Consolidated net sales tanked 57% to Rs 1,896.57 crore in Q1 June 2020 over Q1 June 2019. Pre-tax loss stood at Rs 1,192.40 crore in Q1 June 2020, higher than pre-tax loss of Rs 346.65 crore in Q1 June 2019. The Q1 earnings were announced after trading hours yesterday, 11 September 2020.

BHEL, in its regulatory filing, stated that its operations and financial results for the quarter have been very adversely impacted by the lockdown imposed to contain the spread of COVID-19. However, the operations gradually resumed with requisite precautions during the quarter with limited availability of workforce and disrupted supply chain.

State-run BHEL is engaged in design, engineering, construction, testing, commissioning and servicing of a wide range of products and services to the core sectors of economy. As of 30 June 2020, the Government of India holds 63.17% stake in the company.

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Bharat Heavy Electricals announced that Desh Deepak Goel and Ranjit Rae have ceased to be Part-time Non-Official (Independent) Director on the Board of BHEL on completion of their tenure on 11 September 2020.

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Net Loss of Bharat Heavy Electricals reported to Rs 892.83 crore in the quarter ended June 2020 as against net loss of Rs 217.72 crore during the previous quarter ended June 2019. Sales declined 57.00% to Rs 1896.57 crore in the quarter ended June 2020 as against Rs 4411.09 crore during the previous quarter ended June 2019.

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Bharat Heavy Electricals announced the appointment of Amit Mehta, JointSecretary, Department of Heavy Industry as Part-time OfficialDirector on the Board of BHEL w.e.f. 02 September 2020 in place of Amit Varadan, Joint Secretary (who ceased to be Director on the Board w.e.f. 02 September 2020).

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