BHEL pays all-time high 80% dividend for fiscal 2004-05.

Engineering major Bharat Heavy Electricals Limited (BHEL) has paid the highest ever equity dividend of 80% amounting to Rs.1958.1 million, for fiscal 2004-05. This includes an interim dividend of 35% paid in December, 2004. With this, BHEL has maintained its track record of paying dividends uninterruptedly for the last 29 years.

A cheque amounting to Rs.745.9 million - corresponding to the payment of 45% final dividend on the equity (67.72%) held by the Government of India, was presented to Mr. Sontosh Mohan Dev, Hon’ble Union Minister of State (Independent Charge) for Heavy Industries & Public Enterprises by Mr. Ashok K. Puri, CMD, BHEL here today. Senior officials of the Department of Heavy Industries & Public Enterprises and BHEL were also present on this occasion.

During the year 2004-05, BHEL maintained its track record of earning profits for over three decades without a break, with its net profit at Rs.9530 million, surging 45% and an all-time high turnover of Rs.103,360 million, growing by a healthy 19% over the previous fiscal.

Significantly, in line with its vision - ‘committed to enhancing shareholder value‘, BHEL recorded a surge in Economic Value Addition (EVA), which catapulted to Rs.5045 million from Rs.3660 million in the year before.

Notably, BHEL secured the highest ever orders worth Rs.182,300 million in a single year, despite operating under intense competitive pressure in domestic and international markets. With an all time high order book of over Rs.320,000 million as on 31st March, 2005, BHEL expects to achieve healthy top and bottom line growth in 2005-06 and beyond.

During this period, the company secured several prestigious export orders, each one of which signifies a major step forward towards consolidation in International business. The momentum has picked up pace in the current fiscal (2005-06) and BHEL has already booked physical export orders worth Rs.11,750 million. Major achievements include a landmark turnkey contract for two power projects from PDO Oman. In addition, the company has made inroads into two new markets namely Ethiopia and Surinam.