Money matters

Ranchi, April 4: Heavy Engineering Corporation (HEC) today created a record of sorts by declaring a net profit of Rs 38.69 crore for the 2010-11 fiscal, the highest notched by the company since its inception in 1958.

The company, which recorded its first net profit of Rs 2.86 crore in 2006-07, raked in high returns for the fifth consecutive year.

“This is a great achievement for a corporation that was declared sick by the Board for Industrial and Financial Reconstruction and faced a shutdown order in 2004-05. I will like to thank all our employees who have worked hard to meet targets,” said a visibly ecstatic CMD G.K. Pillai.

He also holds the additional charge of HMT Machine Tools Limited, Bangalore.

Pillai said HEC had signed an MoU with the Union heavy industries ministry in which it had projected a profit of Rs 36.80 crore.

“However, our actual net profit totalled up to Rs 38.69 crore. Nevertheless, the gross turnover of the corporation was Rs 681.28 crore in 2010-11, which is 29 per cent more than last year’s turnover of Rs 528.52 crore,” he added.