Bharat Heavy Electricals Limited on Wednesday reported a huge loss in its financial income for the second quarter (Q2) of the current financial year. The state-owned power generation equipment maker reported a consolidated net loss of Rs 238.12 crore in the quarter ended September 2023-24 (FY24), while a consolidated net profit of Rs 12.10 crore in the second quarter of the 2022-23 financial year I went. Year (FY23), revealed through an exchange filing.
The company recorded nominal improvement in its income from operations at Rs 4,944.78 crore in the quarter reported in FY24 as against Rs 4,927.95 crore reported in the same quarter a year ago.
The company’s total expenses increased by more than 2 percent on a year-on-year (YoY) basis. The engineering firm’s total expenses for Q2FY24 stood at Rs 5,753.32 crore, better than Rs 5,628.34 crore in the same quarter a year ago.
Among segments, the company’s power sector revenue grew by nearly 3 per cent at Rs 3,927.18 crore in the quarter under review, as against Rs 3,814.35 crore in the second quarter of the last financial year.
Industry sector revenue declined by more than 8 percent on a year-on-year basis. Revenue from this segment stood at Rs 1,017.60 crore in the second quarter of the current financial year, compared to Rs 1,113.60 crore in the same period a year ago.
The firm revealed that its EBITDA stood at a loss of Rs 191 crore in Q2FY24, compared to a loss of Rs 19 crore in the same quarter last year. EBITDA (earnings before interest, taxes, depreciation and amortization) is often used by companies as an alternative to net income to better understand their finances.
The company highlighted the weak external backdrop, high crude oil prices and high interest rates as its key concerns. Shares of the public sector company fell over 3.60 per cent during the trading session on Wednesday ahead of the earnings announcement.
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