Bharat Heavy Electricals Ltd earned Rs 445 crore (Rs 4.45 billion) net profit and recorded the highest ever turnover of Rs 7,482 crore (Rs 74.82 billion) in 2002-03.

The company paid an equity dividend of 40 per cent for the last fiscal year to the government, a BHEL release said in New Delhi on Tuesday.

BHEL chairman K G Ramachandran on Tuesday presented the company's final audited results for 2002-03.

The company recorded an earning per share of Rs 18.16, despite competitive pressure on prices.

Both the net worth at Rs 4,708 crore (Rs 47.08 billion) and net asset value per share at Rs 192.4 went up by nearly 12 per cent.

Addressing the shareholders, Ramachandran said that BHEL had once again recorded a sterling performance despite difficult conditions and delay/deferment of projects in business areas.

He attributed the company's performance to strong basics and focus on growth strategies like prudent financial management, enhanced focus on international markets, benchmarking against international standards and new HR moves, in addition to its diversified business portfolio.

BHEL secured the highest ever orders worth Rs 11,227 crore (Rs 112.27 billion) in a single year, despite operating under intense competitive pressure in domestic and international markets, he said.

The company's industry sector business segment retained 60 per cent success rate for international competitive bidding. It recorded a cumulative order book position of Rs 15,800 crore (Rs 158 billion) at the close of the last fiscal.

In 2002-03, BHEL recorded the highest ever export order booking of Rs 1,455 crore (Rs 14.55 billion), up by 82 per cent over the previous year.