BHEL tumbles on Q4 loss
By
Ruma Dubey
about 4 years ago
BHEL is currently the top loser on the BSE, going down 9.5% to an intraday low at Rs.28.45/share. Its LC for the day at 10% stands at Rs.28.35.
The stock is down in the red on account of the consolidated net loss of Rs.1532 crore it posted for Q4FY20. This loss was mainly on account of the 51% (YoY) drop in total revenue from operations at Rs.5050 crore.
The apart, the company also had a higher deferred tax at Rs.822 crore v/s Rs.14 crore. This is because the company said that it has opted for a new section 115BAA of the Income Tax Act, 1961 in the current year. Accordingly, deferred tax as on April 1 ,2019 has been restated at the rate of 25.168%, which in turn led to a reversal of deferred tax assets by Rs 974 crore.