State-owned power equipment maker Bharat Heavy Electricals (BHEL) reported a 49.3 percent year-on-year growth in March quarter profit due to lower other expenses and tax cost.

Profit shot up to Rs 683 crore, against Rs 457.2 crore in same quarter last year.

Revenue from operations during the quarter increased 0.8 percent to Rs 10,297 crore compared to year-ago period, BHEL said.

The growth was held by power business that fell 2.5 percent to Rs 8,103.4 crore while its industry segment showed a 14 percent YoY growth in revenue at Rs 1,733 crore for the quarter ended March 2019.

Company’s earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 8 percent year-on-year to Rs 1,395.2 crore and margin expanded 90 bps to 13.5 percent compared to same quarter last fiscal.

Other expenses during the quarter fell sharply by 43 percent to Rs 1,081 crore and tax cost also declined 12 percent to Rs 603 crore YoY.

The stock was quoting at Rs 70.35, up Rs 1.35, or 1.96 percent on the BSE, at the time of publishing this copy.