New Delhi, Sep 17: Bharat Heavy Electricals Limited (BHEL) achieved an all-time high turnover of Rs 18,739 crore and net profit of Rs 2,415 crore during fiscal 2006-07, and has targeted a turnover of Rs 45,000 cr by 2012 while pursuing inorganic growth through mergers and acquisitions.
Over the next five years, in the pursuit of achieving its globalisation aspirations, BHEL is aiming to grow physical exports by six times the current size, BHEL Chairman and Managing Director A K Puri disclosed at the company's 43rd Annual General Meeting here today.
''The merger and acquisition route will be pursued to avail inorganic growth opportunities to enlarge the company's operations both in domestic as well as export markets,'' he said.
Addressing shareholders, Mr Puri said while the turnover and orders inflow doubled in three years, the profit before tax and net profit doubled in just two years.
A total dividend of nearly Rs 600 Crore-- the highest ever-- had been declared for 2006-07, which was 245 per cent of the paid-up capital pre-bonus (including a final dividend of 60 per cent on the enhanced paid-up share capital consequent to 1:1 bonus) as against 145 per cent paid for 2005-06.
He said BHEL secured the highest ever orders worth Rs 35,643 crore in a single year, and with an order book position of Rs 55,000 crore, at the close of the financial year, the company expected to achieve robust growth in 2007-08 and beyond.
Enumerating BHEL's milestones in international business, he said BHEL booked export orders worth Rs 1,903 crore against an average yearly order book of Rs 1,275 Crore of the past five years.
The year witnessed significant steps towards globalisation with the receipt of orders for power equipment for over 900 MW of power projects and 5,600 MVA of transformer capacity, spread across ten countries, besides successful forays in a host of new market segments.
The CMD said higher-rating supercritical thermal sets, ultra-high voltage transmission systems, advanced-class gas turbines and higher-rating nuclear power plants were planned to be introduced during the XI Plan and beyond.
Looking to the future, Mr Puri said BHEL had drawn up a ' Strategic Plan 2012' to ensure sustainable profitable growth over the next five years with the objective of reaching a turnover level of Rs 45,000 crore by 2011-12.