BHEL wins ICWAI National Awards for Excellence in Cost Management 2007 for the third consecutive year

BHEL has been conferred the prestigious ICWAI National Awards for Excellence in Cost Management 2007. Significantly, the company has won three awards for 2007.

BHEL has been awarded the recognition for the third successive year, having earlier won the awards for the years 2005 and 2006. An independent jury headed by the former Chief Justice of India, Mr. J.S. Verma unanimously selected BHELs Bhopal, Haridwar and Jhansi Units for the Awards for 2007.

Instituted in the year 2003, by the Institute of Cost and Works Accountants of India, the awards are presented annually to corporate entities in their journey towards excellence in cost, quality and delivery. The awards were presented by Mr. Prem Chand Gupta, Union Minister for Corporate Affairs to Mr. C.S. Verma, Director Finance, BHEL, at a function in New Delhi.

BHEL has maintained its track record of earning profits and paying dividends uninterruptedly for over three decades without a break. Notably, in 2007 08, BHEL further built on the growth momentum achieved in the year before, completing yet another successful year, which saw the company reiterate its commitment to the countrys power development programme and other infrastructure sectors.

During the year, BHEL notched its highest ever turnover of Rs.216,080 Million, crossing the Rs.200,000 Million mark for the first time. Profit Before Tax PBT surged 18 per cent at Rs.43,950 Million, moving past the Rs.40,000 Million mark for the first time, while Net Profit PAT rose 17 per cent at Rs.28,150 Million / on Provisional basis.

An interim equity dividend of 90 per cent on the enhanced equity capital post bonus was paid for fiscal 2007 08, maintaining the track record of paying dividends uninterruptedly for the last 32 years. Net Asset Value NAV per share stood at Rs.216, post bonus, reflecting the intrinsic strength of the company.

BHELs inherent potential coupled with its consistent performance resulted in the company joining an elite group of select companies with a market capitalization of more than Rupees One Trillion. Spurred by the strong and consistent growth achieved in the last few years, BHEL has set its sights on becoming a Rs.450,000 Million company by 2011 12. The company has unveiled a Strategic Plan 2012 that will enable it to grow at a Compounded Annual Growth Rate of 20 per cent.

BHEL has been committed to the nations power development programme and has reaffirmed its commitment to the Indian Power Sector by equipping itself for the future, by way of technology, facilities and trained manpower to meet the countrys power forecast for the 11th Plan and beyond.