BHEL has opted for new section 115BAA of the Income Tax Act, 1961 in the current year. Accordingly, deferred tax as on April 1 ,2019 has been restated at the rate of 25.168 per cent which resulted in reversal of deterred tax assets by Rs 974.41 crore.
Consequently, profit after tax decreased by Rs 956.50 crore and other comprehensive income fell by Rs 17.91 crore, it said.
For the full fiscal 2019-20, the company suffered a consolidated net loss of Rs 1,468.35 crore. It had posted a consolidated net profit of Rs 1,002.42 crore in 2018-19.
Total income decreased to Rs 22,054.31 crore from Rs 31,102.90 crore in the previous fiscal.
The company's board in its meeting held on Saturday did not recommend any final dividend for 2019-20 due to the Covid-19 crisis, it added.