Bhel share price gained intraday on Wednesday after the Q3 numbers has been disclosed. On Tuesday, the stock surged nearly 6 per cent, adding Rs 1,934 crore to its market valuation. The company clocked a net profit of Rs 93.54 crore for the quarter ended on 31 December 2016. This was the third quarter in a row where the company registered profit. Projects from non-power sectors such as the railways and defence helped Bhel keep up the good show.
On NSE, Bhel share price is trading at Rs. 152.10, to touch the high and low of Rs. 152.50 and Rs. 151.00. On the volume front, 4,91,163 shares of the company are traded on nse with a traded value of Rs. 746.08 lacs.
Total income rose 17 per cent to Rs 6,461.22 crore in the December quarter. BHEL, in a statement informed that in the first nine months of the financial year, the company saw its turnover grow 19 per cent to Rs 18,966 crore. For the nine months to December 2016, Bhel registered a net profit of Rs 280 crore against a loss of Rs 1,215 crore in the same period of previous financial year.
This has been made possible by a slew of strategic initiatives and cost optimization measures put in place by the management. Having achieved the immediate target of regaining growth, the company is now upgrading its focus on sustaining its leadership status in the power sector, while diversifying in the non-thermal power segment.
Bhel faced negative growth for 14 quarters after finally turning around in Q2FY17. Its profits had plunged 82 per cent since Q1FY16, owing mostly to the fall in sales.
Bhel also informed that its board has given the approval for payment of interim dividend at the rate of 40 per cent (Rs 0.80 per share) on the paid up share capital for 2016-17 and interim dividend shall be paid/dispatched on 22 February 2017.