees a year earlier.

Analysts on average had expected a standalone net profit of 1.73 billion rupees, according to estimates by Thomson Reuters I/B/E/S.

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Total revenue from operations rose 2.2 percent to 59.35 billion rupees.