On Saturday, public sector Bharat Heavy Electricals Ltd (BHEL) reported a net loss of Rs 1,534 crore for the quarter ended March when compared to a net profit of Rs 676 crore in the same period a year ago.
Total income of the engineering major fell to Rs 5,198 crore in the fourth quarter of 2019-20 from Rs 10,492 crore last year. Total expenses too came down to Rs 5,906 crore from Rs 9,217 crore year-on-year.
The quarter was an execution-heavy quarter for capital goods companies whose deliveries were hit by the COVID-19 nationwide lockdown in the last week of March.
BHEL said that its manufacturing facilities and site executions were inoperative from 23 to 31 March which along with the COVID-19 impact globally impacted the revenues.
"Broadly, the impact on revenue for the year (2019-20) is assessed at Rs 4,000 crore. Based on internal and external information, the company expects to recover the carrying amount of its assets, investments, trade receivable, contract assets and inventories," it said.
Further, no final dividend for the financial year 2019-20 was announced.
"The Board also discussed and due to COVID-19 & extraordinary circumstances did not recommend Final Dividend for FY 2019-20," BHEL said.