BHEL went down almost 13% to Rs.133.65 on the back of its performance for Q4FY17. To say that the market was disappointed, is putting things mildly.

The PSU capital goods giant posted a dismal Q4 – net profit slipped by 57% (YoY) at Rs. 215.55 crore and one of the biggest reasons for this was the huge provision for wage bill. The company has made a provision of Rs.961 crore for FY17 based on the estimates as per third pay revision committee recommendation in view of pending finalisation of agreement for wage/salary structure due from 1 January 2017.

To top this off, its total revenue also slipped to Rs.10,158 crore, down 2.4%. Other income fell 68.5% to Rs 145 crore.   EBITDA was down 25% at Rs.651 crore and margins too slipped pretty sharply from 8.68% to 6.72%.

The company has an outstanding order book position of Rs1,05,200 crore as at end of 2016-17.