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BEML’s Q2 profit drops amid weakening demand
Industry News- Nov 12,24
BEML’s material costs, which constitute over half of its expenses, rose slightly by 0.2%, while total expenses dropped 7% to Rs 8.2 billion.
Indian heavy machinery manufacturer BEML reported a 1.5% drop in second-quarter profit due to lower demand for its products as manufacturing activity in India slowed. The state-owned company, which supplies equipment for sectors including aerospace, mining, and rail, saw its profit slip to Rs 510.3 million for the quarter ending September 30, down from Rs 517.8 million the previous year. Revenue from operations declined by 6.2% to Rs 8.6 billion, marking the first fall after four consecutive quarters of growth.
BEML’s material costs, which constitute over half of its expenses, rose slightly by 0.2%, while total expenses dropped 7% to Rs 8.2 billion. The company also executed orders worth Rs 8.11 billion, down from Rs 9.10 billion in the same quarter last year.
The dip in BEML’s performance contrasts with competitor Jupiter Wagons, which recorded a 9.3% profit increase in the same period. Following the earnings release, BEML shares were down 0.6%, though they have risen 47.5% this year, slightly behind Jupiter Wagons’ 47.8% increase.
(The Print)
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