BHEL FY14 provisional net profit halves to Rs 3228 cr

State-run power equipment maker Bharat Heavy Electricals (BHEL) on Saturday disappointed the street with its provisional numbers for the financial year 2013-14. Net profit in the year fell 51.2 percent to Rs 3,228 crore on account of lower revenues and order inflow. Turnover or revenues during the year dropped 19.5 percent to Rs 40,366 crore from Rs 50,156 crore in previous year. Provisional order inflow stood at Rs 28,007 crore in the year gone by, down 11.5 percent compared to 2012-13. “The company has been impacted by policy paralysis of various government departments, but with the clearance of various infrastructure & power projects, BHEL is expected to improve its financials in the coming quarters,” brokerage house Firstcall Research said in its report dated March 26. The brokerage house recommends buy rating on the stock with a target price of Rs 250 for medium and long term. The share price of the company on Friday slipped 2 percent to Rs 183.95 on the Bombay Stock Exchange.