BP Rao, former Chairman and Managing Director of BHEL highlighted that although Chinese imports were high 3-4 years back, they have gradually reduced since.
Bharat Heavy Electrical Ltd (BHEL) reported provisional profit of 6485 crore, up 8 percent year-on-year. Though, this is the first time in eleven years that the company has posted a decline in bottomline, the numbers are above market expectation on improved order flow.
State-run BHEL is pitching for duties on imported solar equipment to safeguard the domestic manufacturing industry that is being hurt by cheap imports primarily from China.
Faced with sluggish business conditions, state-run power equipment major BHEL has decided to limit its recruitment to only filling up the existing vacancies.
State-run BHEL is working with the government on plans to identify a technology partner for manufacture of defence equipment including making bigger guns for the Navy.
State-run power equipment maker BHEL expects a revenue of Rs 10,000 crore from foreign contracts by 2017 even as domestic orders from private companies have taken a hit due to financing constraints.
In a reaction to the imposition of duty on power equipment by the Cabinet on Thursday, BHEL chairman BP Rao explains to CNBC-TV18 though the move is a positive for the manufacturing sector, it leaves few options for domestic manufacturers to import the parts that are not available in the country.
Bharat Heavy Electricals' (BHEL) provisional Q4 profit rose 15% to Rs 3,208 crore, YoY, its revenues also grew 13% to Rs 20,741 crore. However, order inflow was down 63%, YoY. BP Rao of BHEL says, next fiscal, the company is targeting about 15,000-16,000 megawatts (MW) orders.
Bharat Heavy Electricals (BHEL) said it expects 60% of the orders in fiscal year 2011-12 to come from the supercritical segment.
Speaking to CNBC-TV18, chairman BP Rao said the company is on track to achieve its full year order book target of Rs 60,000 crore. "We expect execution pace to continue in FY12."