Shares of Bharat Heavy Electricals Ltd (BHEL) surged by nearly 10% to Rs 280.75 on the BSE during Thursday’s intraday trading. This boost came after BHEL won a significant Rs 3,500 crore contract from Adani Power for a thermal power project in Raipur, utilising Supercritical Technology.
The contract, which was finalised on June 5, covers the supply and oversight of boiler, turbine, and generator installation and commissioning for a 2×800 megawatt power project. This critical equipment will be produced at BHEL’s facilities in Trichy and Haridwar, highlighting the company’s robust manufacturing capabilities.
BHEL is a major player in India’s engineering and manufacturing sector, with significant contributions to the energy and infrastructure fields. The company is also diversifying its portfolio to include defence, aerospace, urban mobility, and railways, aiming to broaden its market influence.
For the January-March quarter of FY24, BHEL reported a consolidated net profit of Rs 489.62 crore, a decrease of 25.6% from the previous year, largely due to rising expenses. However, this marked a substantial improvement from the sequential quarter’s profit of Rs 60.31 crore.
Despite a slight year-on-year growth in consolidated revenue, amounting to 0.4% at Rs 8,260.25 crore, the revenue saw a significant 50% increase from the preceding quarter. BHEL’s stock performance has been impressive, with a 57.38% rise over the past six months and a 234.94% increase over the last year.
