Bharat Heavy Profit Declines on Waning Power-Equipment Demand
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Bharat Heavy Electricals Ltd., India’s biggest maker of power-plant equipment, had a worse-than-expected 17 percent drop in third-quarter profit as funding delays prompted customers to hold back orders.
Net income fell to 11.8 billion rupees ($221 million) in the three months ended Dec. 31 from 14.3 billion rupees a year earlier, the company said today in a statement. The median of 34 analyst estimates compiled by Bloomberg was 13.5 billion rupees. Sales dropped almost 5 percent to 100.4 billion rupees.