India's BHEL FY14 provisional net profit slumps 51 pct

Last Updated: Sat, Apr 05, 2014 06:30 hrs

MUMBAI, April 5 (Reuters) - Bharat Heavy Electricals Ltd , India's state-run top power equipment maker, reported on Saturday a 51 percent fall in provisional net profit for the fiscal year ended March 31.

India's power sector has been badly hit by shortages of coal and gas supplies, delays in environmental approvals for power and mining projects and drying up of funding -- severely denting the demand for equipment.

Provisional net profit at the company fell to 32.28 billion rupees ($536.26 million) in the last fiscal year 2013/14 from 66.15 billion rupees reported in the fiscal year 2012/13, a company statement said. ($1 = 60.1950 Indian Rupees) (Reporting by Neha Dasgupta; Editing by Ron Popeski)

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