Seeing green on its balance sheets, BHEL is looking to further greening its dealings away from dirty coal businesses
Bharat Heavy Electricals Limited (Bhel) is registering significant growth in profits thanks to the strategic initiatives it adopted in the diversification of its operations. It has ventured into new areas like solar power and electric vehicle charging in fiscal 2018-19, ending the year with remarkable growth.
In January, the public sector undertaking which has so far been involved in the manufacturing of electrical equipment won an order for setting up 129 MW of solar power projects in Telangana from Singareni Collieries Company Limited (SCCL). This was by far the largest solar power project order won by BHEL with a value of ₹5.65 billion.
The 129 MW projects are to be set up at four locations in Telangana – Ramagundam (50 MW), Yellandu (39 MW), Manuguru (30 MW), and Pegadapally (10 MW), on engineering, procurement and construction (EPC) basis.
Then again in March, BHEL and State-owned gas utility GAIL India Ltd announced the signing of an agreement for cooperation in the development of solar power projects. Earlier this month, BHEL invited tender to procure 71 MW of Solar PV Modules while in other solar power business, it landed the first commercial-scale order of 5MW at Sagardighi, West Bengal while in the electric vehicle (EV) market, it received the first order for installing solar-based electric vehicle chargers along the Delhi-Chandigarh highway.
During the financial year, the maharatna company has achieved a profit before tax (PBT) of Rs 2,058 crore, compared to Rs 1,585 crore in the previous financial year, thus registering a surge of 29.8%. Bhel said that the net profit for the financial year stands at Rs 1,215 crore, against Rs 807 crore in the previous fiscal — a jump of 50.7%. The financial year also saw Bhel receiving its maiden order for track electrification of rail route of 440 km.
BHEL is one of the few companies in the world, and only company in India, having the capability to manufacture the entire range of power plant equipment. It has also been in the field of design, engineering, manufacturing, installation and commissioning of solar power plants over three decades and has a portfolio of more than 700 MW.