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Heavy Engineering Corporation targets Rs. 1000 crore turnover in 2011-12 Print E-mail
Written by Ganesh   
Tuesday, 17 May 2011
Ranchi: Heavy Engineering Corporation (HEC) is targeting a turnover of Rs. 1000 crore in 2011 - 12. The company registered gross sales of Rs 681.29 crores, a gross margin of Rs 45.64 crores and a net profit of Rs 38.69 crores in 2010-11, achieving a growth of 29% in turnover and 33% in Gross Margin (PBDIT). This year the company is targeting a net profit of Rs.52.10 crores.

HEC plans to undertake the expansion of it's foundry and forging plant this year, at an estimated expenditure of Rs. 300 to 400 Crores,. This is expected to be completed by next year. The company is also looking at collaborating with a Czech-based company for manufacturing equipment used in underground mines.

Underground Mining Equipment and Castings & Forgings for Nuclear and Thermal Power Plants have been identified as thrust areas under its diversification program.

Last fiscal HEC received total orders worth Rs.1021 crores. It's current order-book stands at Rs.2337 crore.

HEC recently manufactured and supplied special forgings to BARC. It has also received INS Technical Excellence Award for Manufacture of Special Forgings for Nuclear Space. It also manufactured special grade forging worth Rs.115 Lakhs for VSSC in 2010-11.

HEC has infrastructural facilities to produce medium and heavy castings & forgings and develop special steel casting & forging. There is a big scope for export of medium and heavy Castings/Forgings. Export has been included in the MOU signed with DHI.

The company has received and executed one order of Tyre casting from Bangladesh. Though its value is only Rs.25.33 Lakhs it is a step towards entering into export.

Major Despatches during the year 2010-11 include:
- Supply of major portion of 1st Dragline of Northern Coalfield Ltd. (Rs.133 crore against Rs.153 crore order value)
- 9 nos. of 5 CuM Shovels valuing Rs.66 crores to CIL subsidiaries.
- One no. Ladle Crane of Capacity 450T worth Rs.50 crore to Bokaro Steel Plant and other EOT Cranes worth Rs.58 crore to BSP, IISCO, DSP and NINL.
- 3 nos. of 15 T Car Pusher worth Rs.10 crore to Bhilai & Bokaro Steel Plant
- 73 nos. of Slag cups worth Rs.15.19 crore to various steel plants.
- 5 nos. of machine tools which includes one Vertical Turning & Boring Machine worth Rs. 8 crore and one Horizontal Borer worth Rs.2.60 crore to Jyoti Ltd, Baroda.
- Execution of Bulk Material Handling Projects of BSP and RSP are in full swing and company completed works worth Rs.235 crore.

Major orders received during the year 2010-11 include:
- 2 nos. of Draglines worth Rs.306.20 crore from Northern Coalfield Ltd.
- 9 nos. of 5 CuM Rope Shovels worth Rs.59.85 crore from CIL subsidiaries.
- 2 Nos. of Gyratory Crusher worth Rs.29.50 crore from L&T.
- Coal Washery Project worth Rs.211 crore from BCCL.
- EOT Cranes worth Rs.234.48 crore which includes 10 nos. of EOT Cranes worth Rs.144.85 crore from BSP, Bhilai, 15 nos. of EOT Cranes worth Rs.83.71 crore from DSP, Durgapur and one no. EOT Crane worth Rs.5.92 crore from NINL.
- Coke Pusher Car worth Rs.19.32 crore from DSP, Durgapur
- Wagon Tippler and Pusher Car worth Rs.16.37 crore from Vizag Steel Plant.
- 40 nos. of Slag Cups worth Rs.6.07 crore from various customers.
- Special Forgings worth Rs.7.56 crore from NPCIL.
- 108 nos. of BG Crankshafts worth Rs.14.31 crore from Indian Railway
- Various Castings, Forgings and Rolls worth Rs.16.34 crore.
- Due to delay in finalization of tenders by Customers, HEC received only 2 nos. of machine tools worth Rs.2.56 crore.

The Board for Reconstruction of Public Sector Enterprises (BRPSE) presented the "BRPSE Turnaround Award 2010" to HEC. The award has been given to HEC Ltd., Ranchi for continuously earning profits for the last three years upto 2009 and its net worth becoming positive. The Corporation has been declared a "Turnaround PSU", earning profits on a sustainable basis.

At the Asia Pacific HRM Congress 2010, held at Bangalore on 3rd & 4th Sept 2010 with the theme "Unleashing Positivity in the Workplace", HEC Ltd, Ranchi was awarded under "Innovation in HR Development & Change" for good work & internal development in HR processes. Shri G K Pillai, CMD, HEC Ltd was also selected for "Turn Around Leader Award", for his outstanding contribution to the Industry.

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