India's BEML posts narrower Q1 loss on increasing demand for heavy machinery

BEML

05/08/2024 14:02

BENGALURU, Aug 5 (Reuters) - 
    India's BEML  BEML.NS  reported a narrower first-quarter
loss on Monday, helped by increasing demand for its heavy
machinery and equipment.
  
    The state-owned company reported a consolidated loss of
704.7 million rupees ($8.4 million) in the quarter ended June
30, compared to 750.1 million rupees a year earlier.
    India's manufacturing sector saw a resurgence in the
April-June quarter as output increased on robust demand, helping
companies such as BEML, which operates in sectors including
defence, aerospace, and rail.
    The company's revenue from operations rose 9.9% to 6.34
billion rupees. This is its fifth consecutive rise in quarterly
revenue. 
    It executed orders worth 6.18 billion rupees during the
quarter, compared to 5.62 billion rupees a year ago.
        Total expenses, however, rose 8.71%, while cost of
materials consumed, which makes up almost half of the overall
expenses, jumped 37.46%.
  
    Rival railway coach-maker Jupiter Wagons  JUWL.NS  reported
a 46% rise in its June-quarter profit.  
        BEML's stock was up 39.4% in the first quarter and has
gained nearly 48% so far in 2024.
  

($1 = 84.1430 Indian rupees)

 (Reporting by Meenakshi Maidas and Yagnoseni Das in Bengaluru;
Editing by Sonia Cheema)
 ((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))