State-owned Bharat Heavy Electrical Ltd (BHEL) on Tuesday reported an over 25 per cent decline in its consolidated net profit to ₹489.62 crore in the March quarter, mainly due to higher expenses.
Consolidated net profit stood at ₹658.02 crore in the quarter ended March 31, 2023.
Total expenses of the firm rose to ₹7,794.11 crore in the quarter from ₹7,411.64 crore in the same period a year ago.
Total income in the quarter rose marginally to ₹8,416.84 crore in the quarter from ₹8,338.61 crore in the year-ago period.
The board has recommended a final dividend at the rate of 12.50 per cent or 25 paise per share with a face value of ₹2 each on paid-up share capital of the company for fiscal year 2023-24.
Consolidated net profit in the fiscal 2023-24 also declined to ₹282.22 crore from ₹654.12 crore in 2022-23.
Total income in the fiscal increased marginally to ₹24,439.05 crore from ₹23,853.57 crore in 2022-23.
JK Tyre net up 54%
JK Tyre & Industries on Tuesday said its consolidated net profit increased 54 per cent to ₹172 crore for the fourth quarter ended March 31, 2024, on account of higher sales.
The tyre maker had reported a net profit of ₹112 crore in the year-ago period.
Total income rose to ₹3,714 crore for the fourth quarter compared with ₹3,645 crore in the year-ago period.
For the full year ended March 31, the tyre maker posted a net profit of ₹811 crore, a three-fold jump, against ₹265 crore in FY23.
Total income rose to ₹15,046 crore for the last fiscal compared with ₹14,681 crore in FY23.
The company said it achieved highest-ever sales and profits during FY24.
“This performance is attributed to our continued focus on product premiumisation, widening market reach and tech enabled manufacturing and digitalisation across operations achieving better efficiencies,” JK Tyre chairman and MD Raghupati Singhania said.
PTI
