BHEL Bhopal beats meltdown, posts profit before tax

April 3rd, 2009 - 8:55 pm ICT by IANS  

Bhopal, April 3 (IANS) Beating the global meltdown, the Bhopal unit of the state-owned Bharat Heavy Electricals (BHEL) achieved a 2008-09 turnover of Rs.3,306 crore - up 21 percent as compared to the previous year, executive director M.K. Dube said Friday.
Maintaining that the meltdown had made the challenge of meeting the targeted turnover of Rs.3,303 crore even tougher, Dubey said the unit posted a Rs.491-crore profit before tax.

He said there were other factors making the target harder to achieve: several customers could not take delivery on account of a liquidity crunch, while about Rs.200 crore was paid to employees as ad hoc wage revision.

Exports registered a record 42 percent growth over that in the previous year, contributing Rs.513 crore, while the cash collection for the year was Rs.3,700 crore, again a record.

The unit has now set a Rs.4,000-crore revenue target for 2009-10, which the official described as a “challenging task in the present global economic scenario”.

Dubey said research and development expenditure has been increased 41 percent over the previous year, adding that filing of patents to increased 93 percent.

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