BENGALURU (Reuters) – India’s state-owned Bharat Heavy Electricals Ltd (BHEL) reported a bigger-than-expected loss for the first quarter on Friday, hurt by higher expenses.
The power generation equipment manufacturer’s standalone net loss widened to 3.52 billion rupees ($42.5 million) in the quarter ended June 30, from 1.92 billion rupees a year earlier.
Analysts, on average, were expecting the loss to reduce to 978.2 million rupees, according to Refinitiv IBES data.
BHEL’s income from operations climbed 8.3% to 48.18 billion rupees.
However, the rise in revenue could not outrun an 11.8% rise in total expenses to 55.95 billion rupees.
The company has a 55% share in India’s total installed coal-based power generation capacity, according to company data. Nearly three-fourth of India’s electricity comes from thermal plants.
BHEL’s stock closed down 1.79% at 98.95 rupees ahead of the results. ($1 = 82.8130 Indian rupees)
(This story has been refiled to fix a typo in paragraph 3)
(Reporting by Ashish Chandra in Bengaluru)