Engineering PSU Bharat Heavy Electricals Limited (BHEL) posted a net loss of Rs. 217 crore for the quarter ended in December. The company reported a consolidated net profit of Rs. 162.7 crore for the corresponding quarter last year. The revenue dropped 21.6% year-on-year to Rs. 4,451.4 crore during the quarter under review. It was Rs. 5,680.8 crore during Q3FY20.
Total income of the company dipped to Rs. 4,532.39 crore in the quarter from Rs. 5,827.74 crore in the same period a year ago. The firm’s EBITDA loss stood at Rs. 180.4 crore during Q3FY20 against Rs. 326.6 crore in Q3FY21.
The group’s operation and financial results have been adversely affected by the coronavirus pandemic. On the impact of the COVID-19 pandemic, the company said, “During the quarter, the group operations recovered as compared to Q2/20-21 (second quarter this fiscal), but pre-COVID level of operations are yet to be achieved.”
“Based on its assessment of business/economic conditions as on date, the company expects to recover the carrying value of its assets,” it added.