BHEL Q3 Results: Shares dip almost 7%, incurs a net loss of Rs 149 crore

State-owned Bharat Heavy Electricals Ltd (BHEL), one of the biggest engineering and manufacturing firms, reported a combined net loss of Rs 148.77 crore in the third quarter (Q3) ended December 2023 affected by higher expenditures.

Shares of BHEL dipped to Rs 201.50, a fall of 6.83%, on BSE following the announcement of the Q3 earnings. The market capitalization of the company slipped to Rs 74063 crore. The shares finished 1.39% less at Rs 213.30 on BSE.

The company had generated a profit of Rs 42 crore in the quarter October-December tenure of the previous 2022-23 financial year. The total revenue increased to Rs 5503.81 crore (4.56%) in Q3 when compared to an amount of Rs 5263.68 crore in the prior year of the same period.

The engineering major had posted a loss of Rs 194.91 crore before tax in the preceding quarter against Rs 52.71 crore earnings in the quarter ended December 2022. Total costs soared to 5816.87 crore (9.32%) in the Q3 when compared to Rs 5320.84 crore in the same time of the preceding year.