New Delhi, Sep 17: Bharat Heavy Electricals Limited (BHEL) registered a net profit of Rs 2,859 crore during 2007-08, a 19 per cent increase over the previous year, its CMD K Ravi Kumar announced today and said the company would increase its capacity to 15,000 MW per annum by December 2009.
Addressing shareholders at BHEL's 44th annual general meeting, Mr Kumar said the company achieved a record turnover of Rs 21,401 crore during the period, crossing the Rs 20,000 crore mark for the first time and registering a growth of 14.2 per cent. ''The company has also decided to go in for further expansion to increase its capacity to 20,000 MW per annum by December 2011,'' he said.
The CMD said BHEL recorded a surge in Economic Value Addition, which went up to Rs 1,810 crore from Rs 1,657 crore during the period.
The company also secured the highest-ever orders worth Rs 50,270 crore in a single year.
With an order book position of more than Rs 85,000 crore - the highest-ever both in physical as well as financial terms-- at the close of the financial year, the company expects to achieve robust growth in 2008-09 and beyond, he said.
He said the company also achieved a significant landmark with its cumulative installed projects crossing 1,00,000 MW worldwide.
Overall, BHEL commissioned 7,150 MW of power plant equipment comprising 6,772 MW utility and captive/industrial sets in the country and 378 MW overseas.
A major milestone of the year was the commissioning of a non-BHEL Nuclear set of 220 MW at Kaiga in a record time of about 16 months, besides re-commissioning of 740 MW gas-based Ratnagiri Block III (Dabhol), which had been inoperative since the past six years.
On the performance of BHEL equipment, he said BHEL-built thermal sets achieved the highest ever PLF of 80.4 per cent and Operating Availability of 86.7 per cent, exceeding the national average efficiency parameters.
He said the company was well on its way to attaining a sustainable profitable growth with the objective of reaching a turnover of Rs 45,000 crore by 2011-12 as per the Strategic Plan.