Ranchi based PSU-Heavy Engineering Corporation- has set a record of earning profit for the seventh consequitve year.

In 2011-12,the company’s net turn over and net profit were Rs 726.23 crore and Rs 8.54 crore respectively.This year( 2012-13) the company has achieved a turnover of Rs.739.75 crore and net profit of Rs.12.21 crore,says HEC CMD R Mishra. conference today.

Mishra who addressed media persons inside the company’s headquarter office in Ranchi said that despite downturn in the Indian economy,especially in capital goods as well as infrastructure sector, increase in cost of inputs and adverse exchange rate variation, HEC was able to achieve a modest growth of 2% in sales and had recorded 42.3% growth in net profit over.

A press communiqué issued on the occasion further said “the economic slowdown in the recent past had affected the order inflow and company could book fresh orders worth Rs.266.06 crore only during 2012-13 due to postponement/delay in finalsiation of tenders at Customers’ end. Orders in hand as on 1.4.2013 stands at Rs.1505 cr.”

What is the HEC’s Budget plan for 2013-14?

If the company’s communiqué is to be believed,the answer was this:”HEC had signed MoU with Department of Heavy Industry for 2013-14 with the target of sales pegged at Rs.1001 crores and net profit estimated at Rs.40.71 crore.

Representational Pic showing HEC’s workforce outside one of its plant in Dhurva,Ranchi.

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