The ongoing war in Iraq has taken a toll on business of power equipment supplier Bharat Heavy Electricals with its shipments worth Rs 134 crore (Rs 1.34 billion) stranded at various ports.
"Goods belonging to a number of contractors have been in transit ever since the outbreak of war between the US-led forces and Iraq. Our previous advisory, instructed supplier of such goods to provide details of their respective shipments to the office of Iraq programme through their permanent missions," Bhel chairmnan K G Ramachandran told reporters.
Meanwhile, Bhel reported over nine per cent jump in its net profit to Rs 511 crore (Rs 5.11 billion) in 2002-03 as against Rs 468 crore (Rs 4.68 billion) achieved in 2001-02.
Announcing a turnover of Rs 7510 crore (Rs 75.1 billion), up from Rs 7287 crore (Rs 72.87 billion), Ramachandran said, "Our turnover could have been higher by about Rs 134 crore (Rs 1.34 billion) if the shipments for equipment would not have diverted."
He, however, said that from tomorrow, office of Iraq programme would start contacting suppliers who have already submitted details of their shipments.
"We have provided full details of all equipments at Jebe Ali in Iraq and at Chennai, Mumbai and our manufacturing units and vendors' works to the United Nations," he said, adding the shipments would be delivered once the UN informs the ports where these equipment are to be unloaded.
Bhel also recorded a highest-ever order inflow of Rs 11,248 crore (Rs 112.48 billion) during the last financial year, Ramachandran said, adding that this was achieved despite intense competitive national and international markets.
In the previous fiscal, Bhel an order nflow of Rs 9855 crore (Rs 98.55 billion).
"This performance is significant in the backdrop of the delay/deferment of orders in Bhel's business areas. Enhanced focus on international markets and continued emphasis on growth strategies helped in achieving this performance," he said.
The export turnover (physical and deemed) during the year gone by, however, came down to Rs 2,180 crore (Rs 21.8 billion) compared to Rs 2,511 crore (Rs 25.11 billion) in the previous financial year.
Bhel supplied material worth Rs 888 crore (Rs 8.88 billion) for setting up 4x159 mw Gas Turbine at Baiji Power Station in Iraq.
Meanwhile, Bhel has tied with French equipment supplier Alstom for bidding for National Thermal Power Corporation's 3x660 mw super termal power plant at Sipat.
The company has also secured a contract for setting up the 1000 mw Stage III of Vindhyachal Super Thermal Power Station in Madhya Pradesh, comprising two units of 500 mw.
