BEML has recorded a net loss of Rs 14 crore during the three month period ended March 31, 2012 as compared to the net profit of Rs 70 crore during the corresponding period of previous fiscal, posting a huge decline of 80% year-on-year (YoY).
The Bangalore-based public sector company stated that its net profit for the complete fiscal under review (FY 2012) fell 61% YoY to Rs 57 crore as against Rs 147 crore during fiscal 2011.
Recently, the state-run defence giant got embroiled in a raging debate with the Indian Army, whose retiring chief General VK Singh, who said he was offered a bribe to approve poor quality vehicles.
Total income of BEML from operations, comprising net sales and other income for Jan-Mar period, dropped 16% to Rs 793 crore as against Rs 942 crore in the same period of the last year.
But, the consolidated income for full financial (2011-12) remained marginally up by 2.7% YoY to Rs 2,715 crore as against Rs 2,644 crore during the previous fiscal (2010-11).
Sequentially too, the net profit slumped 65% to Rs 14 crore during last quarter as against Rs 40 crore in the third quarter (October-December) of fiscal under review.
The company announced a dividend of Rs 5 per share.
The shares of the company hit a 52-week low of Rs 405.
At 09:26 a. m., the share remained down by 4.33% to rule at Rs 411.
It was trading with volumes of 11,040 shares.
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