BHEL Q1 net jumps 54%; shares surge
Reportedly, India Ratings & Research, downgraded BHELs rating to IND-AA+ from IND-AAA+.
The shares of Bharat Heavy Electricals Ltd (BHEL) rallied by 16% after the company reported 54% jump in net profit for the quarter ended on June 30.
At 1353 hours the shares of the company were trading at Rs 160.40 per piece, up 15.94%, or Rs 22.05 on BSE.
On the Standalone basis, the company posted a net profit of Rs 77.7 crore for Q1FY17 as compared to Rs 50.4 crore for the quarter ended on June 30,2015.
The state-run company's total income increased from Rs 4858.9 crore in the June 2015 quarter to Rs 5871.7 crore in June 2016 quarter.
During the Q1FY17, the sales was at Rs 5523 crore as compared to Rs 4280.02 crore in the same quarter previous year. The EBIDA during June 2016 stood at Rs 71 crore and the margin at 1.3%.
Reportedly, India Ratings & Research, downgraded BHEL's rating to 'IND-AA+' from 'IND-AAA+'.
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