New Delhi: The turnover and profits of Bharat Heavy Electricals Ltd (BHEL), the state-owned firm which has been recently granted Maharatna status, have steadily risen since 2009-10, Parliament was informed Thursday.
The turnover of BHEL stood at Rs 30,290 crore up to the third quarter of the 2012-13 fiscal, as against Rs 49,510 crore in the year-ago period.
The company had clocked a turnover of Rs 43,337 crore in 2010-11 and Rs 34,154 crore in 2009-10 respectively, Minister of Heavy Industries and Public Enterprises Praful Patel said in a written reply in the Lok Sabha.
Besides, BHEL's profit came in at Rs 3,377 crore up to the third quarter of the current fiscal, as against Rs 7,040 crore in the previous year. The company had reported a profit of Rs 6,011 crore in 2010-11 and Rs 4,311 crore in 2009-10.
The government granted Maharatna status to BHEL on February 1, a move which will provide greater financial and functional autonomy and also ensure better valuation for its shares.
A Maharatna firm can make investment decision of up to Rs 5,000 crore without going to the government. For Navratna firms, this limit is Rs 1,000 crore.
Elaborating on the steps taken by BHEL to enhance its performance, Patel said: "The company spent nearly Rs 1,199 crore, i.E. 2.42 percent of its turnover during 2011-12 on Research and Development (R&D) and filed 351 patents and copyrights, making BHEL one of the highest patent filers in the country after CSIR".
Moreover, BHEL is placing high importance on people development and pursuing initiatives in diversification, mergers and acquisitions (M&A), the minister said.