BHEL shares tank over 5% after earnings; mcap slumps Rs 6,023.97 cr

New Delhi: Shares of state-owned Bharat Heavy Electrical Ltd (BHEL) on Wednesday tumbled over 5 per cent after the company reported an over 25 per cent decline in consolidated net profit in the March quarter.

The stock declined 5.42 per cent to settle at Rs 301.90 on the BSE. During the day, it tanked 7.58 per cent to Rs 295.

At the NSE, it slumped 5.26 per cent to Rs 302.40.

The company's market capitalisation (mcap) declined Rs 6,023.97 crore to Rs 1,05,123.49 crore.

In traded volume terms, 58.78 lakh shares of the company were traded on the BSE and 749.33 lakh shares at the NSE during the day.

BHEL on Tuesday reported an over 25 per cent decline in consolidated net profit to Rs 489.62 crore in the March quarter, mainly due to higher expenses.

Its consolidated net profit stood at Rs 658.02 crore in the quarter ended on March 31, 2023, according to a regulatory filing on Tuesday.

Total expenses of the firm rose to Rs 7,794.11 crore in the quarter from Rs 7,411.64 crore in the same period a year ago.

Total income in the quarter rose marginally to Rs 8,416.84 crore in the quarter from Rs 8,338.61 crore in the year-ago period.